Rockwell Automation Reports Third Quarter Results
July 23, 2008
MILWAUKEE--Rockwell Automation Inc. reported fiscal 2008 third quarter revenue of $1,475 million, up 15% compared to $1,280.6 million in 2007. Foreign currency translation contributed 5 percentage points and acquisitions contributed 4 percentage points to the growth rate. Fiscal 2008 third quarter income from continuing operations was $152.6 million ($1.03 per share) compared to $167.5 million ($1.07 per share) in 2007. Segment operating earnings were $258.3 million, down 2% compared to $262.3 million in 2007. Third quarter 2008 free cash flow from continuing operations was $151.2 million. Return on invested capital expanded 0.8 percentage points to 24.5%.
Commenting on the results, Keith D. Nosbusch, chairman and chief executive officer, said, “We delivered solid top line results despite slower than expected growth in Europe and the U.S. Revenue growth was particularly strong in Asia-Pacific, Latin America and our solutions businesses, demonstrating strength in the on-going diversification of our revenue base. Operating margins and EPS grew sequentially but came in lower than 2007, largely driven by continued slower growth in our higher margin product businesses. Given the current environment, we are proactively implementing the appropriate actions to control costs.”