Rockwell Automation Q1 Profit Rises - Update

(RTTNews) - Factory-automation equipment maker Rockwell Automation Inc. (ROK), Wednesday reported an increase in profit for the first quarter, driven mainly by a seven percent growth in sales. As well, both earnings and revenue for the quarter topped Wall Street estimates.

Milwaukee, Wisconsin-based Rockwell's first quarter profit rose to $198.1 million or $1.41 per share from $161.4 million or $1.14 per share last year.

Adjusted earnings improved to $1.47 per share from $1.23 per share last year. On average, 18 analysts polled by Thomson Reuters expected earnings of $1.39 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter grew 7 percent to $1.59 billion from $1.49 billion last year. Analysts on consensus estimated revenues of $1.56 billion for the quarter.

Architecture & software division sales rose 6 percent from last year to $657.5 million, while control products & solutions advanced 8 percent to $895.8 million from a year ago.

Commenting on the company's first quarter performance, CEO Keith Nosbusch said, "Sales in the U.S. were robust and I was pleased to see the Asia Pacific region return to growth. Overall organic sales growth of 7 percent and adjusted earnings per share growth of 20 percent provide a strong start to the fiscal year."

Based on the results, Rockwell lifted the lower end of its full-year 2014 outlook and currently sees adjusted earnings of $6.00 to $6.35 per share and organic sales growth of 3 to 6 percent. Analysts currently expect earnings of $6.23 per share on revenues of $6.67 billion for the year.

Initially, the company expected adjusted earnings of $5.95 to $6.35 per share and sales growth of 2 percent to 6 percent for 2014.

ROK is currently trading at $116.32, up $1.31 or 1.14%, on the NYSE.