(Source: Business Wire)Rockwell Collins, Inc. (NYSE: COL) today updated its fiscal year 2009 guidance to narrow the expected range of earnings per share from $3.70 - $3.90 to $3.70 - $3.75, which incorporates approximately a $20 million ($12 million after-tax, or 8 cents per share) charge for facility consolidation, asset impairments, and other restructuring activities. These activities primarily relate to the company's plans to reduce workforce and close its San Jose, California facility and relocate engineering and production work to other existing locations. Additionally, the company anticipates that fiscal year 2009 revenues will be approximately $4.5 billion, updated from about $4.55 billion, and that total segment operating margins will be between 21% to 21.5%, updated from about 21%. All other aspects of the company's fiscal year 2009 guidance remain unchanged.

For fiscal year 2010, the company anticipates revenues totaling between $4.6 billion and $4.8 billion, earnings per share in the range of $3.35 to $3.55, and cash flow from operations of $600 million to $700 million. Total segment operating margins should be in the range of 18.5% to 19.5%. The earnings per share outlook includes incremental expense of about $40 million related to pensions and $60 million related to the reinstatement of merit pay increases and incentive compensation (together about $69 million after-tax, or 45 cents per share). Excluding these items, fiscal year 2010 earnings per share would be approximately $3.80 to $4.00.

"Despite continued weakness in the global economy, the balance of our business, as well as our continued use of acquisitions as a tool to profitably grow our company, will enable positive revenue growth during our 2010," said Rockwell Collins Chairman, President and Chief Executive Officer, Clay Jones. "While pension and compensation cost increases will weigh on earnings, the underlying operations of our business remain strong, as evidenced by the year-over-year growth in earnings per share after adjusting for these items. Additionally, the management actions we have taken over the past year should position Rockwell Collins to take full advantage of improving market conditions in late 2010."

Details related to the projected performance of the company's Government and Commercial Systems businesses for fiscal year 2010 are as follows:

Government Systems

Government Systems, which provides communication and electronic systems, products and services for airborne and surface applications to the U.S.