Rockwell Collins, Inc. COL today reported total sales for the first quarter of fiscal year 2015 of $1.23 billion, a 16% increase from the same period in fiscal year 2014. First quarter fiscal year 2015 earnings per share from continuing operations increased 29% to $1.26 compared to $0.98 in the prior year. Earnings per share for the first quarter of fiscal year 2015 included a benefit of 16 cents due to the retroactive extension of the Federal R&D tax credit. ARINC, which was acquired on December 23, 2013, and is included in the Information Management Services segment, contributed $137 million of sales and $20 million of operating earnings to the first quarter of fiscal year 2015.
"We're off to a great start on our fiscal 2015 plan," said Rockwell Collins Chief Executive Officer and President, Kelly Ortberg. "In the quarter we realized strong revenue growth in our Commercial Systems and Information Management Services businesses and a stabilization of revenues in our Government Systems business. With this return to top-line growth, we executed quite well and delivered improved margin performance. The results for the first quarter support our plan for double digit earnings per share and cash flow growth for fiscal year 2015."
Ortberg continued, "We also secured another pillar for our long-term growth plan with the significant market share gain on the Boeing 777X. This builds on our positions on the 737 MAX, 767/KC-46, and 787 aircraft with Boeing."
Following is a discussion of fiscal year 2015 first quarter sales and earnings for each business segment.
Commercial Systems
Commercial Systems, which provides aviation electronics systems, products and services to air transport, business and regional aircraft manufacturers and airlines worldwide, achieved 2015 first quarter results as summarized below.
(dollars in millions) | Q1 FY15 | Q1 FY14 | Inc/(Dec) | |||||||||||
Commercial Systems sales | ||||||||||||||
Original equipment | $ | 331 | $ | 286 | 16 | % | ||||||||
Aftermarket | 221 | 216 | 2 | % | ||||||||||
Wide-body in-flight entertainment | 16 | 19 | (16 | )% | ||||||||||
Total Commercial Systems sales | $ | 568 | $ | 521 | 9 | % | ||||||||
Operating earnings | $ | 125 | $ | 111 | 13 | % | ||||||||
Operating margin rate | 22.0 | % | 21.3 | % | 70 bps | |||||||||
- Original equipment sales increased due to higher OEM production rates, improved share of airline selectable equipment, and higher customer funded development program sales.
- Aftermarket sales increased primarily due to higher service and support revenues partially offset by the absence of a large delivery of spare parts for the Boeing 787 GoldCare program in the first quarter of fiscal 2014.
- Operating margin increased due to incremental earnings on higher sales volume.
Government Systems
Government Systems provides a broad range of electronic products, systems and services to customers including the U.S. Department of Defense, other government agencies, civil agencies, defense contractors and ministries of defense around the world. Results from the first quarter of 2015 are summarized below.
(dollars in millions) | Q1 FY15 | Q1 FY14 | Inc/(Dec) | |||||||||||
Government Systems sales | ||||||||||||||
Avionics | $ | 320 | $ | 317 | 1 | % | ||||||||
Communication products | 92 | 101 | (9 | )% | ||||||||||
Surface solutions | 56 | 58 | (3 | )% | ||||||||||
Navigation products | 41 | 39 | 5 | % | ||||||||||
Total Government Systems sales | $ | 509 | $ | 515 | (1 | )% | ||||||||
Operating earnings |
$ |
106 |
$ |
105 |
1 | % | ||||||||
Operating margin rate | 20.8 | % | 20.4 | % | 40 bps | |||||||||
- Avionics sales increased due to higher hardware deliveries for tanker/transport programs.
- Communication product sales decreased due to lower deliveries of JTRS Manpack radios partially offset by higher ARC-210 hardware deliveries.
- Operating margin increased primarily from favorable mix partially offset by higher warranty expense due to favorable warranty adjustments recorded in the first quarter of fiscal 2014.
Information Management Services
Information Management Services (IMS) enables mission-critical data and voice communications throughout the world to customers including the U.S. Federal Aviation Administration (FAA), commercial airlines, business aircraft operators, airport and critical infrastructure operators and major passenger and freight railroads. These communications are enabled by the Company's high-performance, high-quality and high-assurance proprietary radio and terrestrial networks, enhancing customer efficiency, safety and connectivity. Results from the first quarter of 2015 are summarized below.
