(By Balachander) Rockwell Collins Inc. (NYSE: COL) posted quarterly earnings and sales that beat Wall Street projections amid expansion of operating margins and the company raised its full year forecast.
Net income for the first quarter increased to $132 million or $0.94 per share from $130 million or $0.86 per share in the corresponding period of last year.
Sales declined 3 percent to $1.06 billion, the Cedar Rapids, Iowa-based provider of communications and aviation electronics products said. Sales at the company's Commercial Systems segment rose 1 percent, while sales at Government Systems segment decreased 6 percent.
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Wall Street analysts, on average, expected the company to earn $0.89 per share on sales drop of 4.60 percent.
Total segment operating margins improved to 20.1 percent from 19.9 percent. Total research and development expense declined nearly 9 percent.
Looking ahead for the full year, the company currently expects earnings per share in the range of $4.45 to $4.65 from $4.30 to $4.50 projected earlier on sales between $4.6 billion and $4.7 billion. Analysts expect earnings of $4.43 per share on sales of $4.63 billion.
"We are increasingly confident that we can meet or exceed our financial expectations," the company said.
COL shares, which have been trading in the 52-week range between $46.37 and $61.46, ended Thursday's regular trading at $60.15.