Rockwell Automation Q3 Profit Down; Narrows FY14 Adj. EPS View - Quick Facts

(RTTNews) - Rockwell Automation Inc. (ROK) said that its third quarter net income was $199.7 million or $1.43 per share, down from $203.7 million or $1.45 per share in the third quarter of fiscal 2013.

Adjusted earnings per share was $1.49 compared to $1.54 in the third quarter of fiscal 2013. The decrease in Adjusted earnings per share was due to a higher Adjusted Effective Tax Rate in the third quarter of fiscal 2014 compared to the same quarter in the prior year.

Quarterly sales were $1.649 billion, up 2 percent from $1.624 billion in the third quarter of fiscal 2013. Organic sales also grew 2 percent.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.56 per share and revenues of $1.68 billion for the quarter. Analysts' estimates typically exclude special items.

Given its year-to-date performance and with one quarter remaining in the fiscal year, the company narrowed the fiscal 2014 guidance for organic sales growth to 4 to 6 percent and for Adjusted earnings per share to $6.10 to $6.25. The midpoints of both ranges remain the same. Wall Street currently is looking for fiscal year 2014 earnings of $6.20 per share on annual revenues of $6.67 billion.

The company said in April that it expected adjusted earnings to be in a range of $6.00 to $6.35 per share, on projected annual sales of about $6.6 billion for fiscal 2014.