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Rockwell Automation Reports Fourth Quarter And Full Year 2012 Results

Stocks in this article: ROK

Rockwell Automation, Inc. (NYSE: ROK) today reported fiscal 2012 fourth quarter sales of $1,664.0 million, up 1 percent from $1,654.3 million in the fourth quarter of fiscal 2011. Organic sales increased 5 percent and currency translation reduced sales by 4 percentage points. Fiscal 2012 fourth quarter sales were up 7 percent sequentially compared to the third quarter of fiscal 2012.

Net income was $195.2 million ($1.38 per share) compared to $201.8 million ($1.39 per share) a year ago. Total segment operating earnings were $295.3 million in the fourth quarter of fiscal 2012, down from $298.1 million in the same period of 2011. Total segment operating margin was 17.7 percent, compared to 18.0 percent a year ago. In the fourth quarter of fiscal 2012, the Company incurred pre-tax restructuring charges of approximately $13 million, which was about evenly split between segments.

Free cash flow was $346.6 million in the fourth quarter of fiscal 2012.

Full Fiscal Year 2012

Sales were $6,259.4 million in fiscal 2012, up 4 percent compared to $6,000.4 million in fiscal 2011. Organic sales increased 6 percent. Acquisitions contributed 1 percentage point to the growth rate and currency translation reduced sales by 3 percentage points. Income from continuing operations was $737.0 million ($5.13 per share) in fiscal 2012, compared to $697.1 million ($4.79 per share) in fiscal 2011, an increase of 7 percent on a per-share basis. Total segment operating earnings increased 10 percent to $1,131.4 million in fiscal 2012, compared to $1,027.6 million in fiscal 2011. Total segment operating margin expanded 1 percentage point to 18.1 percent from 17.1 percent a year ago.

Full fiscal year 2012 free cash flow was $597.6 million after a discretionary pre-tax contribution of $300 million to the Company's U.S. pension trust. Return on invested capital was 30.3 percent.

Commenting on the results, Keith D. Nosbusch, chairman and chief executive officer, said, “I was pleased with 5 percent organic sales growth in the quarter, especially given the tough comparison to last year's very strong fourth quarter. While growth rates continued to moderate due to a difficult economic environment, once again every region delivered organic growth. We initiated restructuring actions that reduced margins in the quarter. Those actions provide us with some headroom to rebalance investments in 2013.

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