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Rockwell Earnings Rise, Year Seen Beating Forecasts
Reuters
COSTA MESA — The industrial giant Rockwell International Corp. on Tuesday reported higher fiscal first-quarter earnings and forecast that results for the full year would surpass Wall Street estimates.

The company, which makes products for many industries, including electronics, autos and aerospace, said it expects to earn $2.90 to $3 per share for the fiscal year ending in September. Analysts expect earnings of $2.83 per share, according to First Call Corp.

Rockwell, based here, said it earned $114 million, or 59 cents per share, in the fiscal first quarter, ended Dec. 31, up 58 percent from the year-earlier quarter. Sales were flat at $1.6 billion.

The first-quarter results excluded earnings from Conexant Systems Inc., Rockwell's semiconductor group, which was spun off to shareholders on Dec. 31.

Excluding one-time items for both the current and year-ago first quarters, Rockwell earned 70 cents a share, compared with 59 cents a year earlier. An accounting change lowered income for the 1997 quarter.

Rockwell said first-quarter sales were led by strong performance in the avionics and communications businesses, while lower sales at its industrial automation group were offset by improved operating efficiencies.

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