- Second quarter sales increase 7%
- Cash provided by operating activities
for the first six months of fiscal 2015 improves 69%
Rockwell Collins, Inc. (NYSE: COL) today reported second quarter
fiscal year 2015 earnings per share from continuing operations
increased 13% to $1.22 compared to $1.08 in the prior year. Total
sales for the second quarter of fiscal year 2015 were $1.34
billion, a 7% increase from the same period in fiscal year 2014.
Cash provided by operating activities for the first six months of
fiscal 2015 totaled $132 million, an increase of $54 million
compared to the $78 million reported for the first six months last
year.
“Our performance in the first half of fiscal 2015 is underscored
by another quarter of double digit EPS growth driven by organic
sales and earnings growth across all of our businesses,” said
Rockwell Collins Chief Executive Officer and President, Kelly
Ortberg. “Our plan for the year is playing out about as we
expected, with air transport OEM sales and aviation connectivity
sales continuing to pace our top-line revenue growth. We’re also
seeing stabilization in U.S. DoD programs and business jet
production. As a result, I continue to believe we are well
positioned to deliver double-digit earnings per share and cash flow
growth for fiscal year 2015."
Following is a discussion of fiscal year 2015 second 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 second
quarter results as summarized below.
(dollars in millions)
Q2 FY15 Q2 FY14 Inc/(Dec) Commercial Systems
sales Original equipment $ 370 $ 317 17 % Aftermarket 234 221 6 %
Wide-body in-flight entertainment 15 18 (17 )% Total
Commercial Systems sales $ 619 $ 556 11 %
Operating earnings $ 142 $ 127 12 % Operating margin rate 22.9 %
22.8 % 10 bps
- Original equipment sales increased due
to improved share of airline selectable equipment, higher customer
funded development program sales, and higher OEM production
rates.
- Aftermarket sales increased primarily
due to higher service and support revenues, increased sales of used
aircraft parts, and higher regulatory mandate-related sales.
- Operating earnings 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 second quarter of 2015 are summarized below.
(dollars in millions)
Q2 FY15 Q2 FY14 Inc/(Dec) Government Systems
sales Avionics $ 361 $ 333 8 % Communication products 110 119 (8 )%
Surface solutions 48 56 (14 )% Navigation products 48 46
4 % Total Government Systems sales $ 567 $ 554
2 % Operating earnings $ 114 $ 111 3 % Operating margin rate
20.1 % 20.0 % 10 bps
- Avionics sales increased due to higher
hardware deliveries for rotary wing aircraft, higher KC-10 retrofit
sales, and higher Joint Strike Fighter simulation and training
sales. These increases were partially offset by lower KC-46
development program sales and the foreign currency impact of a
stronger U.S. dollar.
- Communication product sales decreased
due to lower deliveries of Joint Tactical Radio System Manpack
radios partially offset by higher data link development sales.
- Surface solutions sales decreased due
to lower development sales for the Common Range Integrated
Instrumentation System program.
- Operating earnings increased due to
incremental earnings on higher sales volume, partially offset by
higher investment in company-funded R&D expense.
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 second quarter of 2015 are
summarized below.
(dollars in millions)
Q2 FY15 Q2 FY14 Inc/(Dec) Information
Management Services sales $ 155 $ 149 4 % Operating earnings
$ 22 $ 18 22 % Operating margin rate 14.2 % 12.1 % 210 bps
- IMS sales increased primarily due to 10
percent growth in aviation related businesses including GLOBALinkSM
and ARINCDirectSM, partially offset by lower sales due to the exit
of certain government programs.
- IMS operating earnings and operating
margin increased primarily due to the higher sales volume and the
absence of certain licensing costs incurred in the prior year.
Corporate and Financial Highlights
Income TaxesThe company's effective income tax rate was 32.4%
for the second quarter of 2015 compared to a rate of 31.5% for the
same period last year. The higher effective income tax rate in the
second quarter of 2015 was due primarily to a favorable adjustment
recorded in the second quarter of 2014 that related to the
resolution of the IRS audit for taxable years ended September 30,
2010 and 2011.
