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Rockwell Collins, Inc. today reported sales for the third quarter of fiscal year 2017 of $2.094 billion, a 57% increase from the same period in fiscal year 2016, or 5% growth excluding $695 million of revenue from the acquisition of B/E Aerospace. Third quarter fiscal year 2017 earnings per share from continuing operations was $1.12 compared to $1.63 in the prior year. Adjusted earnings per share for the third quarter fiscal year 2017 was $1.64 compared to $1.67 in the prior year (see the supplemental schedule in this press release for a reconciliation between GAAP earnings per share and adjusted earnings per share). Earnings per share and adjusted earnings per share for the third quarter of fiscal year 2016 included a 31 cent income tax benefit from the release of a valuation allowance related to a U.S. capital loss carryforward. Cash provided by operating activities for the nine months ended June 30, 2017 was $416 million, an 87% increase from the same period in the prior year.
"This was another good quarter of operating performance underscored by strong cash flow generation," said Rockwell Collins Chairman, President, and Chief Executive Officer, Kelly Ortberg. "We realized revenue growth across all of our segments, and achieved strong operating margins across the entire business."
Ortberg continued, "I'm pleased to welcome the B/E Aerospace team and we continue to be excited about the newly combined company. Integration is progressing well and I'm increasingly confident in our ability to exceed our $160 million cost synergy target. We are making progress on revenue synergies, which will create additional opportunities to our acquisition business case."
About Rockwell Collins
Rockwell Collins is a leader in aviation and high-integrity solutions for commercial and military customers around the world. Every day we help pilots safely and reliably navigate to the far corners of the earth; keep warfighters aware and informed in battle; deliver millions of messages for airlines and airports; and help passengers stay connected and comfortable throughout their journey. As experts in flight deck avionics, cabin electronics, cabin interiors, information management, mission communications, and simulation and training, we offer a comprehensive portfolio of products and services that can transform our customers' futures.