PRESS DIGEST- Financial Times - May 29
May 29 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
(Adds results' detail, conference call comments; updates shares)
April 21 Rockwell Collins Inc's second-quarter revenue beat analysts' estimates and the aircraft components maker raised its full-year revenue forecast to reflect the impact of its recently closed acquisition of aircraft interiors maker B/E Aerospace.
Rockwell's shares rose as much as 5 percent to a record high $104.54 on Friday.
The company closed the B/E Aerospace acquisition last week and said at the time it would try to sell more aircraft seats and interiors directly to plane makers, rather than to airlines, which typically are responsible for purchases.
Rockwell said on Friday it expected revenue of $6.7 billion to $6.8 billion for the year ending Sept. 30. In January it had forecast revenue of $5.3 billion to $5.4 billion.
Analysts expect full-year revenue of $6.75 billion, according to Thomson Reuters I/B/E/S.
Rockwell gave a full-year profit forecast of $4.50 to $4.70 per share, reflecting the B/E acquisition. That compares with analysts' consensus estimate of $5.44, according to Vertical Research Partners analyst Rob Stallard.
Stallard said he had anticipated the B/E deal would dilute Rockwell's earnings by about 90 cents per share this year and that the company's forecast "is pretty close to this at 80 cents to 85 cents."
Rockwell said operating margins would fall one or two percentage points from its prior forecast of 21 percent.
In the second quarter, Rockwell's net income fell to $168 million, or $1.27 per share, from $171 million, or $1.29 per share, a year earlier.
The Cedar Rapids, Iowa-based company said revenue increased 2.4 percent to $1.34 billion in the quarter ended March 31. Analysts on average were expecting revenue of $1.33 billion.
Sales at Rockwell's government systems unit increased 5 percent to $565 million, accounting for 42 percent of total sales.
The company said its government portfolio was "looking pretty good right now."
Rockwell also benefited from higher sales at its information management services unit, which provides communication services, systems integration and security solutions.
Earlier this month, Rockwell and Brazilian planemaker Embraer SA agreed to work on integrating their remote sensing, targeting and communications portfolios for joint defense sales.
However, sales at Rockwell's commercial systems unit fell 2.8 percent in the quarter as demand for business jets remained subdued.
B/E Aerospace business will operate as a new business unit called interior systems within Rockwell, the company said. (Reporting by Alwyn Scott in New York and Arunima Banerjee in Bengaluru; Editing by Lisa Von Ahn and Savio D'Souza)
May 29 London's Heathrow Airport said early on Monday that there were still some disruptions to British Airways flights from the airport following a global computer system failure at the airline.
May 29 Gold held near its highest in four weeks on Monday after rising almost 1 percent in the previous session, buoyed as geopolitical tensions boosted its safe-haven appeal. FUNDAMENTALS * Spot gold was flat at $1,266.40 per ounce at 0044 GMT. On Friday, it climbed 0.9 percent to touch its strongest since May 1 at $1,269.50. * U.S. gold futures slipped 0.1 percent to $1,266.4 an ounce. * North Korea fired what appeared to be a shor