Rockwell Collins (COL) has reported 26.12 percent rise in profit for the quarter ended Dec. 31, 2014. The company has earned $169 million, or $1.24 a share in the quarter, compared with $134 million, or $0.96 a share for the same period last year. Revenue during the quarter grew 16.32 percent to $1,226 million from $1,054 million in the previous year period. Total expenses were 18.60 percent of quarterly revenues, up from 19.54 percent for the same period last year.
Operating income for the quarter was $1,454 million, compared with $1,260 million in the previous year period.
"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."
Operating cash flow remains negative Rockwell Collins has spent $60 million cash to meet operating activities during the quarter as against cash outgo of $24 million in the last year period.
The company has spent $76 million cash to meet investing activities during the quarter as against cash outgo of $1,434 million in the last year period.
Cash flow from financing activities was $138 million for the quarter, down 90.90 percent or $1,379 million, when compared with the last year period. It has made net debt repayment of $327 million. It has spent net of $156 million on repurchase of common stocks.
Cash and cash equivalents stood at $315 million as on Dec. 31, 2014, down 28.25 percent or $124 million from $439 million on Dec. 31, 2013.
Working capital decreases marginally
Rockwell Collins has witnessed a decline in the working capital over the last year. It stood at $925 million as at Dec. 31, 2014, down 1.91 percent or $18 million from $943 million on Dec. 31, 2013. Current ratio was at 1.39 as on Dec. 31, 2014, up from 1.38 on Dec. 31, 2013.
Cash conversion cycle (CCC) has decreased to 533 days for the quarter from 562 days for the last year period. Days sales outstanding went down to 78 days for the quarter compared with 94 days for the same period last year.
Days inventory outstanding has decreased to 637 days for the quarter compared with 658 days for the previous year period. At the same time, days payable outstanding went down to 182 days for the quarter from 191 for the same period last year.
Debt comes down marginally
Rockwell Collins has recorded a decline in total debt over the last one year. It stood at $2,501 million as on Dec. 31, 2014, down 2.87 percent or $74 million from $2,575 million on Dec. 31, 2013. Total debt was 35.03 percent of total assets as on Dec. 31, 2014, compared with 36.30 percent on Dec. 31, 2013. Debt to equity ratio was at 1.34 as on Dec. 31, 2014, down from 1.49 as on Dec. 31, 2013. Interest coverage ratio decreased to 96.93 for the quarter from 105 for the same period last year.
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