Rockwell Automation Inc.'s (ROK) fiscal first-quarter earnings
nearly doubled, beating analysts' estimates, as the company's sales
rose.
Rockwell also raised its current-year earnings forecast to $4.30
to $4.60 a share on revenue ranging from $5.5 billion to $5.7
billion. In November, the company had forecast earnings of $3.80 to
$4.20. Analysts polled by Thomson Reuters most recently forecast
$5.5 billion in revenue.
"Our strong revenue performance in the first quarter, along with
positive macroeconomic trends and forecasts, indicates that the
global industrial recovery is continuing," said Chairman and Chief
Executive Keith Nosbusch.
The maker of factory-automation equipment has posted sharply
improved results in recent quarters as revenue has increased,
helped recently by operations in China and India.
For the quarter ended Dec. 31, Rockwell reported a profit of
$150.1 million, or $1.04 a share, up from $76.6 million, or 53
cents, a year earlier. Revenue jumped 28% to $1.37 billion.
Analysts polled by Thomson Reuters had most recently forecast
earnings of 88 cents on $1.3 billion in revenue.
Gross margin edged down to 39.8% from 40%.
At Rockwell's control products and solutions unit--its biggest
and which makes industrial and motor-control products such as
circuit protection and signaling devices, sales rose 31%. At its
architecture and software business, revenue increased 26%.
Shares closed at $74.69 and were inactive after hours. The stock
has risen 62% this year.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855;
nathan.becker@dowjones.com