Rockwell Collins, Inc. (NYSE: COL) reported 7 percent increase in earnings from continuing operations to $1.30 a share in the second quarter from $1.22 a share in the previous year quarter thus beating the Street by a penny.
However, the company's revenue not only fell 2 percent to $1.31 billion but also fell shy of the Street expectations of $1.33 billion.
Rockwell Collins Chairman, President and CEO, Kelly Ortberg, said "Fiscal 2016 is progressing directionally as we expected. We anticipated the slow start in the first half of the year followed by expected growth in the second half. Our execution in the second quarter was solid as we focused on delivering the savings from our restructuring actions taken in the first quarter. Our full year guidance remains unchanged as we now focus on delivering the second half growth."
Ortberg said further, "There were also several significant accomplishments this quarter that support our long-term growth objectives. We were selected as one of the suppliers for the HMS Manpack program and we're pleased to be a supplier to Northrop Grumman on the Long Range Strike Bomber. We also captured numerous contract awards for our avionics and information management systems."
Moving ahead, the company confirmed its 2016 earnings outlook of $5.45-$5.65 a share on revenues of $5.3-$5.4 billion. Street analysts expect the company to earn $5.55 a share and generate revenue of $5.33 billion.
Shares of the company traded 0.32 percent higher on Wednesday.
See more from Benzinga
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.