MILWAUKEE (AP) — In a story Nov. 5 about Rockwell Automation Inc.'s fiscal fourth-quarter results, The Associated Press erroneously reported that Rockwell's fourth-quarter revenue fell slightly short of average analyst predictions. Revenue beat Wall Street predictions.
A corrected version of the story is below:
Rockwell Automation 4Q net income down 3 percent
Rockwell Automation posts 3 percent drop in fiscal 4th-qtr net income on lackluster demand
MILWAUKEE (AP) — Rockwell Automation Inc. said Monday that its fiscal fourth-quarter net income fell 3 percent, as the sluggish economy hurt demand for its products and services.
For the quarter ended Sept. 30, the Milwaukee-based industrial equipment and software maker earned $195.2 million, or $1.38 per share, down from $201.8 million, or $1.39 per share, in the same quarter last year.
Revenue rose less than 1 percent to $1.66 billion from $1.65 billion. Architecture and software sales fell 2 percent to $671.3 million, but sales of control products and services rose 2 percent to $992.7 million. The recent quarter's results also included $13 million in pretax restructuring charges.
The profit and revenue figures beat Wall Street predictions. Analysts, on average, expected net income of $1.32 per share on $1.62 billion in revenue.
Rockwell said its sales to existing customers rose 5 percent, while the effects of the stronger dollar trimmed revenue by 4 percentage points. Rockwell, like other companies that do significant business outside the U.S., can be hurt by a rising dollar because income earned in foreign currencies shrinks when it's translated back into a stronger U.S. dollar.
For the full year 2012, the company earned $737 million, or $5.13 per share, up from $697.8 million, or $4.80 per share, in fiscal 2011. Revenue rose to $6.26 billion from $6 billion.
Rockwell said it expects to post an adjusted 2013 profit of $5.35 to $5.75 per share, while analysts expect $5.44 per share. The company added that while it does expect sales to increase in fiscal 2013, much of that increase will be weighted to the second half of the year.
Rockwell shares rose $2.49, or 3 percent, to $78 in afternoon trading.