Rockwell Collins ( COL) reported flat earnings for its fiscal second quarter and warned that full-year EPS would likely fall below Wall Street's expectations as its business suffers from a worldwide collapse in demand for new airplanes.

The company, which makes aircraft electronics, said "dramatic production cuts by business jet manufacturers" caused it to lower 2009 EPS guidance to $3.70-$3.90 from $4.10-$4.30. Analysts polled by Thomas Financial had been expecting $4.08 per share.

For the fiscal second quarter, Rockwell said earnings slipped 2% to $164 million from $168 million. EPS was $1.03, meeting analysts' estimates and the level with the year-ago period. Sales, meanwhile, declined 4% to $1.14 billion, compared with $1.19 billion a year ago.

The biggest drag on earnings came from the company's commercial systems division, which makes electronics for non-military aircraft. Sales there fell 14% to $525 million. One of its biggest customers is Boeing, which suffered production delays late last year amid labor strikes.
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

If you liked this article you might like

Amazon Roadkill; Northrop Deal Synergies -- Jim Cramer's Top Thoughts

Irma and Harvey Busted Algos; Probably Done Deals Under Trump: Best of Cramer

Cramer: Under Trump, These Are Probably Done Deals

Cramer: Northrop-Orbital Deal Is Bigger Than Just the Synergies

S&P 500 and Dow Score Records With Wall Street Upbeat Ahead of Fed