Still Achieves Earnings Per Share Of $1.03 For Second Quarter
Fiscal Year 2009
Aerospace giant, Rockwell Collins,
is reporting earnings (per share) of $1.03 for the second quarter
of fiscal year 2009 -- pretty much level with the same period last
year. Earnings, per share, remained level despite a second quarter
fiscal year 2009 sales decline of $48 million, or 4%, to $1.138
billion compared to sales of $1.186 billion a year ago. The decline
in revenues was primarily due to the effect of the global recession
on the company's Commercial Systems OEM and aftermarket customers
and the timing of Boeing's production ramp-up following their labor
strike.
The financial report notes some continuing softness in the
aviation sector with the following low notes:
Commercial Systems, which provides aviation electronics
systems, products and services to air transport, business and
regional aircraft manufacturers and airlines worldwide, achieved
second quarter sales of $525 million, a decrease of $85 million, or
14%, compared to sales of $610 million reported for the same period
last year.
Sales to airlines and aircraft OEMs related to new aircraft
production decreased $33 million, or 10%, to $295 million, as a
result of the timing of Boeing's return to full production rates
following their labor strike and reduced production rates at
business jet OEMs due to the impact of global macro-economic
factors. Aftermarket revenues decreased $34 million, or 14%, to
$213 million due primarily to lower Boeing 787 simulator equipment
sales as well as lower avionics service, support and hardware
sales. Wide-body in-flight entertainment products and systems sales
declined $18 million, or 51%, to $17 million due to the company's
decision in 2005 to cease investing in those products.
Commercial Systems' second quarter operating earnings decreased
21% to $110 million, delivering an operating margin of 21.0%,
compared to operating earnings of $140 million, or an operating
margin of 23.0%, for the same period a year ago. The decrease in
operating earnings was due primarily to lower sales volumes and the
absence of royalty income benefiting the prior year quarter,
partially offset by lower employee incentive compensation costs and
lower research and development costs.
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