Rockwell Collins (NYSE: COL) — one of 30 companies listed in Executive Mosaic’s GovCon Index — has reported second quarter earnings of $1.30 per share to exceed Wall Street’s expectations by 1 cent as revenue fell $20 million short of the consensus analyst outlook.
The Cedar Rapids, Iowa-based aviation technology maker said overall profit for the January-March period totaled $171 million to register an 8.92-percent increase from the same time in 2015 as the company continues a restructuring it initiative announced in its first quarter financial statement.
Rockwell Collins operates its fiscal calendar on an October-September basis.
Second quarter revenue totaled $1.31 billion to post a 2.24-percent decline from the same period in 2015 as sales in the company’s government systems segment fell 6.6 percent year-over-year to $538 million on lower activity from rotary wing hardware, simulation and training, and international targeting systems.
The company also cited the wind-down of an international electronic warfare program as a driver in the government sales decline.
Wall Street analysts expected Rockwell Collins to report $1.33 billion in total second quarter revenue.
Government systems segment revenue represented approximately 41 percent of the company’s overall second quarter sales with commercial systems at nearly 46 percent and information management services the remaining 13 percent.
Rockwell Collins held to its fiscal year 2016 guidance of earnings per share in the $5.45-to-$5.65 range with revenue of $5.3 billion-to-$5.4 billion.
As of Wednesday’s close, shares in Rockwell Collins are up 1.83 percent from the year’s start and down 2.2 percent over 12 months.
