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On Feb. 2, 2009,

Rockwell Automation

(ROK) - Get Report

reported a 24.4% plunge in its Q1 FY09 earnings, hurt by lower demand due to the ongoing global economic slowdown and customer plant shutdowns. Net income for the quarter stood at $118.40 million or $0.83 per share compared to $156.60 million or $1.04 per share in Q1 FY08. Net income from continuing operations was $115.60 million or $0.81 per share. The latest quarterly earnings missed the consensus estimate of $0.84 per share.

Total revenue for Q1 FY09 declined 10.7% to $1.19 billion from $1.33 billion in the prior year's quarter, owing to a 5.0% decline in organic sales and 6.0% contribution from foreign currency translations. Segment-wise, revenue from the Architecture and Software segment dipped 12.4% to $506.40 million, while revenue from Control Products and Solutions decreased 9.4% to $682.80 million. Revenue from both the segments declined due to foreign currency translations. Geographically, revenue from United States slipped 4.5% to $641.20 million, while revenue from Canada stood at $66.10 million, down 30.6% from $95.20 million. Moreover, revenue from Europe, Middle East, Africa (EMEA), Asia-Pacific and Latin America declined 18.3%, 12.9% and 6.6%, respectively.

During the quarter under review, Rockwell repurchased 1.70 million shares at a cost of $50.00 million. ROK agreed to acquire all of the assets and business of

Xi'An Hengsheng Science and Technology Company

, a privately held engineering firm. Also, the company declared a quarterly dividend of $0.29 per share on its common stock. Furthermore, the company purchased a Moore Microprocessor Patent (MMP) Portfolio license from

The TPL Group

.Looking forward to FY09, the company expects revenue to decline in the range of 12.0% to 17.0% and lowered its earnings per share forecast in the range of $1.55 to $2.25 from its previous outlook of $3.10 to $3.60 per share.

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