Rockwell earnings slip

Milwaukee-based Rockwell Automation Inc. today reported fiscal first quarter net income of $161.4 million, or $1.14 per share, down from $183.3 million, or $1.27 per share.

The company’s quarter sales remained flat at $1.5 billion.

Keith Nosbusch, chairman and chief executive officer, said, “Total company sales were in line with our expectations for the quarter, but results by region were mixed. Strong growth in Latin America and the U.S. was mostly offset by declines in the other regions, consistent with underlying market conditions. Solutions order rates picked up in the quarter and we rebuilt backlog. Operating margin and free cash flow were both very good. Overall, I am pleased with the good start to the fiscal year.”

Commenting on Rockwell’s outlook, Nosbusch said, “Given first quarter results and our current assessment of market conditions, we are reaffirming our outlook for fiscal 2013. We expect sales to be in the range of $6.35 to $6.65 billion, with corresponding Adjusted EPS of $5.35 to $5.75. Stabilization of macroeconomic indicators and forecasts, coupled with our rebuilt backlog, reinforce our expectations of stronger growth in the second half of the year compared to the first half. We will continue to monitor business conditions closely and pace our investments accordingly.”

 

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