Rockwell’s earnings plummet

Milwaukee-based Rockwell Automation Inc.’s fiscal second quarter net income dropped to $142.8 million, or 96 cents per share, from $729.3 million, or $4.45 per share in the same period a year ago.

Last year’s second quarter included profit from Rockwell’s discontinued power systems business of $622.2 million, or $3.80 per share.
The company’s total sales in the quarter grew to $1.4 billion from $1.2 billion a year earlier.

Keith Nosbusch, chairman and chief executive officer of Rockwell, said, “We delivered solid top line results, with strong revenue growth in the United States, Asia and Latin America offsetting lower than expected organic growth in Europe. We continued to benefit from investments in technology leadership, expanded served markets and stronger global presence. EPS grew 17 percent, despite operating margins somewhat lower than expected due to revenue mix and currency impacts. We remain intensely focused on sustaining above market revenue growth, diversifying our revenue base and driving productivity.”

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