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Rockwell Income Up 19% for Quarter

January 21, 1987|NANCY RIVERA BROOKS

Powered by earnings from the B-1B bomber program, Rockwell International said Tuesday that net income for its first quarter rose 19% to $149.4 million.

Rockwell's net income was $125.8 million for the same quarter of the previous year. Sales for the three months ended Dec. 31, 1986, edged up to $2.9 billion from $2.8 billion in the 1985 quarter.

The first-quarter results "are in line with our expectation of significant improvement in earnings for the current fiscal year," said Robert Anderson, chairman and chief executive of the aerospace and electronics company. "The quarter's improvement results from strong operating performance in the B-1B aircraft program and recognition of $28.5 million, or 20 cents per share, from the adoption of new pension accounting rules of the Financial Accounting Standards Board."

Gain of 43%

Operating earnings from Rockwell's aerospace operations were $176.7 million, up 43% from the $123.4 million earned in the same period a year ago.

Electronics earnings slipped to $66.7 million from $70.7 million in the year-ago quarter. Rockwell attributed much of the decline to lower earnings at its Allen-Bradley unit because of "continuing softness in the industrial automation market," problems with product mix and costs from expanded marketing programs.

Earnings from Rockwell's automotive parts business rose slightly in the first quarter to $42.9 million from $42 million in the same period a year ago. The firm's general industries business earned $28.5 million compared to $26 million.

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