Rockwell Automation Inc. Announces Consolidated Earnings Results for the First Quarter Ended December 31, 2012; Reaffirms Earnings Guidance for the Fiscal Year 2013
January 30, 2013 at 12:16 pm
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Rockwell Automation Inc. announced consolidated earnings results for the first quarter ended December 31, 2012. For the quarter, the company reported total sales of $1,489.2 million compared with $1,473.9 million for the same period a year ago. Income before income taxes was $217.2 million compared with $242.9 million for the same period a year ago. Net income was $161.4 million or $1.14 per diluted share and $1.23 per adjusted share compared with $183.3 million or $1.27 per diluted share and $1.31 per adjusted share for the same period a year ago. Cash provided by operating activities was $167.3 million compared with cash used in operating activities of $189.0 million for the same period a year ago. Capital expenditures was $21.6 million compared with $31.6 million for the same period a year ago.
The company reaffirmed earnings guidance for the fiscal year 2013. For the year, the company expected sales to be in the range of $6.35 to $6.65 billion, with corresponding adjusted EPS of $5.35 to $5.75. Diluted EPS from continuing operations was expected to be in the range of $5.00 to $5.40. The company now expects the full-year adjusted effective tax rate for fiscal 2013 to be in the range of 25% to 26%, which includes the impact of the extension of the research and development credit for years 2012 and 2013 under the American Taxpayer Relief Act of 2012. That's down slightly from previous guidance of 26%. The reduction is primarily due to the extension of the R&D tax credit for 2012 and 2013 and the recent American Taxpayer Relief Act. The company expects to have about $100 million to $750 million of free cash flow.
Rockwell Automation, Inc. is one of the world's largest companies that specialize in the manufacturing and marketing of automation and industrial infrastructure control systems. The products are primarily intended for the food processing, automotive, mining, oil, and gas industries. Net sales break down by family of products and services as follows:
- automation and control devices (45.2%): drive systems, variable frequency drives, motor controls, servo drives, servomotors, actuators, microcontrollers, safety, detection, protection systems, etc.;
- automation solutions and systems (31.9%): automation software and hardware platforms, design, visualization, simulation and execution software, human-machine interface devices, industrial computers, computer networks, etc.;
- professional services and value-added solutions (22.9%): consulting, training and maintenance services, on-site and remote assistance, cloud-based connected services, digital automation solutions for the oil, gas and petrochemical industries, etc.
Net sales are distributed geographically as follows: North America (57.7%), Europe/Middle East/Africa (20.7%), Asia/Pacific (15%) and Latin America (6.6%).
Rockwell Automation Inc. Announces Consolidated Earnings Results for the First Quarter Ended December 31, 2012; Reaffirms Earnings Guidance for the Fiscal Year 2013