(Source: Associated Press/AP Online)
CEDAR RAPIDS, Iowa - Rockwell Collins Inc. said Thursday its fiscal third-quarter profit fell 17 percent on lower revenue from the troubled airline industry, but it still beat Wall Street estimates.
The defense contractor and manufacturer of parts for private jets and commercial airlines forecast higher 2009 revenue following its recent acquisition of a company that designs and deploys satellite communication systems.
It maintained its full-year earnings estimate, and shares jumped in afternoon trading.
Net income of $145 million, or 91 cents per share, was down from $174 million, or $1.07 per share, in the same quarter last year.
Analysts surveyed by Thomson Reuters expected earnings of 90 cents per share on revenue of $1.13 billion.
Revenue for the quarter ended June 30 was $1.08 billion, down 9 percent for the third quarter of 2008.
The Cedar Rapids, Iowa, company increased its revenue estimate for the year to about $4.55 billion from about $4.5 billion following its acquisition of DataPath of Duluth, Ga.
It maintained its per-share earnings guidance at between $3.70 and $3.90. The acquisition of DataPath is expected to have no impact on earnings.
Analysts expect earnings to be $3.80 per share.
Incremental sales from the acquisitions of DataPath Inc. and SEOS Group Ltd. contributed $28 million to revenue growth in the most recent quarter, Rockwell Collins said. Revenue declined $138 million due to weak commercial aerospace markets, partially offset by growth in government business.
Shares rose $2.85, or 7 percent, to $43.11.
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