Cash FlowCash provided by operating activities was $132 million
for the first six months of fiscal year 2015, compared to $78
million in the first six months of fiscal year 2014. The increase
in cash provided by operating activities was due primarily to
higher earnings and lower income tax payments, partially offset by
other net working capital changes.
During the second quarter of 2015, the company repurchased 0.7
million shares of common stock at a total cost of $63 million. The
company also paid a dividend on its common stock of 30 cents per
share, or $40 million, in the second quarter of 2015.
Fiscal Year 2015 Outlook
The following table is a summary of the company's financial
guidance for continuing operations for fiscal year 2015, which is
unchanged from the guidance previously provided on January 23,
2015:
--
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
--
Cash flow from operations $700 million to $800 million
--
Total research & development investment About $1 billion (1)
--
Capital expenditures About $200 million
--
Full year income tax rate 28% to 29%
(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 DetailsRockwell Collins CEO
and President, Kelly Ortberg, and Senior Vice President and CFO,
Patrick Allen, will conduct an earnings conference call at 10:00
a.m. Eastern Time on April 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
Rockwell Collins expands information management offerings
with acquisition of Pacific AvionicsRockwell Collins acquired
Pacific Avionics Pty. Limited, a Singapore-based company
specializing in technologies used for wireless information
distribution, including inflight entertainment and
connectivity.
Rockwell Collins and Bluesky sign final agreement to form
ACCEL (Tianjin) Flight Simulation Co. LTD.Rockwell Collins and
Beijing Bluesky Aviation Technology, an AVIC subsidiary, signed a
final agreement to establish ACCEL (Tianjin) Flight Simulation Co.
LTD. Joint Venture (JV). The JV, with equal shares owned by the two
entities, will create a simulation and training center of
excellence in China for commercial flight simulation and training
solutions.
Rockwell Collins teams with OneWeb to provide unprecedented
connectivity to aviationRockwell Collins signed a memorandum of
understanding with OneWeb Ltd. to be the exclusive developer and
provider of satellite communication terminals for OneWeb’s global
aviation high-speed broadband service. Rockwell Collins will also
be an authorized value added reseller of OneWeb connectivity
services.
Rockwell Collins unveils ground-breaking approach to military
communications with launch of TruNet™ networked communications
solutionFor years, the U.S. armed forces and militaries around
the world have sought an interoperable, scalable, ad-hoc networked
communications system that allows warfighters to talk with each
other, no matter if they are located on the ground or in the air.
Now Rockwell Collins has cracked that code with its TruNet
networked communications solution – offering a one-stop, integrated
ground-air network.
Rockwell Collins to produce SATCOM terminals for Iridium
CertusSM broadbandRockwell Collins entered into
an agreement with Iridium Communications Inc. to be a value-added
manufacturer for Iridium Certus broadband terminals. As a VAM,
Rockwell Collins will design and manufacture the terminals, which
will enable users to utilize Iridium Certus, the voice and data
service enabled by the Iridium NEXT satellite constellation.
Rockwell Collins avionics selected by the following
airlines:
- India-based airline, IndiGo, selected
Rockwell Collins’ advanced avionics systems, including its
MultiScan ThreatTrack™ weather radar and Multi-Mode Receiver, for
30 Airbus A320neo (new engine option) aircraft.
- China Eastern selected Rockwell
Collins’ advanced avionics systems, including its Head-up Guidance
System and Multi-Mode Receiver, for 20 new Next-Generation Boeing
737 aircraft.
- Rockwell Collins’ PAVES™ Broadcast
in-flight entertainment and Airshow® 3D Moving Map systems will be
featured on 45 Next-Generation Boeing 737 aircraft on order by
China-based Xiamen Airlines and its subsidiary, Hebei
Airlines.
- China-based Hainan Airlines selected
Rockwell Collins’ Head-up Guidance System for an undisclosed number
of new and in-service Next-Generation Boeing 737 aircraft and
flight simulators to improve safety and performance.
