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Rockwell Automation reports growth slowing in third-quarter

Rockwell Automation’s head office in the US has reported fiscal 2009 third quarter revenue of US$1,010.8 million, down 31 per cent from the same period last year.

Rockwell Automation reported fiscal growth of US$1,475 million in the third quarter of fiscal 2008, with third quarter revenue down four per cent compared with the second quarter of this fiscal year.

Fiscal 2009 third quarter net income was US$32.8 million or US$0.23 per share, compared to US$152.6 million or US$1.03 per share in the third quarter of fiscal 2008.

Commenting on the fiscal third quarter results, chairman and chief executive officer Keith D. Nosbusch said, “Revenue and earnings were largely in line with our expectations, although the revenue decline in our solutions business was somewhat higher than anticipated. Despite lower sequential revenue in the third quarter, segment operating margin improved, primarily due to favorable revenue mix and cost savings.

“We were pleased that we generated strong free cash flow again this quarter. Our employees have responded well in this challenging environment by remaining focused on our customers’ needs while delivering operational improvements.”

Commenting on the outlook for fiscal 2009, Nosbusch said, “Based on mixed results in macroeconomic indicators and stabilisation in our own demand trends, it appears that we may be approaching the bottom of the cycle.

“However, the outlook for the global economy is still uncertain, and we have yet to see evidence of an upturn. We are reaffirming our fiscal 2009 earnings per share guidance of US$1.40 to US$1.70, excluding any restructuring charges related to actions that we may take in the fiscal fourth quarter.”

“In this difficult business environment, we remain focused on cost control and cash management while continuing to invest in our core technologies. As markets recover, we will benefit from the combination of our talented and dedicated employees and partners, differentiated technology, increasingly diverse revenue base and strong balance sheet.”

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