Rockwell Collins Posts Flat Profit, CEO to Retire

Rockwell Collins Inc, a supplier of aircraft parts and systems, posted flat quarterly profit on Friday as sales fell on defense weakness.

The company also said its chief executive, Clay Jones, would retire in July. President Kelly Ortberg is expected to succeed Jones, who will stay on the company's board as nonexecutive chairman, Rockwell Collins said.

Net income came to $161 million, or $1.17 a share, for the fiscal second quarter ended March 31, compared with $161 million, or $1.09 a share, a year earlier. There was a lower share count in the latest quarter because of share buybacks.

Sales fell 3 percent to $1.13 billion.