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by Stephanie Neil, MA Editorial Staff
Posted on Friday, January 26, 2007 4:50:00 PM Sign Up to receive Daily News Alerts in your E-mail Inbox    | Abstract: | Despite posting respectable numbers, Rockwell chief casting a critical eye on how the company has executed to date and pushing for more organic growth. |
| Keywords: | Rockwell Automation, first quarter, earnings, automation vendor Keith Nosbusch, Logix, Power Systems, Baldor Electric Co., Asian industrial growth |
Rockwell Automation this week reported a sturdy first fiscal quarter of 2007, strengthened by European and Latin American sales, and detailed an internal reorganization of business units that reflects the divestiture of Rockwell's Power Systems business, which is expected to be final next week. First-quarter revenue grew 7% year over year, from $1.06 billion in 2006 to $1.14 billion.Net income for the period, which ended December 31, was $429.1 million ($2.50 per share) which included a $264 million tax benefit related to the Power Systems sale. Excluding the tax benefit, net income totaled $165.1 million ($0.96 per share), which bettered by 13% last year's first-quarter net income of $145.7 million ($0.80) per share), the company reported. Income from continuing operations, which excludes earnings attributable to the Power Systems unit, was $130.9 million ($0.76 per share) compared to $123.9 million ($0.68) per share) in the same quarter in 2006. Despite the nearly ubiquitous improvements across the company's lines, revenue was not where Keith Nosbusch wanted it to be, the Rockwell Automation chairman and CEO told financial analysts during a conference call earlier this week. [Click to continue] |
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