Rockwell Automation Reports First Quarter 2013 Results

Rockwell Automation reported fiscal 2013 first quarter sales of $1,489.2 million, up 1 percent from $1,473.9 million in the first quarter of fiscal 2012. Organic sales increased 1.5 percent and currency translation reduced sales by less than 1 percentage point. Adjusted EPS was $1.23 in the first quarter of fiscal 2013 compared to Adjusted EPS of $1.31 in the first quarter of fiscal 2012. Diluted EPS was $1.14 in the first quarter of fiscal 2013 compared to $1.27 last year. Total segment operating earnings were $276.0 million in the first quarter of fiscal 2013 compared to $291.9 million in the same period of 2012. Total segment operating margin was 18.5 percent compared to an unusually strong margin of 19.8 percent a year ago.
Commenting on the results, Keith D. Nosbusch, chairman and chief executive officer, said, "Total company sales were in line with our expectations for the quarter, but results by region were mixed. Strong growth in Latin America and the U.S. was mostly offset by declines in the other regions, consistent with underlying market conditions. Solutions order rates picked up in the quarter and we rebuilt backlog. Operating margin and free cash flow were both very good. Overall, I am pleased with the good start to the fiscal year."
Commenting on the outlook, Nosbusch added, "Given first quarter results and our current assessment of market conditions, we are reaffirming our outlook for fiscal 2013. We expect sales to be in the range of $6.35 to $6.65 billion, with corresponding Adjusted EPS of $5.35 to $5.75. Stabilization of macroeconomic indicators and forecasts, coupled with our rebuilt backlog, reinforce our expectations of stronger growth in the second half of the year compared to the first half. We will continue to monitor business conditions closely and pace our investments accordingly."