*Earnings of $1.32/ share before items beat $1.12 estimate. Oct 26- Rockwell Collins Inc reported lower quarterly earnings on Friday as weaker government sales overshadowed stronger commercial revenue, and said it could cut 5 percent of its workforce as its defense operations face U.S. budget challenges. Rockwell Collins has 20,000 employees.
*Earnings of $1.32 a share before items beat estimate of $1.12. Oct 26- Rockwell Collins Inc reported higher-than-expected quarterly earnings on Friday and said its commercial business would expand over the next year, while defense operations face U.S. budget challenges.
Oct 26- Rockwell Collins Inc posted a lower quarterly profit on Friday, as weaker government sales overshadowed stronger commercial aerospace sales. Net income was $152 million, or $1.06 a share, for the fiscal fourth quarter ended Sept. 30, compared with $175 million, or $1.13 a share, a year before, the avionics supplier said.
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