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Rockwell Automation Inc. Message Board

  • bluecheese4u bluecheese4u Nov 5, 2012 9:27 AM Flag

    Rockwell Automation Reports Fourth Quarter and Full Year Results

    Rockwell Automation Reports Fourth Quarter and Full Year Results

    •Fourth quarter sales up 1 percent; organic sales up 5 percent
    •Fourth quarter diluted EPS of $1.38
    •Record sales and EPS for full year
    •Company provides fiscal 2013 guidance

    MILWAUKEE--(BUSINESS WIRE)--Nov. 5, 2012-- Rockwell Automation, Inc. (NYSE: ROK) today reported fiscal 2012 fourth quarter sales of $1,664.0 million, up 1 percent from $1,654.3 million in the fourth quarter of fiscal 2011. Organic sales increased 5 percent and currency translation reduced sales by 4 percentage points. Fiscal 2012 fourth quarter sales were up 7 percent sequentially compared to the third quarter of fiscal 2012.

    Net income was $195.2 million ($1.38 per share) compared to $201.8 million ($1.39 per share) a year ago. Total segment operating earnings were $295.3 million in the fourth quarter of fiscal 2012, down from $298.1 million in the same period of 2011. Total segment operating margin was 17.7 percent, compared to 18.0 percent a year ago. In the fourth quarter of fiscal 2012, the Company incurred pre-tax restructuring charges of approximately $13 million, which was about evenly split between segments.

    Free cash flow was $346.6 million in the fourth quarter of fiscal 2012.

    Full Fiscal Year 2012

    Sales were $6,259.4 million in fiscal 2012, up 4 percent compared to $6,000.4 million in fiscal 2011. Organic sales increased 6 percent. Acquisitions contributed 1 percentage point to the growth rate and currency translation reduced sales by 3 percentage points. Income from continuing operations was $737.0 million ($5.13 per share) in fiscal 2012, compared to $697.1 million ($4.79 per share) in fiscal 2011, an increase of 7 percent on a per-share basis. Total segment operating earnings increased 10 percent to $1,131.4 million in fiscal 2012, compared to $1,027.6 million in fiscal 2011. Total segment operating margin expanded 1 percentage point to 18.1 percent from 17.1 percent a year ago.

    Full fiscal year 2012 free cash flow was $597.6 million after a discretionary pre-tax contribution of $300 million to the Company's U.S. pension trust. Return on invested capital was 30.3 percent.

    Commenting on the results, Keith D. Nosbusch, chairman and chief executive officer, said, “I was pleased with 5 percent organic sales growth in the quarter, especially given the tough comparison to last year's very strong fourth quarter. While growth rates continued to moderate due to a difficult economic environment, once again every region delivered organic growth. We initiated restructuring actions that reduced margins in the quarter. Those actions provide us with some headroom to rebalance investments in 2013.

    “For the full year, we achieved record sales and earnings per share. Operating margin expanded by one point while we continued to invest for growth. Our EMEA region had a great year with 6 percent organic growth in the face of a recession. We continued our track record of returning cash to shareowners by increasing the dividend 11 percent and repurchasing 3.7 million shares.

    "We delivered solid results in a challenging environment this year. I want to thank our employees for their dedication and our customers, suppliers and partners for their support throughout the year.”

    Following is a discussion of fourth quarter results for both segments.

    Architecture & Software

    Architecture & Software fiscal 2012 fourth quarter sales were $671.3 million, a decrease of 2 percent from $683.3 million last year. Organic sales increased 3 percent and currency translation reduced sales by 5 percentage points. Fiscal 2012 fourth quarter sales were up 1 percent sequentially from the third quarter of fiscal 2012. Segment operating earnings were $166.5 million in the fourth quarter of fiscal 2012, compared to $177.9 million in the fourth quarter of fiscal 2011. Segment operating margin was 24.8 percent in the fourth quarter of fiscal 2012, compared to 26.0 percent a year ago.

    Control Products & Solutions

    Control Products & Solutions fiscal 2012 fourth quarter sales were $992.7 million, an increase of 2 percent from $971.0 million last year. Organic sales increased 6 percent and currency translation reduced sales by 4 percentage points. Fiscal 2012 fourth quarter sales were up 11 percent sequentially from the third quarter of fiscal 2012. Segment operating earnings increased to $128.8 million in the fourth quarter of fiscal 2012, compared to $120.2 million in the fourth quarter of fiscal 2011. Segment operating margin was 13.0 percent in the fourth quarter of fiscal 2012, compared to 12.4 percent a year ago.

    Other Information

    Fiscal 2012 fourth quarter general corporate net expense was $20.6 million, compared to $22.2 million in the fourth quarter of 2011. General corporate net expense was $85.6 million for the full fiscal year 2012, compared to $80.7 million in fiscal 2011.

    The effective tax rate for the fourth quarter of fiscal 2012 was 23.4 percent, compared to 21.2 percent in the fourth quarter of 2011. The effective tax rate for the full fiscal year 2012 was 23.7 percent, compared to 19.7 percent in fiscal 2011.

    During the fourth quarter of fiscal 2012, the Company repurchased 1.4 million shares of its common stock at a cost of $95.8 million. During fiscal year 2012, the Company repurchased 3.7 million shares of its common stock at a cost of $265.3 million. At September 30, 2012, $936.7 million remained available under the $1.0 billion share repurchase authorization.

    Changes to definition of segment operating earnings and introduction of new non-GAAP measures for fiscal 2013

    Significant declines in interest rates over the past several years have caused an extraordinary increase in certain components of pension expense that the Company considers to be unrelated to its underlying operating performance. In order to provide transparency into the operating results of our business, beginning in fiscal 2013, the Company will provide non-GAAP earnings measures (Adjusted Income and Adjusted EPS) that exclude non-operating pension costs and their related tax effects from income from continuing operations and corresponding earnings per share (EPS). 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 impacts of any plan curtailments or settlements. In addition, the Company will redefine segment operating earnings to exclude non-operating pension costs. Fiscal 2013 guidance is being provided for Adjusted EPS.

    Organic sales, total segment operating earnings, total segment operating margin, free cash flow and return on invested capital are non-GAAP measures that are reconciled to GAAP measures in the attachments to this release. Also included in the attachments to this release are reconciliations of redefined segment operating earnings and the new non-GAAP measures of Adjusted Income and Adjusted EPS for the fiscal years 2010 - 2012. Quarterly and annual reconciliations of redefined segment operating earnings, Adjusted EPS and Adjusted Income and an annual schedule of components of pension expense for the fiscal years 2008-2012 are provided in the Supplemental Financial Data document posted on Rockwell Automation's website at

    corporate-ir

 
ROK
112.39+0.60(+0.54%)Dec 22 4:00 PMEST

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