Rockwell Collins, Inc. (NYSE: COL) has reported net income for the fiscal year ended September 30, 2009 of US$594 million, a decrease of US$84 million, or 12 percent from fiscal year 2008 net income of US$678 million. Earnings per share decreased 10 percent to US$3.73 compared to earnings per share of US$4.16 a year ago. Fiscal year 2009 revenues decreased approximately US$300 million, or 6 percent, to US$4.47 billion compared to revenues of US$4.77 billion last year. Fiscal year 2009 total segment operating margin was 21.4 percent compared to 21.9 percent last year.

For the fiscal year 2009 fourth quarter, net income decreased US$48 million, or 26 percent, to US$134 million from US$182 million last year. Earnings per share declined 29 cents, or 26 percent, to US$0.84 compared to earnings per share of US$1.13 for the same period a year ago. Results for the fourth quarter of 2009 include a charge of US$21 million (US$14 million after-tax, or 9 cents per share) primarily related to the closing of the company’s San Jose, California facility, asset impairments and other restructuring activities. Results for the fourth quarter of 2008 include a benefit related to a retroactive catch up for the renewal of the Federal R&D Tax Credit, which, net of related incentive compensation cost, increased earnings per share by about 8 cents. Excluding the impact of these items, earnings per share would have declined 11 percent, from US$1.05 in the fourth quarter of 2008 to US$0.93 in the fourth quarter of 2009. Revenues in the quarter decreased US$87 million, or 7 percent, to US$1.19 billion from revenues of US$1.28 billion last year. To read the entire financial report, access this direct link.