Summary
Rockwell Automation, Inc. reported its first quarter fiscal year 2013 results, showing a modest 1% increase in total sales to $1.49 billion compared to the prior year period, with organic sales growing by 1.5%. The company experienced strong sales growth in the United States and Latin America, primarily driven by the transportation and oil and gas sectors. However, this growth was partially offset by declines in other regions, reflecting varied global economic conditions. While sales saw a slight uptick, net income for the quarter decreased by 12% to $161.4 million, resulting in a diluted Earnings Per Share (EPS) of $1.14, down from $1.27 in the prior year. This decline in profitability was attributed to lower segment operating earnings and increased non-operating pension costs. Despite these headwinds, the company's financial position remains solid, with a healthy free cash flow of $156.3 million for the quarter, bolstered by the absence of a significant pension contribution made in the prior year. Rockwell Automation continues to focus on its long-term strategy of market expansion and revenue diversification.
Financial Highlights
48 data points| Revenue | $1.49B |
| Cost of Revenue | $881.90M |
| Gross Profit | $607.30M |
| SG&A Expenses | $373.50M |
| Interest Expense | $15.40M |
| Net Income | $161.40M |
| EPS (Basic) | $1.16 |
| EPS (Diluted) | $1.14 |
| Shares Outstanding (Basic) | 139.30M |
| Shares Outstanding (Diluted) | 141.20M |
Key Highlights
- 1Total sales increased by 1% to $1.49 billion in Q1 FY2013 compared to Q1 FY2012.
- 2Organic sales grew by 1.5%, driven by strong performance in the United States and Latin America, particularly in the transportation and oil and gas end markets.
- 3Net income decreased by 12% to $161.4 million, and diluted EPS fell to $1.14 from $1.27 year-over-year.
- 4The decline in profitability was primarily due to lower segment operating earnings and higher non-operating pension costs.
- 5Free cash flow improved significantly to $156.3 million from a negative $210.8 million in the prior year, largely due to the absence of a large pension contribution.
- 6The company completed an acquisition of a medium voltage drives business in China, adding $70.7 million in goodwill.
- 7Short-term debt increased to $253.0 million from $157.0 million, while cash and cash equivalents rose to $954.3 million.