Rockwell Automation Q2 Profit Up; Backs FY View

(RTTNews) - Diversified machinery firm Rockwell Automation, Inc. (ROK) posted higher net income for the second quarter, on sales growth of 5 percent, and reaffirmed its fiscal 2014 guidance.

The company's quarterly net income rose to $180.3 million or $1.28 a share from last year's $175.9 million or $1.24 a share.

Adjusted earnings per share totaled $1.35. On average, 19 analysts polled by Thomson Reuters expected earnings of $1.44 per share for the quarter. Analysts' estimates typically exclude special items. Second-quarter sales grew 5 percent to $1.60 billion from $1.52 billion. The company said its organic sales increased 7 percent, and currency translation reduced its sales by 2 percentage points. The Street had expected revenues of $1.61 billion.

Keith Nosbusch, chairman and CEO, said, "Sales were strong in the quarter with 7 percent organic growth. I was particularly pleased to see growth in all regions for the first time in over a year. Adjusted Earnings per Share in the first half of the fiscal year grew a healthy 10 percent in spite of a significant headwind from a higher tax rate."

The company further said it is reaffirming its fiscal 2014 adjusted earnings per share guidance of $6.00 - $6.35 and sales guidance of about $6.6 billion. Analysts are looking for annual earnings of $6.27 per share, on revenues of $6.69 billion.