Rockwell International said Wednesday that it earned a record $635.1 million in the fiscal year ended Sept. 30, a 3.9% increase in profit over the $611.2 million posted the year earlier. But $105 million of the 1987 earnings was attributable to new pension accounting rules adopted by Rockwell.
The higher profit came on sales of $12.1 billion, a 1.6% decline compared to fiscal 1986 sales of $12.3 billion. Aircraft sales sank $614 million owing to the wind down of the B-1 bomber program, but sales in most other major business segments were up.
The company also disclosed that it took a $30-million writeoff in the fourth quarter on an unidentified defense electronics program.
In the fourth quarter, Rockwell earned $140 million on sales of $3.1 billion, down from profit the year before of $161.8 million on sales of $3.3 billion. The company ended the fiscal year with a government backlog of $12 billion, up from $11.6 billion last year.
Rockwell President Donald R. Beall said the company expects higher earnings in fiscal 1988, based on improvements in businesses other than aerospace, a lower federal tax rate and a reduction of taxes that have been already deferred on the B-1 program.