Auto, Print Operations Boost Rockwell Earnings 10.2% : Profits: The increase is attributed to company's changing composition as it moves away from aerospace and military contracts.


Citing growth in its automotive and printing operations, Rockwell International Corp. said Monday that its earnings were up 10.2% for the latest quarter.

The diversified high-technology company, based in Seal Beach, reported a profit of $164.7 million, or 76 cents a share, for its first fiscal quarter. That compared to earnings of $149.5 million, or 68 cents a share, for the same period a year earlier.

Revenue for the three months ended Dec. 31 was $2.62 billion, compared to $2.60 billion a year earlier.

The company's performance was strong in its automation, automotive parts and printing press segments. Sales in Rockwell's aerospace and defense electronics segments fell by $135 million, or 15.4%, to $740 million.

In a prepared statement, Chairman Donald R. Beall said the increased profit in the face of declining defense revenue underscores the success Rockwell has had in "significantly changing" the composition of the company as it moves away from aerospace and military contracting.

Commercial and international sales grew by 10%, Beall said, and for the latest quarter represented almost 70% of total revenue, up from 64% a year earlier.

Rockwell expects to complete its acquisition of Reliance Electric Co. this month, Beall said, and expects the addition of the Cleveland-based maker of electronic systems to add substantially to international sales and overall financial performance.


Rockwell's Earnings Increase

Rockwell International Corp. closed its first quarter Dec. 31 with a 10.2% increase in earnings from last year's comparable period. Per-share earnings also increased, by 12%. Figures in millions of dollars, except per-share data:

1993 1994 % Change Total revenue $2,601 $2,623 0.8 Net earnings $149.5 $164.7 10.2 Earnings per share 0.66 0.74 12.1

Source: Rockwell International Corp. Researched by Valerie Williams-Sanchez / Los Angeles Times

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World