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Rockwell Automation Reports Third Quarter 2013 Results

Rockwell Automation, Inc. (NYSE: ROK) today reported fiscal 2013 third quarter sales of $1,624.2 million, up 4 percent from $1,560.4 million in the third quarter of fiscal 2012. Organic sales growth was also 4 percent as acquisitions and currency translation had a negligible impact. Fiscal 2013 third quarter sales were up 7 percent sequentially compared to the second quarter of fiscal 2013.

Fiscal 2013 third quarter Adjusted EPS was $1.54, up 12 percent compared to Adjusted EPS of $1.37 in the third quarter of fiscal 2012. Total segment operating earnings were $317.8 million compared to $292.1 million in the same period of 2012. Total segment operating margin increased to 19.6 percent from 18.7 percent a year ago, primarily due to volume leverage and productivity.

On a GAAP basis, fiscal 2013 third quarter net income was $203.7 million or $1.45 per share, compared to $190.7 million or $1.33 per share in the third quarter of fiscal 2012. Pre-tax margin increased to 15.8 percent from 15.7 percent in the same period last year.

In order to provide transparency into the operating results of its business, effective with the first quarter of fiscal 2013, the Company is providing non-GAAP measures (Adjusted Income, Adjusted EPS and Adjusted Effective Tax Rate) that exclude non-operating pension costs and their related tax effects. The Company defines non-operating pension costs as defined benefit plan interest cost, expected return on plan assets, amortization of actuarial gains and losses and the impact of any plan curtailments or settlements. In addition, the Company has redefined segment operating earnings to exclude non-operating pension costs. Prior year results are provided on a comparable basis.

Commenting on the results, Keith D. Nosbusch, chairman and chief executive officer, said, “I am very pleased with 4 percent year-over-year organic growth this quarter and sequential growth in all regions. We expected to see an improvement in sales in the second half of our fiscal year, and the third quarter results support that. Adjusted EPS in the quarter was up 12 percent with strong operating margin performance. Free cash flow was very good again this quarter.

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