Rockwell 2nd-Quarter Profit Declines From Year Earlier

Rockwell International earned $173.4 million on sales of $3.15 billion in its second quarter ended March 31, a decline in net income but a small increase in operating profit over the same period last year, the El Segundo firm said Monday.

Rockwell said prior-year second-quarter earnings were $270.7 million, which included a $104-million after-tax gain on the sale of its Measurement & Flow Control division. Sales were virtually unchanged.

Aerospace sales and earnings were down compared to the same period a year ago, while the firm’s electronics segment was up on strength across a number of commercial and industrial segments.

“Our results for the first six months were better than we anticipated when the fiscal year began,” said Donald R. Beall, chairman and chief executive. “Based on our current assessment of the economy, our outlook for the full 1990 year is for modest earnings-per-share improvement over 1989, before last year’s 40-cents-per-share gain from the sale of a business.”

The aerospace earnings declined in the 1990 period because the comparable 1989 period “benefited from more favorable contract adjustments in aircraft and space programs,” the company said. Rockwell’s aircraft, space systems and defense electronics segments all showed declines in sales. Its graphics and automotive groups reported higher sales.