Rockwell Collins, Inc. reported earnings per share of $1.03 for the second quarter of fiscal year 2009, level with the same period last year. Earnings per share remained level despite a second quarter fiscal year 2009 sales decline of $48 million, or 4%, to $1.138 billion compared to sales of $1.186 billion a year ago. The decline in revenues was primarily due to the effect of the global recession on the company's Commercial Systems OEM and aftermarket customers and the timing of Boeing's production ramp-up following their labor strike. Incremental sales from business acquisitions contributed $12 million to total revenues. 
Net income for the second quarter of fiscal year 2009 was $164 million, a decrease of 2% from $168 million during the prior year period. Net income as a percentage of sales expanded to 14.4% from 14.2% despite the company's lower revenue level and a higher effective tax rate for the second quarter of fiscal year 2009. Total segment operating margins increased to 22.4% for the second quarter of fiscal year 2009 from 21.5% for the second quarter of fiscal year 2008. Cash provided by operating activities for the six months ended March 31, 2009 increased to $137 million compared to $130 million reported for the same period last year and included a voluntary $75 million contribution to the company's pension plan.
"The strength of our balanced portfolio and shared services operating model was clearly evidenced by the 90 basis point year over year improvement in our combined segment operating margins during our second quarter" said Rockwell Collins Chairman, President and Chief Executive Officer Clay Jones. "Government Systems generated strong margins on continued top-line revenue growth, while Commercial Systems attained margins of 21% even with a 14% decline in revenues." 

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