Rockwell Automation Reports First Quarter 2014 Results
• Sales up 7 percent year over year
• Adjusted EPS of $1.47, up 20 percent
• Diluted EPS of $1.41
• Company raises low end of fiscal 2014 sales and earnings guidance
MILWAUKEE--(BUSINESS WIRE)--Jan. 29, 2014-- Rockwell Automation, Inc. (NYSE: ROK) today reported fiscal 2014 first quarter sales of $1,591.7 million, up 7 percent from $1,489.2 million in the first quarter of fiscal 2013. Organic sales growth was also 7 percent as the net effect of acquisitions and currency translation was negligible.
Fiscal 2014 first quarter Adjusted EPS was $1.47, up 20 percent compared to Adjusted EPS of $1.23 in the first quarter of fiscal 2013. Total segment operating earnings were $328.0 million in the first quarter of fiscal 2014, up 19 percent from $276.0 million in the same period of fiscal 2013. Total segment operating margin increased to 20.6 percent from 18.5 percent a year ago, primarily due to higher sales.
On a GAAP basis, fiscal 2014 first quarter net income was $198.1 million or $1.41 per share, compared to $161.4 million or $1.14 per share in the first quarter of fiscal 2013. Pre-tax margin increased to 17.1 percent in the first quarter of fiscal 2014 from 14.6 percent in the same period last year.
Commenting on the results, Keith D. Nosbusch, chairman and chief executive officer, said, “Sales in the U.S. were robust and I was pleased to see the Asia Pacific region return to growth. Overall organic sales growth of 7 percent and Adjusted Earnings per Share growth of 20 percent provide a strong start to the fiscal year.”
Commenting on the outlook, Nosbusch added, “Given our performance in the first quarter, we are raising the low end of our guidance. We now expect organic sales growth of 3 to 6 percent and Adjusted EPS of $6.00 to $6.35.”
Following is a discussion of first quarter results for both segments.