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Rockwell Automation Reports Third Quarter 2013 Results

Stocks in this article: ROK

The following is a reconciliation of income from continuing operations, diluted EPS from continuing operations, and effective tax rate to Adjusted Income, Adjusted EPS and Adjusted Effective Tax Rate:

Three Months Ended Nine Months Ended
June 30, June 30,
2013   2012 2013   2012
Income from continuing operations $ 203.7 $ 190.7 $ 541.0 $ 541.8
Non-operating pension costs 19.6 8.8 59.0 26.4
Tax effect of non-operating pension costs (7.2 ) (3.1 ) (21.5 ) (9.4 )
Adjusted Income $ 216.1   $ 196.4   $ 578.5   $ 558.8  
Diluted EPS from continuing operations $ 1.45 $ 1.33 $ 3.83 $ 3.76
Non-operating pension costs per diluted share, before tax 0.14 0.06 0.42 0.18
Tax effect of non-operating pension costs per diluted share (0.05 ) (0.02 ) (0.16 ) (0.07 )
Adjusted EPS $ 1.54   $ 1.37   $ 4.09   $ 3.87  
Effective tax rate 20.9 % 22.1 % 22.9 % 23.8 %
Tax effect of non-operating pension costs 1.1 % 0.5 % 1.1 % 0.4 %
Adjusted Effective Tax Rate 22.0 % 22.6 % 24.0 % 24.2 %
Year Ended
Fiscal 2013 September 30,
Guidance 2012
Diluted EPS from continuing operations $5.15 - $5.35 $ 5.13
Non-operating pension costs per diluted share, before tax 0.56 0.25
Tax effect of non-operating pension costs per diluted share (0.21) (0.09 )
Adjusted EPS $5.50 - $5.70 $ 5.29  



(in millions)


Free Cash Flow

Our definition of free cash flow, which is a non-GAAP financial measure, takes into consideration capital investments required to maintain the operations of our businesses and execute our strategy. We account for share-based compensation under U.S. GAAP, which requires that we report the excess income tax benefit from share-based compensation as a financing cash flow rather than as an operating cash flow. We have added this benefit back to our calculation of free cash flow in order to generally classify cash flows arising from income taxes as operating cash flows.

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