Star Air to upgrade Boeing 767 fleet with Rockwell Collins’
large-format flight displaysRockwell Collins' large-format
flight displays, inspired by the same display system found on
Boeing 787 Dreamliner airplanes, was selected by Denmark-based Star
Air for its fleet of 11 Boeing 767-200BDSF cargo airplanes.
Rockwell Collins brings innovative avionics to Bristow
Helicopters for U.K. search and rescue programRockwell Collins'
newest technologies for helicopters will be playing a key role in
advancing search and rescue services being provided by Bristow
Helicopters Ltd on behalf of the Maritime and Coastguard Agency for
the UK’s search and rescue (SAR) program, commencing in April.
Rockwell Collins’ flight decks are featured on the new fleet of
specially commissioned SAR aircraft, including 11 Sikorsky S-92s
and 11 AW189 helicopters.
Zen Technologies and Rockwell Collins Launch into India’s
Military Flight Simulation Market SegmentZen Technologies and
Rockwell Collins announced their decision to join forces in
military flight simulation by unveiling a next generation rotary
wing simulator at Aero India 2015. The two industry leaders
recently signed a memorandum of understanding to combine their
strengths in simulation and training to offer advanced and high
fidelity aviation training solutions.
Rockwell Collins to provide Joint Fires Observer/Joint
Terminal Attack Controller simulator to Australian ArmyRockwell
Collins will provide the Australian Army with the latest generation
Joint Fires Observer /Joint Terminal Attack Controller simulator
that is designed to meet all of the service’s training requirements
now and into the foreseeable future.
Rockwell Collins collaborates with AMMROC for military
avionics MRO allianceRockwell Collins and Advanced Military
Maintenance Repair and Overhaul Center (AMMROC) LLC, an Abu
Dhabi-based company, have agreed in principle to form a strategic
alliance that will provide maintenance, repair and overhaul
services for military avionics. Target markets include the UAE and
countries in the South Asia, Middle East and North Africa
region.
Rockwell Collins delivers RNP-RNAV capabilities for U.S. Army
CH-47F ChinooksThe U.S. Army continues to bring additional
levels of safety to CH-47F operators with a new Required Navigation
Performance-Area Navigation (RNP-RNAV) upgrade from Rockwell
Collins.
Rockwell Collins to provide secure GPS receivers for Harris
Corporation tactical radiosRockwell Collins signed a contract
to provide its MicroGRAM GPS receivers for Harris Corporation’s
tactical radios, bringing secure, jam-resistant GPS capability to
products such as the Falcon III AN/PRC-158 and AN/PRC-117G.
Rockwell Collins completes sale of ARINC Aerospace Systems
Engineering and Support to Field Aviation Inc.Rockwell Collins
completed the sale of ARINC Aerospace Systems Engineering and
Support to Field Aviation Inc., a privately held U.S. company.
Rockwell Collins introduces ARINC MultiLinkSM
flight tracking serviceRockwell Collins unveiled its ARINC
MultiLinkSM flight tracking service, offering a comprehensive and
cost-effective global flight tracking solution for the world’s
airlines. ARINC MultiLink brings together multiple data sources to
reliably report the location of an aircraft anywhere in the
world.
Rockwell Collins launches live credit card authorization
service on Hong Kong AirlinesHong Kong Airlines (HKA) is the
launch airline for a new service from Rockwell Collins that enables
the airline to conduct live credit card authorizations using Wi-Fi®
over its existing ARINC ACARS infrastructure. The service, which is
the first of its kind in the industry, is offered through a
strategic agreement with the DFASS Group. With this service, HKA
will be able to process credit card authorizations in real time,
eliminating loss due to credit card fraud.
Federal Aviation Administration awards oceanic data link
services contract to Rockwell CollinsRockwell Collins has been
awarded a seven year contract with the Federal Aviation
Administration to provide the company’s oceanic data link service
to enable real-time, data communications between pilots and air
traffic controllers, allowing aircraft to fly more efficient routes
to save fuel and enhance safety.
