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Rockwell Automation Reports Third Quarter 2012 Results

Stocks in this article: ROK

“We are monitoring business conditions closely and will continue to balance near-term financial performance with longer-term growth opportunities. The additional share repurchase authorization and 11 percent dividend increase announced in June support our commitment to provide superior returns to shareowners."

Following is a discussion of third quarter results for both segments.

Architecture & Software

Architecture & Software fiscal 2012 third quarter sales were $663.8 million, a decrease of 1 percent from $672.9 million last year. Organic sales increased 3 percent and currency translation reduced sales by 4 percentage points. Segment operating earnings were $182.3 million in the third quarter of fiscal 2012, compared to $175.9 million in 2011. Segment operating margin increased to 27.5 percent in the third quarter of fiscal 2012, from 26.1 percent a year ago.

Control Products & Solutions

Control Products & Solutions fiscal 2012 third quarter sales were $896.6 million, an increase of 6 percent from $843.3 million last year. Organic sales increased 10 percent, acquisitions contributed 1 percentage point to the increase and currency translation reduced sales by 5 percentage points. Segment operating earnings increased to $101.7 million in the third quarter of fiscal 2012, compared to $87.4 million in 2011. Segment operating margin was 11.3 percent in the third quarter of fiscal 2012, compared to 10.4 percent a year ago.

Other Information

Fiscal 2012 third quarter general corporate net expense decreased to $19.0 million from $22.3 million in 2011.

The effective tax rate for the third quarter of fiscal 2012 was 22.1 percent, up from 19.2 percent in the third quarter of fiscal 2011, primarily due to larger discrete tax benefits a year ago. The Company continues to expect the effective tax rate for fiscal year 2012 to be approximately 24 percent.

During the third quarter of fiscal 2012, the Company repurchased 1.6 million shares of its common stock at a cost of $121.0 million. At June 30, 2012, $32.5 million remained available under the November 7, 2007 $1.0 billion share repurchase authorization. On June 7, 2012, the Board of Directors authorized the Company to expend up to an additional $1.0 billion to repurchase shares of its common stock. The Board also declared an 11 percent increase in the quarterly dividend to 47 cents per share on common stock, payable on September 10, 2012.

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