Rockwell Collins Reports Earnings Per
Share of 38 cents for 1st Qtr 2004, an Increase of 41%
01/27/2004
How Rockwell Collins has done for us: +123% in 28 months (41.2%
annualized) today announced a 41% increase in their earnings
per share. The company's press release follows:
CEDAR RAPIDS, Iowa (January 27, 2004) -
Rockwell Collins, Inc. (NYSE: COL) today reported earnings
per share of 38 cents for the first quarter of fiscal year
2004 ended December 31, 2003, an increase of 11 cents or 41%
from the 27 cents reported last year. Net income was $68 million,
an increase of $19 million, or 39% greater than the $49 million
reported for the first quarter last year. This increase results
from our strong first quarter sales, combined with continued
improvement in operating efficiencies. The first quarter of
fiscal year 2004 also benefited from $5 million ($3 million
after-tax or 2 cents per share) in favorable settlements related
to insurance matters.
Sales for the first quarter of 2004 were
$628 million, an increase of $67 million, or 12% from the
$561 million reported last year. Cash used for operating activities
in the first quarter was $44 million. However, excluding $125
million in voluntary contributions made to the company’s qualified
pension plans, cash generated by operating activities was
$81 million, an increase of $59 million from last year’s first
quarter.
Clay Jones, Chairman, President and Chief
Executive Officer of Rockwell Collins said, “I am very pleased
with our first quarter results that were made possible by
improved performance across all our businesses. In addition
to the continued outstanding performance of our Government
Systems business, it is especially gratifying to see definite
signs of the predicted stabilization in commercial market
conditions. This combination has enabled us to raise our guidance
for the year to reflect these improvements.”
Rockwell Collins (NYSE: COL) is a leader
in the design, production and support of communications and
aviation electronics solutions for government and commercial
customers worldwide. Additional information is available at
www.rockwellcollins.com.
SOURCE: Rockwell Collins, Inc.
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