MILWAUKEE (WTAQ) – The Milwaukee-based Rockwell Automation reports a 14 percent increase in its latest quarterly profits, despite a drop in sales for its industrial automated products.
Rockwell said Thursday its net income was $206 million from January through March. That’s $26 million more than the same quarter a year ago. Stockholder earnings jumped by 23 cents a share, to $1.51.
Adjusted earnings which did not include pension costs and their tax impact rose 18 percent to $1.59 a share. In either case, Rockwell had higher earnings than the $1.42 projected by Wall Street analysts.
Sales dropped slightly to just over $1.5 billion. That was blamed mainly on currency exchange rates, after the value of the U.S. dollar rose sharply compared to other currencies. However, Rockwell also said a foreign economic cool down was a factor, in Europe and China.
(Story courtesy of Wheeler News Service)