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Rockwell Collins

Rockwell Collins: Net Income Up 20%, Beats Wall St. Consensus -- Stock Up 121.6%

04/27/2004 Today Rockwell Collins announced that their net income increased by 20% and earnings increased 18%. This beat Wall Street's expectations. After we gave a buy signal for Rockwell Collins, the company's stock has risen 121.6%. Below is an excerpt from the company's earnings statement:

CEDAR RAPIDS, Iowa (April 27, 2004) - Rockwell Collins, Inc. (NYSE: COL) today reported earnings per share of 39 cents for the second quarter of fiscal year 2004 ended March 31, 2004, an increase of 6 cents or 18% from the 33 cents reported for the same period last year. Net income increased 20% to $71 million from the $59 million reported for the second quarter last year.

Sales for the second quarter of fiscal year 2004 were $719 million, an increase of $101 million, or 16% from last year's sales of $618 million. Cash provided by operating activities for the first six months of fiscal year 2004 was $34 million including a $125 million voluntary contribution to the company's qualified pension plans. Excluding the impact of this pension contribution, cash generated by operating activities would have been $159 million, an increase of $31 million from the $128 million reported for the first six months last year.

"Another quarter of increased aftermarket sales volume in our Commercial Systems business is a sign that the recovery in the commercial airline and business jet markets is beginning to take hold," said Rockwell Collins Chairman, President and Chief Executive Officer Clay Jones. "This improvement, combined with the continued strong performance of our Government Systems business and enterprise-wide success on cost containment and productivity improvement initiatives, has once again allowed us to deliver outstanding financial results."

Fiscal Year 2004 Outlook

For fiscal year 2004, the company still anticipates revenues to be in the range of $2.80 billion to $2.85 billion. Earnings per share are now anticipated to be in the range of $1.55 to $1.60, which is at the high end of our previous earnings per share range of $1.50 to $1.60.

The Government Systems business operating margins are projected to decrease from the 19.2% posted for the first six months of fiscal year 2004 to a range of 17% to 18% for the fiscal year due to an expected increase in lower margin revenues from newly acquired NLX and an expected increase in the proportion of Government Systems sales to be derived from lower margin development contracts, including JTRS, JSF, E6-B Block I Modifications and Future Combat Systems. The Commercial Systems business operating margins are projected to be in the range of 13% to 14% for fiscal year 2004.

Cash provided from operating activities for the fiscal year are still expected to be in the range of $225 million to $275 million including the $125 million voluntary contribution to our qualified pension plans in October 2003.

Rockwell Collins is a leader in the design, production and support of communications and aviation electronics solutions for commercial and government customers worldwide. In January 2004, Forbes magazine selected Rockwell Collins as the best managed aerospace & defense company in America. Additional information is available at www.rockwellcollins.com.

This press release contains statements, including certain projections and business trends, that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the timing related to the recovery of the commercial airline industry such as airline passenger traffic and profitability; the health of the global economy as well as the commercial aerospace industry; a reduction of domestic and foreign government spending, budgetary and trade policies; economic and political changes in international markets where we compete; demand for and market acceptance of new and existing products and services; performance of our products and services; potential cancellation or termination of contracts by our customers; delay of orders or changes in procurement practices by our customers; customer bankruptcy; labor work stoppages; material shortages; the risks inherent in fixed price contracts; recruitment and retention of qualified personnel; performance of our major suppliers and subcontractors; our ability to successfully execute to our internal performance plans; achieving our planned effective tax rates; favorable outcomes of certain customer procurements and congressional approvals; changes to new aircraft build rates; product reliability; successful execution of our acquisition, strategic and integration plans; and the uncertainties of the outcome of litigation, as well as other risks and uncertainties, including but not limited to those detailed from time to time in our Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof and the company assumes no obligation to update any forward-looking statement.

SOURCE: Rockwell Collins, Inc.

 




 

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