(dollars in millions) | Q1 FY15 | Q1 FY14 | ||||||||
Information Management Services sales | $ | 149 | $ | 18 | ||||||
Operating earnings | $ | 21 | $ | 2 | ||||||
Operating margin rate | 14.1 | % | 11.1 | % | ||||||
Sales for ARINC, which was acquired on December 23, 2013, were $137 million in the first quarter of fiscal 2015. Sales in the first quarter of fiscal 2014 include $6 million for ARINC. All remaining sales in fiscal 2015 and 2014 are related to the Rockwell Collins legacy flight services business. IMS operating earnings include $14 million and $1 million of depreciation and amortization expense for the three months ended December 31, 2014 and 2013, respectively.
On a pro forma basis, IMS sales increased 20% to $149 million. The increase was driven by double-digit sales growth in aviation related sales including GLOBALinkSM and ARINCDirectSM as well as higher rail related sales due to certain unfavorable contract adjustments recorded in the first quarter of fiscal 2014.
Corporate and Financial Highlights
Interest Expense
Interest expense increased from $12 million
in the first quarter of fiscal year 2014 to $15 million in the first
quarter of fiscal year 2015 due primarily to a full quarter of
incremental interest expense on debt issued to fund the ARINC
acquisition partially offset by $3 million of transaction costs related
to the acquisition of ARINC included in interest expense in the first
quarter of fiscal year 2014.
Income Taxes
The company's effective income tax rate was
22.5% for the first quarter of 2015 compared to a rate of 27.2% for the
same period last year. The lower effective income tax rate in the first
quarter of 2015 was due to the retroactive extension of the Federal R&D
Tax Credit partially offset by the recognition of a tax benefit in the
first quarter of fiscal year 2014 related to prior years'
Extraterritorial Income Exclusion deductions.
Cash Flow
Cash used by operating activities was $60 million
for the first quarter of fiscal year 2015, compared to cash used by
operating activities of $24 million in the first quarter of fiscal year
2014. The increase in cash used for operating activities was due
primarily to the timing of receivable collections partially offset by a
full quarter of cash flows from ARINC, higher earnings, and lower tax
payments.
During the first quarter of 2015, the company repurchased 2.2 million shares of common stock at a total cost of $174 million. The company also paid a dividend on its common stock of 30 cents per share, or $40 million, in the first quarter of 2015.
Fiscal Year 2015 Outlook
The following table is a summary of the company's updated financial guidance for continuing operations for fiscal year 2015, which has been revised to reflect the retroactive extension of the Federal R&D Tax Credit and to update the total research & development investment:
-- |
Total sales | $5.2 billion to $5.3 billion | ||||||
-- |
Total segment operating margins | 20.5% to 21.5% | ||||||
-- |
Earnings per share | $5.10 to $5.30 (From $4.90 to $5.10) | ||||||
-- |
Cash flow from operations | $700 million to $800 million (From $675 million to $775 million) | ||||||
-- |
Total research & development investment | About $1 billion (From about $950 million) (1) | ||||||
-- |
Capital expenditures | About $200 million | ||||||
-- |
Full year income tax rate | 28% to 29% (From about 31%) | ||||||
(1) - Total research and development investment consists of company and customer funded research & development expenditures as well as the net increase in pre-production engineering costs capitalized within inventory.
Conference Call and Webcast Details
Rockwell Collins CEO and
President, Kelly Ortberg, and Senior Vice President and CFO, Patrick
Allen, will conduct an earnings conference call at 9:00 a.m. Eastern
Time on January 23, 2015. Individuals may listen to the call and view
management's supporting slide presentation on the Internet at www.rockwellcollins.com.
Listeners are encouraged to go to the Investor Relations portion of the
web site at least 15 minutes prior to the call to download and install
any necessary software. The call will be available for replay on the
Internet at www.rockwellcollins.com.
Business Highlights
Boeing selected Rockwell Collins flight displays, integrated
surveillance and select flight control systems for 777X
Rockwell
Collins was awarded a contract by Boeing to provide its next-generation,
large-format flight displays, integrated surveillance system and select
flight control systems as standard equipment on the Boeing 777X.
Rockwell Collins awarded $420 million ARC-210 radio contract
Rockwell
Collins received a $420 million, four-year contract from the Naval Air
Systems Command for continued deliveries of the ARC-210 advanced
airborne software defined radio system. Installed on more than 180
different aircraft platforms in 45 countries, the ARC-210 is considered
a world leader in airborne radios. This contract will ensure that U.S.
and international military aircraft will continue to be fitted with this
highly capable and reliable radio.
