Posted January 27, 2010
Rockwell Automation sees 10% sales decline
Rockwell Automation Inc. reported fiscal 2010 first quarter revenue of $1.06 billion, down 10 percent compared to $1.18 billion in the first quarter of fiscal 2009.
Fiscal 2010 first quarter revenue was down 1 percent sequentially compared to the fourth quarter of fiscal 2009. Fiscal 2010 first quarter net income was $76.6 million or 53 cents per share, compared to $118.4 million or 83 cents per share in the first quarter of fiscal 2009.
Segment operating earnings were $136.8 million in the first quarter of fiscal 2010, down from $177.6 million in the same period of 2009. Earnings decreased primarily due to the revenue decline, partially offset by cost reductions. Segment operating margin in the first quarter of fiscal 2010 was 12.8 percent compared to 14.9 percent in the first quarter of fiscal 2009.
Commenting on the results, Keith D. Nosbusch, chairman and chief executive officer, said, “I am pleased by our solid performance in the first quarter. Product revenues in the quarter exceeded our expectations, and the resulting favorable revenue mix contributed to sequential margin improvement in the quarter. On a year-over-year basis, organic revenue declined in the quarter, but the rate of decline has moderated considerably, and we saw strong growth in emerging Asia. We also delivered another strong quarter of free cash flow.”
