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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Astronics Corporation | NASDAQ:ATRO | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.13 | 0.64% | 20.56 | 20.00 | 21.00 | 20.79 | 20.265 | 20.52 | 82,408 | 01:00:00 |
Rockwell Collins Inc. (COL) said it has decided upon selling its Rollmet product line to Precision Castparts Corp. (PCP). The company’s decision to sell the Rollmet business stems from its inclination to have a better focus on the core markets, leading to stronger growth.
The Rollmet business provides seamless alloy and stainless steel pipes and propulsion system components for the energy, petrochemical and defense industries.
Rockwell is of the opinion that the sale would also enhance Rollmet’s position as it will now be better aligned with its end-markets. The company expects the sale to close in the fourth quarter of fiscal 2011, pending customary closing conditions.
Separately, Rockwell Collins announced that it expects to release its fiscal third quarter 2011 results on Friday, July 22, 2011.
In second quarter 2011, Rockwell Collins reported earnings per share of 96 cents, in line with the Zacks Consensus Estimate. The result also comfortably beat the year-ago quarterly EPS of 93 cents. Total sales for Rockwell Collins rose by 7% to $1.22 billion, beating the Zacks Consensus Estimate of $1.20 billion and higher than $1.14 billion in the year-ago quarter.
Rockwell Collins expects its fiscal 2011 EPS to be in the range of $3.90 – $4.10. The company’s revenue guidance for full-year 2011 is $4.8 billion – $5.0 billion.
The Zacks Consensus earnings estimates for the third quarter of 2011, fiscal 2011 and fiscal 2012 are $1.04, $4.09 and $4.63 per share, respectively.
Rockwell Collins' fortunes are tied to the cyclical commercial aerospace market, which is currently undergoing a recovery phase. Recently, the commercial aerospace market witnessed higher air traffic with rising demand for air travel and cargo services. The company’s primary competitors include Raytheon Co. (RTN) and Astronics Corporation (ATRO).
Rockwell Collins currently retains a Zacks #2 Rank, which translates into a short-term Buy rating. Considering the fundamentals, we are maintaining our Neutral recommendation on the stock.
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