Rockwell Collins' next-generation systems for A350 XWB debuted at
Qatar Airways
Rockwell Collins' next-generation information
management, communications, landing and navigation systems made their
debut on the first Airbus A350 XWB (Xtra-Wide Body), delivered to Qatar
Airways. Rockwell Collins is also providing the avionics data network,
the trimmable horizontal stabilizer actuator and later, the rudder/brake
pedal assembly. This is the first delivery of nearly 800 A350 XWB jets
that Airbus has on order.
Six China-based airlines selected Rockwell Collins avionics, cabin
systems and service for more than 70 aircraft
Rockwell Collins
was awarded six new contracts from China-based airlines for varying
combinations of avionics, in-flight entertainment and service. The
awards span 74 new aircraft, including Boeing 787 Dreamliners, Airbus
A320s, Next-Generation Boeing 737s and Bombardier CRJ-900s. Deliveries
have begun for one airline and the remainder will begin during 2015.
Rockwell Collins selected for U.S. Navy Hawkeye Integrated Training
System upgrade
Rockwell Collins was selected by the U.S. Navy
to provide an upgrade to the E-2D Advanced Hawkeye Integrated Training
System (HITS). The initial contract is valued at $26 million with a
potential total value of $40 million. The upgrade includes an
operational flight trainer, modifications to the tactics trainer, a
modification to the maintenance trainer, and spares.
Rockwell Collins' cabin systems selected for wide-body VIP business
jet
Rockwell Collins' market-leading Venue™ HD cabin management
and entertainment system, Airshow® Moving Map and audio/video on-demand
streaming solution was selected by an undisclosed customer for a
wide-body Airbus A340 business jet. The comprehensive cabin package will
be installed in mid-2015.
Air Canada renewed radio support agreement with Rockwell Collins
Air
Canada signed a three-year contract to renew the company's ARINC Managed
Services radio support services agreement for the airline's ground
handling operation in Canada.
LA Metro Transportation Authority selected Rockwell Collins' ARINC
Advanced Information Management System for light rail expansions
Rockwell
Collins was awarded a contract by the Los Angeles County Metropolitan
Transportation Authority to develop the supervisory control and data
acquisition system for the Foothill Gold Line Extension and the
Exposition Line Phase 2 light rail systems. The new light rail system
will be based on the company's latest ARINC Advanced Information
Management rail system.
Indira Gandhi Airport renewed six-year contract for Rockwell Collins'
ARINC passenger processing systems
Indira Gandhi International
(IGI) Airport, India's busiest airport in terms of passenger figures and
the largest airport in South Asia, signed an agreement to extend its use
of Rockwell Collins' ARINC passenger processing technology for six more
years. Signifying the strength of its relationship with Rockwell
Collins, IGI also recently crowned the company “Best IT Service
Provider” for the second year in a row.
Rockwell Collins introduced new ARINCDirectSM,
the most comprehensive suite of flight support services for business
aviation
Rockwell Collins introduced its new ARINCDirect suite
of flight support services for business aviation. The new ARINCDirect
consolidates and integrates the company's former Ascend Flight
Information Solutions and ARINC Direct services into one
industry-leading solution for flight planning, regional and
international trip support, cabin connectivity and flight operations
management.
About Rockwell Collins
Rockwell Collins is a pioneer in the
development and deployment of innovative communication and aviation
electronic solutions for both commercial and government applications.
Our expertise in flight deck avionics, cabin electronics, mission
communications, simulation and training and information management
services is delivered by a global workforce, and a service and support
network that crosses more than 150 countries. To find out more, please
visit www.rockwellcollins.com.
