By Pat Shaver
CEDAR RAPIDS – Despite the volatile times and changes in the avionics industry, Rockwell Collins CEO visions growth for 2012.
Rockwell Collins Chairman, President and CEO Clay Jones spoke to company shareholders at an annual meeting today in Cedar Rapids.
Mr. Jones noted several of the company’s highlights over the last year. The Boeing 787 and 747-8 were delivered which was a major accomplishment, he said.
The company’s Pro Line Fusion product was certified in 2011, Mr. Jones added.
The Fusion helps pilots manage, monitor and master flight automation. The Fusion includes synthetic vision on a head-up display (HUD), networked capability enabling interoperability between onboard and ground systems, and the largest high resolution displays available.
Earnings per share were $3.52 in 2010 and increased to $4.06 in 2011, Mr. Jones reported.
Mr. Jones acknowledged the struggles and reductions in the government sector of the business, but said there have been several noteworthy successes.
“Growth continues to be a challenged,” he said about the government side of business. “But we are not without opportunity.”
Mr. Jones sees growth opportunities with tankers, transports and rotary wings. He also noted communication and navigation as areas that have growth potential in 2012.
“We continue to position ourselves for growth opportunities in the future,” Mr. Jones said. “We see clear recovery happening in 2012.”
Mr. Jones said the company is focused on emerging international markets to expand the company’s global reach to countries like Brazil and India.
“We’re very financially strong,” he said, adding that the company remains committed to innovation.
At the end of his presentation, Mr. Jones offered to answer questions from shareholders, though none were asked.
Last month, Rockwell reported earnings from the first quarter of fiscal 2012. The company reported income from continuing operations of $130 million compared to $150 million in the same period last year. Earnings per share from continuing operations for the quarter were $0.86 cents, a decrease of $0.09 cents, or 9 percent, from earnings per share of $0.95 cents in the first quarter of 2011.
The company reported total sales of $1.1 billion for the first quarter of 2012, which were down 1 percent when compared to the same period a year ago. Total segment operating earnings increased 2 percent to $218 million, or 19.9 percent of sales, for the first quarter of 2012 compared to $213 million, or 19.3 percent of sales, for the first quarter of 2011.
Mr. Jones, will address the Cowen and Co.’s 33rd Annual Aerospace/Defense Conference in New York on Feb 7 at 11:10 a.m. Eastern Time. A live audio webcast and subsequent replay of Jones’ comments will be available on the company’s web site at www.rockwellcollins.com.
