Rockwell Collins’ second quarter sales increase 7%; profit of USD150m
Rockwell Collins reported (21-Apr-2011) a 7% sales increase to USD1.223 billion for its second quarter ended 31-Mar-2011. The company reported 2Q2011 net income of USD150 million, a 1% year-on-year increase. Commercial Systems achieved 2011 second quarter sales of USD507 million, an 13% year-on-year increase, with operating profit increasing 33% to USD92 million, resulting in an operating margin of 18.1%. This compares to an operating profit of USD69 million and an operating margin of 15.4% in 2Q2010. The increase in operating earnings and margin was primarily attributable to higher sales volume partially offset by an increase in selling, general and administrative expense, employee incentive compensation and company funded research and development costs. [more]
Rockwell Collins: ”As expected, we were able to deliver solid growth across both our businesses with Commercial Systems leading the way. Indicative of our operating leverage, Commercial Systems delivered operating earnings growth at almost three times the rate of sales while Government Systems demonstrated it could maintain an exceptionally high rate of profitability despite slower, albeit positive, growth. Once again our balanced business model proved its resilience and ability to achieve strong performance in transitional markets. Halfway through our fiscal year, we see continued improving market conditions and sufficient reductions in areas of risk that we are again raising earnings guidance expectations,” Clay Jones, Chairman, President and Chief Executive Officer Clay Jones. Source: Company Statement, 21-Apr-2011.