Rockwell Collins Q4 Profit Rises, Backs FY14 View - Update

(RTTNews) - Communications and aviation electronics maker Rockwell Collins, Inc. (COL) Friday reported a higher fourth-quarter profit, reflecting absence of a restructuring and asset impairment charge, despite slightly lower revenues. The company also reiterated its fiscal 2014 guidance.

Chief Executive Officer, Kelly Ortberg said, "We addressed the uncertainty of sequestration by incorporating the anticipated impacts into our plan and taking early action on our cost structure. These actions should also generate the savings necessary to sustain margins despite another year of continued headwinds in our government business in fiscal 2014."

For the third quarter, the company's net income increased to $175 million or $1.28 a share from $152 million or $1.06 a share in the previous year.

On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $1.31 a share for the quarter. Analysts' estimates typically exclude special items.

Total sales edged down 1 percent to $1.25 billion, and came in below seventeen Wall Street analysts' consensus estimate of $1.28 billion.

Commercial Systems business sales improved 3 percent to $583 million, while Government Systems sales declined 5 percent to $669 million.

For fiscal 2014, the company continues to expect earnings per share in the range of $4.30 to $4.50, on sales of $4.5 billion to $4.6 billion. Street currently foresees earnings per share of $4.42, on revenues of $5.15 billion.

COL is currently trading at $69.31, down 4.06 percent on the NYSE.