Rockwell Collins reports FY'18 first quarter financial results

Rockwell Collins has reported sales for the first quarter of fiscal year 2018 of US$2.011bn, a 69% increase from the same period in fiscal year 2017, or 9% organic growth excluding US$716m of revenue from the acquisition of B/E Aerospace. First quarter fiscal year 2018 earnings per share was US$1.69 compared to US$1.10 in the prior year’s first quarter. Earnings per share for the first quarter of fiscal year 2018 included a 37 cent discrete income tax benefit from the enactment of the Tax Cuts and Jobs Act. Adjusted earnings per share for the first quarter of fiscal year 2018 was US$1.59 compared to US$1.22 in the prior year’s first quarter. Cash used for operating activities was US$259m for the first quarter of fiscal year 2018, compared to a use of cash of US$101m in the first quarter of fiscal year 2017. The increase in cash used for operating activities was due primarily to higher payments for production inventory and other operating costs, as well as higher employee incentive payments, partially offset by higher cash receipts from customers.