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Rockwell Automation reports Q1 2010 financials |
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Rockwell Automation, Inc. has reported results for the first quarter of fiscal 2010. It said revenue was $1,067.5 million, down 10 percent as compared to $1,189.2 million in the first quarter of fiscal 2009. The company also registered an organic sales decline of 15.5 percent that was partially offset by growth of approximately 4 percent from currency translation and 1 percentage point from acquisitions. Revenue for Q1 2010 was down one percent sequentially as compared to the fourth quarter of fiscal 2009. Income from continuing operations in Q1 2010 was $77.8 million or $0.54 per share, as compared to $115.6 million or $0.81 per share in Q1 of fiscal 2009. Net income was $76.6 million or $0.53 per share, as against $118.4 million or $0.83 per share in Q1 2009. Segment operating earnings were $136.8 million, down from $177.6 million in the corresponding period of 2009. Rockwell said earnings decreased primarily due to the revenue decline, partially offset by cost reductions. Segment operating margin was 12.8 percent compared to 14.9 percent in the Q1 2009, up 5.4 points sequentially compared to the Q4 2009, or up 2.3 points sequentially excluding Q4 2009 restructuring charges. Free cash flow from continuing operations was $108.0 million. Return on invested capital was 9.5 percent. Keith D Nosbusch, chairman and CEO of Rockwell Automation said product revenues in the quarter exceeded expectations, resulting in a favorable revenue mix that contributed to sequential margin improvement. He said that though organic revenue declined in the quarter on a year-over-year basis, the rate of decline moderated considerably and the company witnessed strong growth in emerging Asia. Commenting on the outlook, Nosbusch said the first quarter performance and improvement in the global economy “seem to indicate that we are at the early stage of a recovery. However, high unemployment, historically low levels of capacity utilization and a very cautious capital spending outlook create uncertainty as to the shape of the recovery in manufacturing. Given our improved revenue baseline, we are revising our full year fiscal 2010 earnings per share guidance to $2.00 to $2.40 on a revenue range of $4.4 billion to $4.6 billion.” |
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