Rockwell Collins, Inc. (NYSE: COL) today reported fiscal year 2012 earnings per share of $4.15, an increase of 5% from earnings per share from continuing operations of $3.94 in 2011. Earnings per share for 2012 include net restructuring and asset impairment charges of $0.26 per share, compared to an $0.11 per share restructuring charge recorded last year. Excluding the impact of the net restructuring and asset impairment charges in both years, 2012 earnings per share increased 9% to $4.41 per share. The increase in earnings per share resulted from improved total segment operating earnings and the favorable impact from share repurchases.
Total company sales for fiscal year 2012 decreased $80 million, or 2%, to $4.73 billion. The lower sales was driven by an 8% decrease in Government Systems, partially offset by a 7% increase in Commercial Systems sales. Cash provided by operating activities for fiscal year 2012 totaled $534 million compared to $657 million last year. The lower cash flow was a result of higher payments this year for prior year employee incentive compensation costs and higher income tax payments.
Fourth quarter 2012 earnings per share increased to $1.06, or 4%, compared to earnings per share from continuing operations of $1.02 in the fourth quarter of 2011. Included in the fourth quarter 2012 earnings per share are restructuring and asset impairment charges of $0.26 per share. The previous year included an $0.11 per share restructuring charge. Excluding the fourth quarter restructuring and asset impairment charge in each year, earnings per share from continuing operations would have increased 17% to $1.32 per share from $1.13. The company reported sales of $1.27 billion for the fourth quarter of 2012, a decrease of 2%, compared to sales of $1.30 billion for the same period a year ago. Net income decreased 4% to $152 million from $158 million in the same period last year. Total segment operating earnings increased 10% to $297 million, or 23.5% of sales, for the fourth quarter of 2012 versus $271 million, or 20.9% of sales, for the fourth quarter of 2011.
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