Forward-Looking Statement
This press release contains
statements, including certain projections and business trends, that are
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Actual results may differ materially from
those projected as a result of certain risks and uncertainties,
including but not limited to the financial condition of our customers,
including bankruptcies; the health of the global economy, including
potential deterioration in economic and financial market conditions;
adjustments to the commercial OEM production rates and the aftermarket;
the impacts of natural disasters and pandemics, including operational
disruption, potential supply shortages and other economic impacts;
cybersecurity threats, including the potential misappropriation of
assets or sensitive information, corruption of data or operational
disruption; delays related to the award of domestic and international
contracts; delays in customer programs; unanticipated impacts of
sequestration and other provisions of the Budget Control Act of 2011 as
modified by the Bipartisan Budget Act of 2013; the continued support for
military transformation and modernization programs; potential impact of
oil price volatility on the commercial aerospace industry; the impact of
terrorist events on the commercial aerospace industry; declining defense
budgets resulting from budget deficits in the U.S. and abroad; changes
in domestic and foreign government spending, budgetary, procurement and
trade policies adverse to our businesses; market acceptance of our new
and existing technologies, products and services; reliability of and
customer satisfaction with our products and services; potential
unavailability of our mission-critical data and voice communication
networks; favorable outcomes on or potential cancellation or
restructuring of contracts, orders or program priorities by our
customers; recruitment and retention of qualified personnel; regulatory
restrictions on air travel due to environmental concerns; effective
negotiation of collective bargaining agreements by us, our customers,
and our suppliers; performance of our customers and subcontractors;
risks inherent in development and fixed-price contracts, particularly
the risk of cost overruns; risk of significant reduction to air travel
or aircraft capacity beyond our forecasts; our ability to execute to
internal performance plans such as productivity and quality improvements
and cost reduction initiatives; achievement of ARINC integration and
synergy plans as well as our other acquisition and related integration
plans; continuing to maintain our planned effective tax rates; our
ability to develop contract compliant systems and products on schedule
and within anticipated cost estimates; risk of fines and penalties
related to noncompliance with laws and regulations including export
control and environmental regulations; risk of asset impairments; our
ability to win new business and convert those orders to sales within the
fiscal year in accordance with our annual operating plan; and the
uncertainties of the outcome of lawsuits, claims and legal proceedings,
as well as other risks and uncertainties, including but not limited to
those detailed herein and from time to time in our Securities and
Exchange Commission filings. These forward-looking statements are made
only as of the date hereof and the company assumes no obligation to
update any forward-looking statement.
ROCKWELL COLLINS, INC. | ||||||||||
SEGMENT SALES AND EARNINGS INFORMATION | ||||||||||
(Unaudited) | ||||||||||
(in millions, except per share amounts) | ||||||||||
Three Months Ended | ||||||||||
December 31 | ||||||||||
2014 | 2013 | |||||||||
Sales | ||||||||||
Commercial Systems | $ | 568 | $ | 521 | ||||||
Government Systems | 509 | 515 | ||||||||
Information Management Services | 149 | 18 | ||||||||
Total sales | $ | 1,226 | $ | 1,054 | ||||||
Segment operating earnings | ||||||||||
Commercial Systems | $ | 125 | $ | 111 | ||||||
Government Systems | 106 | 105 | ||||||||
Information Management Services | 21 | 2 | ||||||||
Total segment operating earnings | 252 | 218 | ||||||||
Interest expense | (15 | ) | (12 | ) | ||||||
Stock-based compensation | (5 | ) | (5 | ) | ||||||
General corporate, net | (14 | ) | (15 | ) | ||||||
Gain on divestiture of business | — | 10 | ||||||||
ARINC transaction costs | — | (12 | ) | |||||||
Income before income taxes | 218 | 184 | ||||||||
Income tax expense | (49 | ) | (50 | ) | ||||||
Income from continuing operations | 169 | 134 | ||||||||
Income from discontinued operations, net of taxes (1) | (2 | ) | (3 | ) | ||||||
Net income | $ | 167 | $ | 131 | ||||||
Diluted earnings per share: | ||||||||||
Continuing operations | $ | 1.26 | $ | 0.98 | ||||||
Discontinued operations | (0.02 | ) | (0.02 | ) | ||||||
Diluted earnings per share | $ | 1.24 | $ | 0.96 | ||||||
Weighted average diluted shares outstanding | 134.5 | 136.7 | ||||||||
(1) On July 25, 2014, the Company sold its satellite communications systems business formerly known as DataPath, Inc. (DataPath), which designs, manufactures and services ground-based satellite communication systems primarily for military customers. In addition, the company previously announced its intent to divest ARINC's Aerospace Systems Engineering and Support business (ASES), which provides military aircraft integration and modification services. The results of Datapath and ASES have been classified as discontinued operations.
