Rockwell Collins, Inc. (COL) has reported an 8.92 percent rise in profit for the quarter ended Mar. 31, 2016. The company has earned $171 million, or $1.29 a share in the quarter, compared with $157 million, or $1.17 a share for the same period last year.
Revenue during the quarter went down marginally by 2.24 percent to $1,311 million from $1,341 million in the previous year period. Gross margin for the quarter expanded 69 basis points over the previous year period to 30.82 percent. Total expenses were 81.39 percent of quarterly revenues, up from 81.21 percent for the same period last year. That has resulted in a contraction of 18 basis points in operating margin to 18.61 percent.
Operating income for the quarter was $244 million, compared with $252 million in the previous year period.
Operating cash flow drops significantly
Rockwell Collins, Inc. has generated cash of $45 million from operating activities during the first half, down 61.86 percent or $73 million, when compared with the last year period. The company has spent $110 million cash to meet investing activities during the first six months as against cash outgo of $133 million in the last year period.
Cash flow from financing activities was $110 million for the first six months as against cash outgo of $2 million in the last year period.
Cash and cash equivalents stood at $300 million as on Mar. 31, 2016, up 5.63 percent or $16 million from $284 million on Mar. 31, 2015.
Working capital decreases marginally
Rockwell Collins, Inc. has witnessed a decline in the working capital over the last year. It stood at $917 million as at Mar. 31, 2016, down 4.68 percent or $45 million from $962 million on Mar. 31, 2015. Current ratio was at 1.36 as on Mar. 31, 2016, down from 1.41 on Mar. 31, 2015.
Cash conversion cycle (CCC) has increased to 224 days for the quarter from 198 days for the last year period. Days sales outstanding went up to 74 days for the quarter compared with 71 days for the same period last year.
Days inventory outstanding has increased to 196 days for the quarter compared with 172 days for the previous year period. At the same time, days payable outstanding was almost stable at 45 days for the quarter, when compared with the previous year period.
Debt moves up marginally
Rockwell Collins, Inc. has witnessed an increase in total debt over the last one year. It stood at $2,503 million as on Mar. 31, 2016, up 1.62 percent or $40 million from $2,463 million on Mar. 31, 2015. Total debt was 33.19 percent of total assets as on Mar. 31, 2016, compared with 34.34 percent on Mar. 31, 2015. Debt to equity ratio was at 1.26 as on Mar. 31, 2016, up from 1.78 as on Mar. 31, 2015. Interest coverage ratio deteriorated to 14.35 for the quarter from 16.80 for the same period last year.
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