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(dollars in millions) Q3 FY 18 Q3 FY 17 Inc/(Dec) Commercial Systems sales Original equipment $393 $374 5% Aftermarket 273 279 -2% Wide-body in-flight entertainment 3 5 -40% Total Commercial Systems sales $669 $658 2% Operating earnings $148 $144 3% Operating margin rate 22.1% 21.9 % 20 bps * Original equipment sales increased due to higher air transport narrow-body and business jet product deliveries, partially offset by lower legacy wide-body production rates and customer-funded development program revenues.
* Operating earnings decreased by $55.9 million, or 56.5%, from $99.0 million to $43.1 million, mainly as a result of the effect of the accelerated recognition of deferred revenues recorded in the second quarter of 2018.
Harsha Agadi, president and CEO of Crawford & Company, stated, "For the 2019 second quarter, on a constant currency basis and excluding GCG, we delivered 6% operating earnings growth on revenues that were essentially flat year over year and strong sequential improvement over our first quarter operating earnings.
Operating earnings for the three months ended June 30, 2019, were $619 million ($0.77 per share), compared with operating earnings of $560 million ($0.86 per share) for the same period in 2018.
Accordingly, the company's core annuity operating earnings will exclude the impact of items that are not necessarily indicative of operating trends, going forward.
It reported Operating Earnings (a non-GAAP financial measure defined below) of $54.9 million, or $0.44 per diluted share of common stock, for the three months ended June 30, 2018, as compared to $44.6 million, or $0.46 per diluted share of common stock, for the three months ended June 30, 2017.
Fitch said that it would have been better for the requirement to focus on operating earnings rather than net earnings, because "equities are among the most volatile asset classes in insurers' investment portfolios."
The annuity operations posted $142 million in pretax operating earnings for the latest quarter on $627 million in net revenues, compared with $146 million in pretax operating earnings on $619 million in net revenues for the year-earlier quarter.
DuPont (NYSE: DD), a science company that brings world-class, innovative products, materials, and services to the global marketplace, today announced second-quarter 2017 GAAP 1 earnings from continuing operations of $0.97 per share and operating earnings 2 of $1.38 per share.
Concrete and Aggregates reported fiscal 2017 operating earnings of [dollar]18.1 million, up 84 percent compared to the prior year.
Related: 14 of the most recognizable retirement brands Pre-tax operating earnings at the U.S.
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