Rockwell Collins Inc. Presents at RBC Capital Markets' Aerospace & Defense Conference, May-16-2013 09:20 AM. Venue: New York, New York, United States.

Rockwell Collins announced that Chairman and CEO Clay Jones has informed the company's board of directors of his plans to retire as CEO effective July 31, 2013 after almost 34 years of service. Rockwell Collins President Kelly Ortberg is expected to succeed Jones as CEO at that time. Jones will remain on the company's board of directors as non-executive chairman. Ortberg was appointed president of Rockwell Collins in September 2012. He previously served as executive vice president and chief operating officer of Government Systems, where he helped lead major program wins, including capturing avionics business on the KC-46A, KC-10 and the Embraer KC-390. He also has served as executive vice president and chief operating officer of Commercial Systems, during which time he oversaw the company's development programs for the Boeing 787, Airbus A350 and Bombardier C-Series. Additionally, he led the launch of the company's Pro Line Fusion integrated avionics system. He joined the company in 1987. Jones joined Rockwell International in 1979 after serving in the U.S. Air Force as a fighter pilot. He was appointed president of Rockwell Collins in January 1999, and then became CEO in June 2001 after leading the company through its initial public offering. He assumed the role of Chairman in 2002.

Rockwell Collins Inc. reported unaudited consolidated earnings results for the second quarter and six months ended March 31, 2013. For the quarter, the company reported total sales of $1,131 million compared to $1,161 million a year ago. Income before income taxes was $197 million compared to $213 million a year ago. Net income was $161 million or $1.17 diluted per share compared to $161 million or $1.09 diluted per share a year ago. The 7% increase in earnings per share was due to the favorable effect of the company's share repurchase program. Net income as adjusted was $142 million or $1.04 per share against $141 million or $0.95 per share a year ago. For the six months, the company reported total sales of $2,193 million compared to $2,255 million a year ago. Income before income taxes was $385 million compared to $407 million a year ago. Net income was $293 million or $2.10 diluted per share compared to $291 million or $1.95 diluted per share a year ago. Cash provided by operating activities was $179 million, an increase of $134 million compared to the $45 million reported last year. The improvement in cash from operations was primarily driven by improved inventory performance, lower tax payments and lower compensation payments. Property additions was $61 million against $69 million a year ago. Acquisition of intangible assets was $1 million against $1 million a year ago. For the year 2013, the company expects total sales of $4.6 billion to $4.7 billion, total segment operating margins of 21% to 22%, earnings per share of $4.45 to $4.65, cash flow from operations of $500 million to $600 million, total research & development investment about $950 million from about $1.0 billion, capital expenditures about $140 million and full year income tax rate about 27%.