Rockwell reports higher earnings

Rockwell Automation Inc. today reported fiscal second quarter net income of $175.9 million, or $1.24 per share, compared with $167.8 million, or $1.16 per share, in the same period a year ago.

The Milwaukee-based company reported quarterly sales of $1.52 billion, down 2 percent from $1.56 billion a year earlier.

Keith Nosbusch, chairman and chief executive officer, said, “I am pleased with 11 percent earnings per share growth despite the 2 percent sales decline. Solid sales growth in the Americas, with declines in EMEA and Asia-Pacific, reflect industrial markets that remain uneven around the world. Free cash flow was very good in the quarter and we announced an 11 percent dividend increase earlier this month. We have increased our dividend by almost 80 percent over the last four years. We are confident in the sustainability of our cash flows and remain committed to returning cash to shareowners.”

Commenting on the outlook, Nosbusch added, “Given our first half results and our expectation that sluggish market conditions will persist, we are lowering our fiscal 2013 sales outlook to a range of $6.25 to $6.45 billion. However, we are maintaining the mid-point of Adjusted EPS guidance and narrowing the range to $5.40 to $5.70. We will continue to closely monitor business conditions and appropriately manage costs while investing in our best growth opportunities.”

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