Rockwell Collins Inc. (COL) reported its first-quarter earnings for 2018 Friday morning. Here's what you need to know.
EARNINGS: Net income almost doubled to $280 million, or $1.69 a share, an increase from $145 million, or $1.10 a share for the same quarter a year ago. Adjusted earnings were $1.59 a share, up from $1.22 the same quarter a year ago. Analysts polled by Thomson Reuters were expecting adjusted earnings a share of $1.55.
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TAX IMPACT: Reported earnings of $1.69 a share factor in a 37-cent bump from the tax reform law. Rockwell said its deferred tax liabilities were reduced by $102 million, partially offset by a $40 million tax obligation due of foreign earnings.
SALES: Sales rose 69% to $2.01 billion, driven by increases in all categories. Interior systems, the firm's largest division by sales, had $656 million in sales during the quarter.
SEGMENT EARNINGS: The company's commercial systems segment made $139 million in operating earnings, the most of the four sectors. Operating earnings from information management services fell 3.3%. Total operating earnings for all segments rose 48% to $371 million.
CONTEXT: Earlier this month, the company said its shareholders approved its sale to United Technologies Corp., a deal that is anticipated to be finalized in the third quarter of this year. Rockwell-Collins had $10 million in transaction costs during the first quarter as part of the deal.
Shares didn't move premarket. In the past year, they have risen 52%.
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(END) Dow Jones Newswires
January 26, 2018 07:23 ET (12:23 GMT)