About Rockwell CollinsRockwell 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 StatementThis 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 volatility in oil prices, currency
exchange rates or interest rates on the commercial aerospace
industry or our business; 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
Six Months Ended March 31 March 31 2015 2014 2015
2014
Sales Commercial Systems $ 619 $ 556 $
1,187 $ 1,077 Government Systems 567 554 1,076 1,069 Information
Management Services 155 149 304 167
Total sales $ 1,341 $ 1,259 $ 2,567 $ 2,313
Segment operating earnings Commercial Systems
$ 142 $ 127 $ 267 $ 238 Government Systems 114 111 220 216
Information Management Services 22 18 43 20
Total segment operating earnings 278 256 530 474
Interest expense (15 ) (16 ) (30 ) (28 ) Stock-based compensation
(7 ) (7 ) (12 ) (12 ) General corporate, net (15 ) (16 ) (29 ) (31
) Gain on divestiture of business — — — 10 ARINC transaction costs
— (1 ) — (13 )
Income from continuing operations
before income taxes 241 216 459 400 Income tax expense (78 )
(68 ) (127 ) (118 )
Income from continuing operations
163 148 332 282 (Loss) from discontinued operations, net of taxes
(1) (6 ) — (8 ) (3 )
Net income $ 157 $ 148
$ 324 $ 279
Diluted earnings per
share: Continuing operations $ 1.22 $ 1.08 $ 2.48 $ 2.06
Discontinued operations (0.05 ) — (0.06 ) (0.02 )
Diluted
earnings per share $ 1.17 $ 1.08 $ 2.42 $
2.04
Weighted average diluted shares
outstanding 133.7 137.2 134.1 136.9
(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, on March 10, 2015, the Company sold 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
and six months ended March 31, 2015 and 2014 (unaudited, in
millions):
Three Months Ended Six Months Ended
March 31 March 31 2015 2014 2015 2014
Commercial Systems sales: Air transport aviation electronics:
Original equipment $ 204 $ 171 $ 395 $ 328 Aftermarket 136 124 267
252 Wide-body in-flight entertainment 15 18 31
37 Total air transport aviation electronics 355 313
693 617 Business and regional aviation electronics:
Original equipment 166 146 306 275 Aftermarket 98 97
188 185 Total business and regional aviation electronics 264
243 494 460 Total Commercial Systems sales $
619 $ 556 $ 1,187 $ 1,077 Commercial
Systems sales: Total original equipment $ 370 $ 317 $ 701 $ 603
Total aftermarket 234 221 455 437 Wide-body in-flight entertainment
15 18 31 37 Total Commercial Systems sales $
619 $ 556 $ 1,187 $ 1,077 Government
Systems Sales: Avionics $ 361 $ 333 $ 681 $ 650 Communication
products 110 119 202 220 Surface Solutions 48 56 104 114 Navigation
products 48 46 89 85 Total Government Systems
Sales $ 567 $ 554 $ 1,076 $ 1,069
Information Management Services sales $ 155 $ 149 $
304 $ 167 Total sales $ 1,341
$ 1,259 $ 2,567 $ 2,313
The following table summarizes total Research & Development
Investment by segment and funding type for the three and six months
ended March 31, 2015 and 2014 (unaudited, dollars in
millions):
Three Months Ended Six Months Ended
March 31 March 31 2015 2014 2015 2014
Research and Development Investment Customer-funded:
Commercial Systems $ 44 $ 27 $ 84 $ 49 Government Systems 106 92
195 181 Information Management Services 2 2 4
2 Total Customer-funded 152 121 283 232
Company-funded: Commercial Systems 48 48 98 97
Government Systems 24 19 42 35 Information Management Services (1)
— — 1 — Total Company-funded 72
67 141 132
Total Research and Development
Expense 224 188 424 364 Increase in Pre-production
Engineering Costs, Net 34 46 65 89
Total Research and Development Investment $ 258 $ 234
$ 489 $ 453 Percent of Total Sales 19.2
% 18.6 % 19.0 % 19.6 %
(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)
March 31, September 30, 2015 2014
Assets Cash and cash
equivalents $ 284 $ 323 Receivables, net 1,083 1,033 Inventories,
