The industrial giant Rockwell
International Corp. on Tuesday reported higher fiscal
first-quarter earnings and forecast that results for the full
year would surpass Wall Street estimates.
The company, which makes products for many industries,
including electronics, autos and aerospace, said it expects to
earn $2.90 to $3 per share for the fiscal year ending in
September. Analysts expect earnings of $2.83 per share,
according to First Call Corp.
Rockwell, based here, said it earned $114 million, or 59
cents per share, in the fiscal first quarter, ended Dec. 31, up
58 percent from the year-earlier quarter. Sales were flat at
$1.6 billion.
The first-quarter results excluded earnings from Conexant
Systems Inc., Rockwell's semiconductor group, which was spun off
to shareholders on Dec. 31.
Excluding one-time items for both the current and year-ago
first quarters, Rockwell earned 70 cents a share, compared with
59 cents a year earlier. An accounting change lowered income for
the 1997 quarter.
Rockwell said first-quarter sales were led by strong
performance in the avionics and communications businesses, while
lower sales at its industrial automation group were offset by
improved operating efficiencies.
