Rockwell 4th-Quarter Net Income Drops 49%

Rockwell International Corp., the former defense giant now transforming itself into a high-tech conglomerate, said Wednesday that its fiscal fourth-quarter earnings dropped 49% because of big acquisition costs.

The Seal Beach-based company earned $97 million, or 45 cents a share, for the quarter ended Sept. 30, down from $189 million, or 88 cents a share. Revenue rose 7%, to $2.66 billion from $2.49 billion.

The latest results include costs of $121 million, or 56 cents a share, related to Rockwell’s takeover of semiconductor maker Brooktree Corp., which was announced in July.

The company also incurred costs of $74 million, or 34 cents a share, related to exiting some businesses, but that was offset by gains of $76 million, or 35 cents a share, from settlements of insurance claims.

Rockwell is selling most of its aerospace and defense businesses to Boeing Co. for more than $3 billion in a deal announced in August. It is now concentrating on high-tech products such as computer modems, factory robots and auto parts.

Its fourth-quarter results were in line with Wall Street estimates. Rockwell shares rose $2.25, or 4%, to $57.125 on the New York Stock Exchange.

For the fiscal year, earnings were down slightly to $726 million, or $3.34 a share, from $742 million, or $3.42 a share, a year earlier. Revenue rose to $10.37 billion from $9.07 billion.