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Rockwell Collins Holds Earnings, But Notes Aero-Industry Losses In 2Q/09

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.
FMI:  www.rockwellcollins.com

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