Rockwell Automation churns out strong 3Q results
Rockwell Automation's 3Q earnings rise 50 pct, boosted by weaker dollar, stronger economy
On Thursday July 28, 2011, 6:04 pm EDT
MILWAUKEE (AP) -- Rockwell Automation Inc.'s quarterly earnings climbed 50 percent as a stronger economy and weaker dollar propelled the supplier of industrial machinery and software.
The company said Thursday that it earned $179.5 million, or $1.23 per share, in its fiscal third quarter ended in June. That compared with net income of $119.4 million, or 83 cents per share, at the same time last year.
Revenue rose to $1.52 billion, a 20 percent increase from $1.27 billion at the same time last year.
Analysts, on average, had projected the company would earn $1.19 per share on revenue of $1.48 billion, according to FactSet.
Rockwell received a $72 million lift from favorable currency exchanges created by the weaker dollar. The company, which is based in Milwaukee, sells its products in more than 80 countries. More than half of its revenue comes from outside the U.S.
If currency rates had been unchanged from a year ago, Rockwell's revenue would have risen by 14 percent in the latest quarter.
The company is also benefiting from a gradually recovering economy that is unleashing pent-up demand among its customers. "We are on track for an excellent year," said Rockwell CEO Keith Nosbusch.
In a show of its confidence, Rockwell raised its guidance for its full fiscal-year results to earnings per share of $4.55 to $4.65 on revenue of $5.9 billion. The average analyst estimate had called for earnings of $4.59 per share on revenue of $5.8 billion.
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