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Rockwell Automation Reports Fourth Quarter And Full Year 2013 Results

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, “We finished the year on a strong note, as both sales and earnings per share came in at the high end of the guidance we provided in July. I was particularly pleased with product sales growth of over 6 percent in the quarter.

“For the full year we achieved record sales and earnings per share despite sluggish market conditions. Our Latin America region had an outstanding year with 12 percent organic growth. For the Company, segment operating margin increased by almost a point - a very good result in a low growth environment.

“Our strong track record of returning cash to shareowners continued in fiscal 2013 with $679 million of cash paid out in dividends and share repurchases. We’ve raised the dividend twice in the past seven months and doubled our dividend per share over the last four years.

“I am proud of our ability to effectively execute in all market conditions, and I want to thank employees, suppliers and partners for their dedication and relentless customer focus throughout the year.”

Outlook

Commenting on the outlook, Nosbusch said, “Our second half sales performance, along with forecasts of improved macroeconomic conditions, cause us to project organic sales growth of 2 percent to 6 percent in fiscal 2014, with midpoint sales of about $6.6 billion. Based on this sales outlook, we are initiating fiscal 2014 Adjusted EPS guidance of $5.95 to $6.35.

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