Commercial Systems Sales for The maximum amount of short-term Additionally, the large installed base At September 30, and Our strong credit ratings have Backlog growth results from favorable Interior Systems Sales for We believe we are positioned At September 30, , short-term We are realizing the benefits We account for these transactions The following table presents Government Amortization expense for pre-production engineering At September 30, , we Under our commercial paper program, Such non-GAAP measures are believed We sell certain accounts receivable Through organic innovations and acquisitions, Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.
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Exhibit News Release. Following is a discussion of fiscal year third quarter sales and earnings for each business segment. Commercial Systems. Commercial Systems, which provides aviation electronics systems, products and services to air transport, business and regional aircraft manufacturers and airlines worldwide, achieved third quarter results as summarized below.
Q3 FY Commercial Systems sales. Original equipment. Wide-body in-flight entertainment. Total Commercial Systems sales. Operating earnings. Operating margin rate. Original equipment sales increased due to higher air transport narrow-body and business jet product deliveries, partially offset by lower legacy wide-body production rates and customer-funded development program revenues.
COL Valuations. COL Annual Reports. In fiscal year , we advanced the breadth of our ARINC global network, and introduced additional value-added services to enhance efficiency and safety. Left: The first refueling flight for the KC tanker — which also features our advanced avionics — showcased our Remote Vision System, which uses cutting-edge sensors and stereoscopic 3D displays to allow the operator to remotely control the aerial refueling boom.
Right: Rockwell Collins was selected as a key supplier to Northrop Grumman for the B Raider long-range strike bomber.
Rockwell Collins has long been unique in our ability to leverage technologies across the whole of our commercial and government portfolios, enabling us to realize even greater returns on original investments. For example, this past year, the touch-control technology originally developed for primary flight displays on business jets, and later for rotary wing aircraft, led to our selection as a supplier of touchscreen primary flight displays for the Boeing X, an industry first for an air transport aircraft.
In my mind, one of the best measures of success is what our customers think about us. In fiscal year , our employees achieved industry-leading overall customer satisfaction across all three businesses due to their responsiveness, innovation and ability to deliver on commitments. This level of superior customer value contributes significantly to our prospects for growth over the long term.
For fiscal year , we remain focused on meeting our commitments to our customers and positioning our business for future growth. Our Information Management Services sales are expected to be up mid-to-high single digits, and Government Systems sales are expected to grow low-to-mid single digits. We expect that business jet demand will continue to be challenged, as the trends that slowed our commercial growth are projected to continue into the next fiscal year.
As a result, Commercial Systems revenues are projected to be about flat. Most important, this year we expect to accelerate our free cash flow performance as development costs wind down and new aircraft production rates increase. Right: Rockwell Collins was selected by the U. The acquisition of ARINC provided us with numerous opportunities for synergies across our business to drive new, innovative capabilities and growth.
This transaction will bring together two industry-leading franchises, strengthen our position as a leading supplier of cockpit and cabin solutions, increase our scale and establish a new platform of growth for our company. And, ultimately, the acquisition is expected to deliver significant benefits to our customers and shareowners 1.
We are determined to accelerate long-term growth so that we can continue to reward our shareowners and other stakeholders, and share in the bright future of our company. From commercial and business aviation to defense and government, customer needs and technological innovations are driving transformational changes in how pilots, passengers and warfighters connect and relate to the world around them — and how OEMs, owners and countries procure and manage their assets.
Rockwell Collins stands at the forefront of these trends, leveraging its expertise and vision to lead the industry forward and drive sustainable growth.
In the cockpit, more robust data streams and sophisticated applications enhance operational efficiency, safety and on-time flight performance. In the cabin, broadband connectivity allows passengers to stay connected throughout their flight and provides new ways to enhance the passenger experience. Rockwell Collins offers a full array of solutions to meet the breadth of those needs, from the pilot in the flight deck to the young family in row Our avionics systems for business and commercial aircraft combine advanced situational awareness and intuitive decision-making tools with new connectivity services to enhance safety and efficiency.
