Rockwell Collins Inc. (NYSE: COL), a defense contractor and manufacturer of parts for private jets and commercial airlines, said Tuesday its fiscal fourth-quarter profit fell 26 percent, hurt by continued weak demand from the troubled airline industry, according to Associated Press.
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However, government demand improved and the company said it sees signs of stabilization in the commercial market.
Profit for the three months ended Sept. 30 fell 26 percent to $134 million, or 84 cents per share, from $182 million, or $1.13 per share, in the same period last year. Excluding a charge of 9 cents per share related to closing a plant, asset impairments and other restructuring costs, net income totaled 93 cents per share in the latest quarter.
Analysts polled by Thomson Reuters predicted a profit of 87 cents per share. Analyst estimates typically exclude one-time items.
Revenue fell 7 percent to $1.19 billion from $1.28 billion last year. Analysts expected revenue of $1.22 billion.
Revenue at the company's government systems segment, which provides products and services to the Department of Defense and other government agencies, rose 17 percent to $741 million. However, revenue in commercial systems, which provides products and services to regional aircraft manufacturers and airlines worldwide, fell 30 percent to $449 million.
For the fiscal year, profit fell 12 percent to $594 million, or $3.73 per share, from $678 million, or $4.16 per share. Revenue fell 6.3 percent to $4.47 billion from $4.77 billion.
Rockwell Collins, based in Cedar Rapids, Iowa, reaffirmed yearly guidance of earnings of $3.35 to $3.55 per share on revenue of $4.6 billion to $4.8 billion.
Analysts expect a profit of $3.50 per share on revenue of $4.6 billion.
Shares fell $1.83, or 3.6 percent, to $48.95 in morning trading. The stock has traded between $27.67 and $53.06 during the past year.
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