The following tables summarize sales by category for the three months ended December 31, 2014 and 2013 (unaudited, in millions):
Three Months Ended | |||||||||
December 31 | |||||||||
2014 | 2013 | ||||||||
Commercial Systems sales: | |||||||||
Air transport aviation electronics: | |||||||||
Original equipment | $ | 191 | $ | 157 | |||||
Aftermarket | 131 | 128 | |||||||
Wide-body in-flight entertainment | 16 | 19 | |||||||
Total air transport aviation electronics | 338 | 304 | |||||||
Business and regional aviation electronics: | |||||||||
Original equipment | 140 | 129 | |||||||
Aftermarket | 90 | 88 | |||||||
Total business and regional aviation electronics | 230 | 217 | |||||||
Total Commercial Systems sales | $ | 568 | $ | 521 | |||||
Commercial Systems sales: | |||||||||
Total original equipment | $ | 331 | $ | 286 | |||||
Total aftermarket | 221 | 216 | |||||||
Wide-body in-flight entertainment | 16 | 19 | |||||||
Total Commercial Systems sales | $ | 568 | $ | 521 | |||||
Government Systems Sales: | |||||||||
Avionics | $ | 320 | $ | 317 | |||||
Communication products | 92 | 101 | |||||||
Surface Solutions | 56 | 58 | |||||||
Navigation products | 41 | 39 | |||||||
Total Government Systems Sales | $ | 509 | $ | 515 | |||||
Information Management Services sales | $ | 149 | $ | 18 | |||||
Total sales | $ | 1,226 | $ | 1,054 | |||||
The following table summarizes total Research & Development Investment by segment and funding type for the three months ended December 31, 2014 and 2013 (unaudited, dollars in millions):
Three Months Ended | ||||||||||
December 31 | ||||||||||
2014 | 2013 | |||||||||
Research and Development Investment | ||||||||||
Customer-funded: | ||||||||||
Commercial Systems | $ | 40 | $ | 22 | ||||||
Government Systems | 89 | 89 | ||||||||
Information Management Services | 2 | — | ||||||||
Total Customer-funded | 131 | 111 | ||||||||
Company-funded: | ||||||||||
Commercial Systems | 50 | 49 | ||||||||
Government Systems | 18 | 16 | ||||||||
Information Management Services (1) | 1 | — | ||||||||
Total Company-funded | 69 | 65 | ||||||||
Total Research and Development Expense | 200 | 176 | ||||||||
Increase in Pre-production Engineering Costs, Net | 31 | 43 | ||||||||
Total Research and Development Investment | $ | 231 | $ | 219 | ||||||
Percent of Total Sales | 18.8 | % | 20.8 | % | ||||||
(1) Research and development expenses for the Information Management Services segment, including the ARINC acquisition, do not include costs of internally developed software and other costs associated with the expansion and construction of network-related assets. These costs are capitalized as Property on the Summary balance sheet.
ROCKWELL COLLINS, INC. | |||||||||
SUMMARY BALANCE SHEET | |||||||||
(Unaudited) | |||||||||
(in millions) | |||||||||
December 31, | September 31, | ||||||||
2014 | 2014 | ||||||||
Assets | |||||||||
Cash and cash equivalents | $ | 315 | $ | 323 | |||||
Receivables, net | 1,044 | 1,033 | |||||||
Inventories, net (1) | 1,779 | 1,709 | |||||||
Current deferred income taxes | 9 | 9 | |||||||
Business held for sale | 17 | 15 | |||||||
Other current assets | 124 | 115 | |||||||
Total current assets | 3,288 | 3,204 | |||||||
Property | 919 | 919 | |||||||
Goodwill | 1,856 | 1,863 | |||||||
Intangible assets | 685 | 688 | |||||||
Long-term deferred income taxes | 92 | 101 | |||||||
Other assets | 300 | 288 | |||||||
Total assets | $ | 7,140 | $ | 7,063 | |||||
Liabilities and equity | |||||||||
Short-term debt | $ | 831 | $ | 504 | |||||
Accounts payable | 461 | 535 | |||||||
Compensation and benefits | 195 | 256 | |||||||
Advance payments from customers | 368 | 359 | |||||||
Accrued customer incentives | 201 | 202 | |||||||
Product warranty costs | 103 | 104 | |||||||
Liabilities associated with business held for sale | 12 | 16 | |||||||
Other current liabilities | 192 | 222 | |||||||
Total current liabilities | 2,363 | 2,198 | |||||||
Long-term debt, net | 1,670 | 1,663 | |||||||
Retirement benefits | 1,012 | 1,096 | |||||||
Other liabilities | 225 | 217 | |||||||
Equity | 1,870 | 1,889 | |||||||
Total liabilities and equity | $ | 7,140 | $ | 7,063 | |||||
(1) Inventories, net is comprised of the following: | |||||||||
December 31, | September 30, | ||||||||
2014 | 2014 | ||||||||
Inventories, net: | |||||||||
Production inventory | $ | 872 | $ | 833 | |||||
Pre-production engineering costs | 907 | 876 | |||||||
Total Inventories, net | $ | 1,779 | $ | 1,709 | |||||
Pre-production engineering costs include costs incurred during the development phase of a program in connection with long-term supply arrangements that contain contractual guarantees for reimbursement from customers. These costs are deferred in Inventories, net to the extent of the contractual guarantees and are amortized to customer-funded research and development expense within cost of sales over their estimated useful lives using a units-of-delivery method, up to 15 years.