Airspace renewal efforts in the United States and Europe are driving new ways of communicating quickly and accurately. We are at the forefront of the fully connected aircraft, providing onboard servers, routers and wireless access points, end-to-end global broadband connectivity services and cybersecurity solutions that protect the entire aviation network.
Pilots, crews, airlines and operators can benefit from a wide range of value-added applications and services, including real-time weather and flight plan updates, live credit card authorizations and ARINC MultiLink SM global flight tracking. Passengers want high-speed connectivity to conduct business or stream content to their personal devices.
Real-time maintenance information reduces time on the ground and helps to better manage assets and repairs. Missionizing commercial technologies allows defense organizations to gain access to leading-edge innovations at a fraction of the costs traditionally associated with a clean-sheet, custom-engineered solution. This business model not only brings next-generation technology to the warfighter more quickly, but at significantly lower cost. For more than 60 years, the C has served as an iconic workhorse for governments worldwide.
Today, those governments are turning to Rockwell Collins to keep their aircraft flying while meeting modern communications needs and airspace access requirements while providing enhanced safety and functionality. Our C head-up displays HUDs — first developed for commercial air transport aircraft — enhance situational awareness by giving pilots access to critical flight information while maintaining a head-up, eyes-forward position, even while wearing night-vision goggles.
Reliable and accurate information is critical to every pilot, commercial or government: the earlier and more accurately you detect potential issues, the better chance you have to make adjustments for a safer, smoother and more efficient flight.
Today we equip the U. Whatever the mission, situational awareness is the key to keeping people safe, connected and informed. In an often-confusing battlespace, situational awareness can be critical to making better, faster decisions that can literally mean life or death.
Our Integrated Digital Vision System IDVS combines data information and multispectral inputs to present warfighters with a whole new view of the environment. Our EVS integrates multispectral infrared and visible images to give pilots unprecedented awareness of the outside environment, including terrain, obstacles and runway lighting, even in degraded visibility environments.
And SVS presents a database-driven perspective to the pilot of surrounding terrain and airport details in real time. To further enhance safety, today Rockwell Collins is fusing both EVS and SVS into a single combined vision system on a head-up display, giving pilots unparalleled situational awareness in an eyes-forward position.
Our innovative solutions for aviation, defense, rail and critical infrastructure help us keep people safe, connected and informed. Innovation is the lifeblood of what we do, and delivering innovation is the passion of our engineers and scientists — some of the most talented minds in the industry. Our 19, employees worldwide seek to build trust every day, guided by our core values: relationships, commitment, integrity and innovation.
We operate a global service and support network that crosses more than countries. Our manufacturing, engineering, customer support, sales and marketing teams help build local market understanding and customer intimacy.
The following selected financial data should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 on our Form K. The Statement of Operations, Statement of Financial Position and other data have been derived from our audited financial statements.
Fiscal years , , and were week fiscal years, while fiscal year was a week fiscal year. Certain prior data has been reclassified to conform to the current year presentation and to reflect the adoption of new guidance requiring all deferred tax assets and liabilities to be classified as noncurrent on the balance sheet. This acquisition was funded through a combination of new long-term debt and short-term commercial paper borrowings.
Working capital consists of all current assets and liabilities, including cash and short-term debt. This Annual Report contains statements, including certain projections and business trends, that are forward-looking statements as defined in the Private Securities Litigation Reform Act of Actual results may differ materially from those projected as a result of certain risks and uncertainties, including, but not limited to, those detailed herein, in our Form K and from time to time in our other Securities and Exchange Commission filings.
These forward-looking statements are made only as of the date hereof. The company calculates return on invested capital ROIC as net income from continuing operations excluding after-tax interest expense, divided by the average of invested capital at the beginning and end of the fiscal year. Our corporate governance documents are available on our website at investor.
Securities analysts should call: Ryan D.
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