net (1) 1,800 1,709 Current deferred income taxes 7 9 Business held
for sale — 15 Other current assets 131 115 Total current
assets 3,305 3,204 Property 924 919 Goodwill 1,865
1,863 Intangible assets 683 688 Long-term deferred income taxes 67
101 Other assets 328 288
Total assets $ 7,172
$ 7,063
Liabilities and equity Short-term debt $ 785
$ 504 Accounts payable 472 535 Compensation and benefits 214 256
Advance payments from customers 364 359 Accrued customer incentives
204 202 Product warranty costs 97 104 Liabilities associated with
business held for sale — 16 Other current liabilities 207
222 Total current liabilities 2,343 2,198 Long-term debt,
net 1,678 1,663 Retirement benefits 977 1,096 Other liabilities 221
217 Equity 1,953 1,889
Total liabilities and equity $
7,172 $ 7,063 (1) Inventories, net is comprised of
the following: March 31, September 30, 2015 2014
Inventories,
net: Production inventory $ 859 $ 833 Pre-production
engineering costs 941 876 Total Inventories, net $ 1,800
$ 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) Six
Months Ended March 31 2015 2014 (1)
Operating
Activities: Net income $ 324 $ 279 Loss from discontinued
operations, net of tax (8 ) (3 ) Income from continuing operations
332 282 Adjustments to arrive at cash provided by operating
activities: Gain on sale of business — (10 ) Depreciation 76 67
Amortization of intangible assets and pre-production engineering
costs 46 35 Stock-based compensation expense 12 12 Compensation and
benefits paid in common stock 23 24 Excess tax benefit from
stock-based compensation (9 ) (5 ) Deferred income taxes 33 41
Pension plan contributions (63 ) (63 ) Changes in assets and
liabilities, excluding effects of acquisitions and foreign currency
adjustments: Receivables (79 ) 52 Production inventory (56 ) (73 )
Pre-production engineering costs (86 ) (103 ) Accounts payable (40
) (32 ) Compensation and benefits (36 ) (75 ) Advance payments from
customers 16 (18 ) Accrued customer incentives 2 13 Product
warranty costs (5 ) (7 ) Income taxes 24 (47 ) Other assets and
liabilities (58 ) (15 )
Cash Provided by Operating Activities
from Continuing Operations 132 78
Investing
Activities: Property additions (104 ) (70 ) Acquisition of
businesses, net of cash acquired (22 ) (1,415 ) Acquisition of
intangible assets — (1 ) Proceeds from business divestitures — 24
Other investing activities (10 ) —
Cash (Used for)
Investing Activities from Continuing Operations (136 ) (1,462 )
Financing Activities: Purchases of treasury stock (242 ) (61
) Cash dividends (80 ) (81 ) Repayment of debt — (200 ) Increase in
short-term commercial paper borrowings, net 281 631 Increase in
long-term borrowings — 1,089 Proceeds from the exercise of stock
options 30 31 Excess tax benefit from stock-based compensation 9
5
Cash (Used for) Provided by Financing Activities
from Continuing Operations (2 ) 1,414
Six Months Ended March 31 2015 2014 (1) Effect
of exchange rate changes on cash and cash equivalents (22 ) 4
Discontinued Operations: Operating activities (14 ) (15 )
Investing activities 3 —
Cash (used for) discontinued
operations
(11 ) (15 )
Net Change in Cash and Cash Equivalents (39 ) 19
Cash and Cash Equivalents at Beginning of Period 323
391
Cash and Cash Equivalents at End of Period $ 284
$ 410
(1) On July 25, 2014, the Company sold its satellite
communications systems business formerly known as DataPath, Inc.
(DataPath). The results for the six months ended March 31, 2014
have been reclassified to reflect the cash flows of DataPath as
discontinued operations.
Rockwell Collins, Inc.Media Contact:Pam Tvrdy,
319-295-0591pam.tvrdy@rockwellcollins.comorInvestor Contact:Ryan
Miller,
319-295-7575investorrelations@rockwellcollins.com
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