rockwell collins inc (COL) Key Developments
Rockwell Collins Inc. Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended March 31, 2015; Reaffirms Earnings Guidance for the Fiscal Year 2015
Apr 23 15
Rockwell Collins Inc. reported unaudited earnings results for the second quarter and six months ended March 31, 2015. For the quarter, the company's total sales were $1,341 million compared to $1,259 million a year ago. Income from continuing operations before income taxes was $241 million compared to $216 million a year ago. Income from continuing operations was $163 million compared to $148 million a year ago. Net income was $157 million compared to $148 million a year ago. Diluted earnings per share from continuing operations was $1.22 compared to $1.08 a year ago. Diluted earnings per share was $1.17 compared to $1.08 a year ago.
For the six months, the company's total sales were $2,567 million compared to $2,313 million a year ago. Income from continuing operations before income taxes was $459 million compared to $400 million a year ago. Income from continuing operations was $332 million compared to $282 million a year ago. Net income was $324 million compared to $279 million a year ago. Diluted earnings per share from continuing operations was $2.48 compared to $2.06 a year ago. Diluted earnings per share was $2.42 compared to $2.04 a year ago. Cash Provided by Operating Activities from Continuing Operations was $132 million compared to $78 million a year ago. The increase in cash provided by operating activities was due primarily to higher earnings and lower income tax payments, partially offset by other net working capital changes. Property additions was $104 million compared to $70 million a year ago.
The company's financial guidance for continuing operations for fiscal year 2015, which is unchanged from the guidance previously provided on January 23, 2015: Total sales to be between $5.2 billion to $5.3 billion, earnings per share to be between $5.10 to $5.30, cash flow from operations to be between $700 million to $800 million, capital expenditures approximately about $200 million and full year income tax rate to be between 28% to 29%.
Rockwell Collins Inc. Declares Quarterly Dividend, Payable on June 8, 2015
Apr 22 15
The board of directors of Rockwell Collins has declared a quarterly dividend increase from 30 cents to 33 cents per share on its common stock, representing a 10% increase. The dividend is payable June 8, 2015, to shareholders of record at the close of business on May 19, 2015.
Rockwell Collins Inc. Signs Agreement with Air Force Sustainment Center
Apr 16 15
Rockwell Collins and the Air Force Sustainment Center, or AFSC, have signed a public-private partnership service and support agreement. The partnership is the foundation for future Implementation Agreements with all three Air Force logistics complexes related to depot-level maintenance. The new agreement is a departure from past agreements in which each complex - Oklahoma City Air Logistics Complex, Ogden Air Logistics Complex and Warner Robins Air Logistics Complex - entered into an individual partnering agreement with Rockwell Collins for each individual depot project. That previous process took months to complete each time. This Enterprise Partnership Agreement will enable the Air Force and the company to move directly to establishing Implementation Agreements for specific future depot activation projects, which will save everyone time and money. This agreement supports both Air Force core capability decisions and the objective to integrate government/contractor sustainment activities via public-private partnering arrangements to improve weapon system availability, training, and reduce cost.
Rockwell Collins Inc. Unveils PAVES Passenger Services System Upgrade
Apr 16 15
Rockwell Collins announced that it has unveiled its PAVES Passenger Services System, or PSS, upgrade for air transport aircraft. The lightweight, low-cost reading light and cabin crew call system with optional USB charging port for personal devices is a direct replacement for existing systems that are less compatible with modern in-flight entertainment system upgrades. The company's PAVES PSS is a scalable solution for older in-service aircraft that are facing IFE obsolescence. It is compatible with any overhead IFE upgrade available for the market and is among the lowest cost options available. Additionally, PAVES PSS reduces overall weight compared to legacy systems which will provide airlines with significant annual fuel cost savings. Also, the reliability of the new system provides a significant reduction in recurring maintenance costs. The company's PAVES PSS will be available by the end of this year.
Star Air A/S Selects Rockwell Collins's Flight Displays for Boeing 767 Fleet
Apr 16 15
Star Air A/S has selected Rockwell Collins's large-format flight displays for it's fleet of 11 Boeing 767-200BDSF cargo airplanes. The new flight deck, a collaboration between Rockwell Collins and Boeing for the 757 and 767 aftermarket, brings a series of innovative technologies that dramatically enhance situational awareness, decrease maintenance costs and improve fuel efficiency. Installation and subsequent European Aviation Safety Agency (EASA) certification of Star Air's flight display retrofit will begin later 2015. The 757/767 upgrade features three large-format 15.1-inch LCD displays that replace six cathode ray tube (CRT) displays and numerous analog instruments to provide operators with a number of benefits, including: the only Boeing and Rockwell Collins-supported retrofit 757/767 display system; the only display retrofit available with engine-indication and crew-alerting system (EICAS) data on LCD displays; maintenance savings driven by significant increase in new display system reliability; improved fuel efficiency from 150-pound flight deck weight reduction; a platform to incorporate future safety-enhancing technology such as airport taxi maps, data link weather, surface guidance, and synthetic and enhanced vision systems; aircraft life extension by proactively managing CRT obsolescence; and aligns with Boeing flight deck philosophy on its most modern aircraft, including Boeing 787 Dreamliner, 737 MAX and 777X aircraft. In addition, Rockwell Collins' Head-up Guidance System (HGS) is available for the Boeing 757/767 aftermarket, which further enhances situational awareness and provides more efficient operations through all phases of flight, including departures and approaches in low-visibility conditions, thunderstorm diversion, and quick, at-a-glance flight path monitoring.