Rockwell profits soar

Asia Pacific and Latin America drive sales growth

Rockwell Automation
Rockwell Automation's Milwaukee headquarters.

Milwaukee-based Rockwell Automation Inc. today reported fiscal third quarter profits of $216.9 million, or $1.67 per share, up 13.6 percent from $191 million, or $1.46 per share, in the third quarter of 2016.

Rockwell Automation
Rockwell Automation’s Milwaukee headquarters.

Revenue totaled $1.6 billion, up 8.5 percent from $1.5 billion in the third quarter of 2016. Unfavorable foreign currency translation weighed down sales by about 0.9 percent. But acquisitions added 1.2 percent sales growth.

Asia Pacific sales were up 21.8 percent, and Latin America sales were up 11.9 percent. U.S. sales increased 8.1 percent.

Operating income was $621.1 million, up from $544.5 million in the same period a year ago, driven largely by lower income taxes and a gain on compensation and benefits.

The industrial automation firm spent $1.1 million on acquisitions, net of cash acquired, in the quarter. That compares to $21.2 million spent on acquisitions, net of cash acquired, in the third quarter of 2016.

“Overall, the macroeconomic environment remains solid,” said Blake Moret, president and chief executive officer. “I am pleased to see broad-based sales growth across regions and industries. Growth was led by double-digit increases in Asia Pacific and Latin America. The U.S., our largest market, was up 10 percent, including the contribution from acquisitions. Transportation, food and beverage, and semiconductor were strong.”

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Molly Dill
Molly Dill, former BizTimes Milwaukee managing editor.