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Rockwell Automation Reports Fourth Quarter And Full Year 2013 Results

Control Products & Solutions fiscal 2013 sales were $3,669.9 million, an increase of 2 percent from $3,609.0 million last year. Segment operating earnings increased to $477.4 million in fiscal 2013 compared to $449.5 million in fiscal 2012. Segment operating margin was 13.0 percent in fiscal 2013 compared to 12.5 percent a year ago.

Other Information

Free cash flow was $301.0 million in the fourth quarter of fiscal 2013. Cash flow provided by operating activities was $351.0 million in the fourth quarter of fiscal 2013. Full fiscal year 2013 free cash flow was $900.5 million. Cash flow provided by operating activities for the full fiscal year 2013 was $1,014.8 million. Return on invested capital was 31.4 percent.

Fiscal 2013 fourth quarter general corporate net expense was $39.7 million compared to $19.9 million in the fourth quarter of 2012. General corporate net expense was $97.2 million for the full fiscal year 2013 compared to $82.9 million in fiscal 2012. The largest contributor to the year-over-year increases in both the quarter and the full year were legacy environmental charges.

The Adjusted Effective Tax Rate for the fourth quarter of fiscal 2013 was 23.7 percent compared to 23.9 percent in the fourth quarter of 2012. The Adjusted Effective Tax Rate for the full fiscal year 2013 was 23.9 percent compared to 24.1 percent in fiscal 2012.

The effective tax rate for the fourth quarter of fiscal 2013 was 22.9 percent compared to 23.4 percent in the fourth quarter of 2012. The effective tax rate for the full fiscal year 2013 was 22.9 percent compared to 23.7 percent in fiscal 2012.

During the fourth quarter of fiscal 2013, the Company repurchased 0.9 million shares of its common stock at a cost of $83.5 million. During fiscal year 2013, the Company repurchased 4.7 million shares of its common stock at a cost of $401.5 million. At September 30, 2013, $535.1 million remained available under the $1.0 billion share repurchase authorization.

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