Rockwell Collins (NYSE: COL) — one of 30 companies listed on Executive Mosaic’s GovCon Index — has reported earnings per share of $1.21 for the first quarter of the company’s 2016 fiscal year to exceed Wall Street analyst expectations by 21 cents.
Profit for the Cedar Rapids, Iowa-based avionics contractor came in at $135 million, aÂ figureÂ that includesÂ approximately $45 million inÂ restructuring charges on headcount actions focused in the company’s business aviation workÂ and the latter figure amounts to 21 cents on a per share basis.
Rockwell Collins raised its fiscal 2016 earnings guidance to a range of $5.45 to $5.65 per share from the previous $5.20-$5.40 outlook on the reinstatement of a federal research-and-development tax credit, which the company said will positively impact its financial results throughout the fiscal year.
The companyÂ operates on a 52- or 53-week fiscal year that ends on the Friday closest to Sept. 30.
Revenue for the first quarter wasÂ $1.17 billion versus the consensus Wall Street forecast of $1.21 billion and approximatelyÂ 4.88 percent lower than the prior year period, with government systems segment sales down 12.86 percent year-over-year toÂ $451 million.
Rockwell Collins attributed the government sales declines to factors such asÂ currency exchange rates that include a strengthening U.S. dollar, delivery timing in the E-6 program and the wind-down of an international electronic warfare program.
Sales guidance for fiscal year 2016 remains unchanged at a range of $5.3 billion to $5.4 billion.
Shares in Rockwell Collins are down 7.04 percent from the year’s start and have gained 0.23 percent overÂ 12 months.