Rockwell Earnings Climb for the Quarter and Year : Investments: The technology giant posts annual sales of $10.8 billion. Results are attributed to cost-cutting and new products.

SEAL BEACH —  Rockwell International Corp. on Wednesday reported steady earnings improvement, posting increases for both its fourth quarter and its fiscal year.

The diversified technology giant posted earnings of $562 million, or $2.55 a share, for the year ended Sept. 30. That was up 16% from a profit of $483 million, or $2.16 a share, for the previous 12 months before a onetime charge. Annual sales were slightly lower at $10.8 billion, compared to $10.9 billion for the previous 12 months.

After a mandated accounting charge against earnings for changes in the way the company accounts for medical costs for retirees, Rockwell reported a loss of $1 billion, or $4.62 a share, for fiscal 1992.

Don Beall, chief executive of Rockwell, said the latest annual results showed the combined effects of cost-cutting programs and new products to counter a steady decline in Department of Defense and commercial aircraft work.

“Despite the realities of the declining defense budget, we’ve still come up with a good year and are on track for our plan for sustained earnings growth,” Beall said.

Peter Aseritis, analyst at investment bank First Boston in New York, said the results matched his expectations.

“The big question is what is going to happen in 1994, whether the company will be able to come up with more earnings growth,” he said. “I’ve been badgering them to do something about their aerospace business, either start selling or start buying it.”

Beall did not comment on financial forecasts, and he said he does not anticipate major changes in business units.

Rockwell, based in Seal Beach, is one of the largest employers in Southern California. It has businesses in the aerospace, space, telecommunications, automotive and newspaper printing press industries. The printing press business has been especially weak, though it showed a profit of $2.7 million for the fourth fiscal quarter.

For the fourth quarter, the company reported earnings of $150 million, or 68 cents a share. That was up 9% from a profit of $138 million, or 62 cents a share, for the same period a year earlier. Three-month sales were almost unchanged at $2.8 billion.

In Wednesday’s trading on the New York Stock Exchange, the company’s stock closed at $35.375 a share, down 62.5 cents.

Rockwell Profits Take Off

Despite a slight decline in revenue, Rockwell International Corp. posted an annual profit of $562 million, a 16% increase from the previous year. The company attributed the jump to double-digit earnings increases in its electronics, aerospace and automotive segments. Figures in millions of dollars except per-share data:

4th qtr 4th qtr 12 months 12 months 1992 1993 1992 1993 Revenue $2,889 $2,844 $10,910 $10,840 Net income (loss) $138.1 $150.0 $483.0* $561.9 Per share (loss) $0.62 $0.68 $2.16* $2.55

* Income before onetime accounting charge. Source: Rockwell International Corp.; Researched by JANICE L. JONES / Los Angeles Times