Fourth quarter reported sales down 4 per cent year over year; down 4 per cent organically
Fourth quarter diluted EPS of US$1.43; Adjusted EPS of US$1.52
Full year diluted EPS of US$5.56; Adjusted EPS of US$5.93
Fiscal 2017 EPS guidance: Diluted EPS US$5.46 - US$5.86; Adjusted EPS US$5.85 - US$6.25
Rockwell Automation, Inc. (NYSE: ROK) today reported fiscal 2016 fourth quarter sales of US$1,538.6 million, down 4.3 per cent from US$1,607.5 million in the fourth quarter of fiscal 2015. Organic sales decreased 4.0 per cent, acquisitions contributed 0.4 per cent, and currency translation reduced sales by 0.7 per cent.
On a GAAP basis, fiscal 2016 fourth quarter net income was US$185.2 million or US$1.43 per share, compared to US$201.3 million or US$1.50 per share in the fourth quarter of fiscal 2015. Pre-tax margin decreased to 15.4 per cent from 17.3 per cent in the same period last year.
Fiscal 2016 fourth quarter Adjusted EPS was US$1.52, down 3 per cent compared to Adjusted EPS of US$1.57 in the fourth quarter of fiscal 2015. Total segment operating earnings were US$304.3 million in the fourth quarter of fiscal 2016, down 9 per cent compared to US$335.8 million in the same period last year. Total segment operating margin was 19.8 per cent compared to 20.9 per cent a year ago. The Company recorded approximately US$20 million of restructuring charges in the fourth quarter of fiscal 2016.
Full Fiscal Year 2016
Sales were US$5,879.5 million in fiscal 2016, down 6.8 per cent compared to US$6,307.9 million in fiscal 2015. Organic sales decreased 3.9 per cent, and currency translation reduced sales by 3.0 per cent.
On a GAAP basis, fiscal 2016 net income was US$729.7 million or US$5.56 per share, compared to US$827.6 million or US$6.09 per share in fiscal 2015. Pre-tax margin decreased to 16.0 per cent from 17.9 per cent a year ago.
Fiscal 2016 Adjusted EPS was US$5.93, down 7 per cent compared to Adjusted EPS of US$6.40 in fiscal 2015. Total segment operating earnings decreased to US$1,188.7 million in fiscal 2016 compared to US$1,360.5 million in fiscal 2015. Total segment operating margin decreased to 20.2 per cent from 21.6 per cent a year ago, primarily due to lower sales and unfavourable currency effects.
Commenting on the results, Blake D. Moret, President and Chief Executive Officer, said, “The results for the last quarter of fiscal 2016 were a little better than our expectations. We saw positive year-over-year organic growth in the Architecture & Software segment for the first time this year, and some heavy industry markets appear to be stabilising.
“For the full year, organic sales at minus 4 per cent reflected challenging market conditions; however, I am pleased we were able to hold segment margin above 20 per cent. I am also pleased with our solid free cash flow performance and return on invested capital of 33 per cent.
“I would like to especially thank our employees for their efforts and commitment to our customers during the year. Our employees and our partners are working every day to make our customers more competitive.”
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About Rockwell Automation
Rockwell Automation, Inc. (NYSE: ROK), the world’s largest company dedicated to industrial automation and information, makes its customers more productive and the world more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 22,000 people serving customers in more than 80 countries.