Rockwell Collins Q2 Results Beat View; Lifts Low End Of Earnings Outlook Range

(RTTNews) - Rockwell Collins, Inc. (COL) reported that its second-quarter net income declined to $148 million or $1.08 per share from $161 million or $1.17 per share in the year-ago period. The prior year results included a benefit of $31 million or $0.22 per share from the retroactive reinstatement of the Federal Research & Development Tax Credit, which expired on December 31, 2013.

On average, nineteen analysts polled by Thomson Reuters expected the company to report earnings of $1.07 per share for the quarter. Analysts' estimates typically exclude special items.

However, total sales for the quarter rose 12 percent to $1.27 billion from $1.13 billion in the year-ago quarter, primarily reflecting the acquisition of ARINC. Analysts had a consensus revenue estimate of $1.25 billion for the quarter.

Looking ahead to fiscal 2014, Rockwell Collins raised the lower end of its earnings outlook range, citing lower than previously estimated intangible asset amortization expense for ARINC. The company now forecasts earnings in a range of $4.40 to $4.55 per share, compared to the prior range of $4.35 to $4.55 per share.

The company maintained its outlook for full-year sales in a range of $4.95 billion to $5.05 billion.

Analysts expect the company to report earnings of $4.45 per share for the year on revenue of $5.02 billion.