ROCKWELL COLLINS, INC. | ||||||||||
CONDENSED CASH FLOW INFORMATION | ||||||||||
(Unaudited, in millions) | ||||||||||
Three Months Ended | ||||||||||
December 31 | ||||||||||
2014 |
2013 (1) |
|||||||||
Operating Activities: | ||||||||||
Net income | $ | 167 | $ | 131 | ||||||
Income (loss) from discontinued operations, net of tax |
(2 | ) | (3 | ) | ||||||
Income from continuing operations | 169 | 134 | ||||||||
Adjustments to arrive at cash provided by operating activities: | ||||||||||
Gain on sale of business | — | (10 | ) | |||||||
Depreciation | 38 | 32 | ||||||||
Amortization of intangible assets and pre-production engineering costs | 24 | 12 | ||||||||
Stock-based compensation expense | 5 | 5 | ||||||||
Compensation and benefits paid in common stock | 11 | 12 | ||||||||
Excess tax benefit from stock-based compensation | (7 | ) | (2 | ) | ||||||
Deferred income taxes | 13 | 8 | ||||||||
Pension plan contributions | (58 | ) | (57 | ) | ||||||
Changes in assets and liabilities, excluding effects of acquisitions and foreign currency adjustments: | ||||||||||
Receivables | (15 | ) | 86 | |||||||
Production inventory | (52 | ) | (48 | ) | ||||||
Pre-production engineering costs | (43 | ) | (49 | ) | ||||||
Accounts payable | (51 | ) | (42 | ) | ||||||
Compensation and benefits | (59 | ) | (108 | ) | ||||||
Advance payments from customers | 13 | 5 | ||||||||
Accrued customer incentives | (1 | ) | 1 | |||||||
Product warranty costs | — | (5 | ) | |||||||
Income taxes | 8 | (6 | ) | |||||||
Other assets and liabilities | (55 | ) | 8 | |||||||
Cash (Used for) Operating Activities from Continuing Operations | (60 | ) | (24 | ) | ||||||
Investing Activities: | ||||||||||
Acquisition of businesses, net of cash acquired | — | (1,420 | ) | |||||||
Property additions | (62 | ) | (38 | ) | ||||||
Proceeds from business divestitures |
— | 24 | ||||||||
Other investing activities | (14 | ) | — | |||||||
Cash (Used for) Investing Activities from Continuing Operations | (76 | ) | (1,434 | ) | ||||||
Financing Activities: | ||||||||||
Purchases of treasury stock | (173 | ) | (22 | ) | ||||||
Cash dividends | (40 | ) | (41 | ) | ||||||
Repayment of short-term borrowings | — | (200 | ) | |||||||
Increase in short-term commercial paper borrowings, net | 327 | 682 | ||||||||
Increase in long-term borrowings | — | 1,089 | ||||||||
Proceeds from the exercise of stock options | 17 | 7 | ||||||||
Excess tax benefit from stock-based compensation | 7 | 2 | ||||||||
Cash Provided by Financing Activities from Continuing Operations | 138 | 1,517 | ||||||||
Three Months Ended | ||||||||||
December 31 | ||||||||||
2014 | 2013 (1) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (9 | ) | 3 | |||||||
Cash (used for) discontinued operations: | ||||||||||
Operating activities | (1 | ) | (14 | ) | ||||||
Cash (used for) discontinued operations | (1 | ) | (14 | ) | ||||||
Net Change in Cash and Cash Equivalents | (8 | ) | 48 | |||||||
Cash and Cash Equivalents at Beginning of Period | 323 | 391 | ||||||||
Cash and Cash Equivalents at End of Period | $ | 315 | $ | 439 | ||||||
(1) On July 25, 2014, the Company sold its satellite communications systems business formerly known as DataPath, Inc. (DataPath). The results for the three months ended December 31, 2013 have been reclassified to reflect the cash flows of DataPath as discontinued operations.
Rockwell Collins, Inc.
Media Contact:
Pam Tvrdy, 319-295-0591
pam.tvrdy@rockwellcollins.com
or
Investor
Contact:
Ryan Miller, 319-295-7575
investorrelations@rockwellcollins.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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