Rockwell Automation’s latest financial results were a reflection of the times, as double-digit declines in revenue cut into the automation company’s fourth-quarter and year-end earnings.
For its fiscal year, ended Sept. 30, the company saw sales of $4.33 billion, down 24% from $5.69 billion in fiscal 2008. At $220.7 million, net income for the year was less than half the $577.6 million Rockwell reported in fiscal 2008. Free cash flow from continuing operations was $430.8 million.
Rockwell Automation Chairman and CEO Keith Nosbusch told analysts on a conference call Monday that the company saw a significant drop-off in business starting in the first quarter. But despite the sobering full-year results, fourth-quarter sales were up 6% sequentially from the previous quarter.
“Order rates seem to have stabilized, but it’s too soon to call it a trend,” Nosbusch told financial analysts.