Rockwell Automation Reports Third Quarter 2011 Results

Sales of $1.5 billion, up 20 percent year over year

17-Aug-2011 - Germany

Rockwell Automation, Inc. reported record quarterly results, setting new highs for sales, earnings per share from continuing operations and return on invested capital. Fiscal 2011 third quarter sales were $1,516.2 million, up 20 percent from $1,268.1 million in the third quarter of fiscal 2010. Currency translation contributed 6 percentage points to the increase. Fiscal 2011 third quarter sales were up 4 percent sequentially compared to the second quarter of fiscal 2011. Income from continuing operations increased 50 percent to $178.8 million ($1.22 per share) compared to $119.4 million ($0.83 per share) a year ago. Net income was $179.5 million ($1.23 per share).

Total segment operating earnings were $263.3 million in the third quarter of fiscal 2011, up from $198.0 million in the same period of 2010. Total segment operating margin increased to 17.4 percent from 15.6 percent a year ago.

Free cash flow was $193.7 million in the third quarter of fiscal 2011. Return on invested capital was 29.3 percent.

Organic sales, total segment operating earnings, total segment operating margin, free cash flow and return on invested capital are non-GAAP measures that are reconciled to GAAP measures in the attachments to this release.

Commenting on the results, Keith D. Nosbusch, chairman and chief executive officer, said, "I am very pleased with the record results for the company in the third quarter. We have capitalized on the ongoing economic recovery by effectively executing our strategy. Architecture & Software had a great quarter with Logix growth of over 25 percent and its highest segment margin since the third quarter of fiscal 2007. Total company operating margin continued to improve, reaching 17.4 percent in the quarter. We closed two acquisitions in the quarter, announced a 21 percent dividend increase, and stepped up our share repurchases. We are on track for an excellent year for the company and for our shareowners."

Outlook

Commenting on the outlook, Nosbusch added, "Given our strong year-to-date results and an increased tailwind from currency, we are increasing our sales outlook for the full fiscal year to approximately $5.9 billion. Based on this sales outlook, we are raising fiscal 2011 earnings per share guidance to $4.55 to $4.65. A result in this range would represent an approximately 50 percent increase over last year and record annual earnings per share."

https://www.chemeurope.com/en/news/133973/rockwell-automation-reports-third-quarter-2011-results.html