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August 15, 2017 Rockwell Automation: Overview July 2017
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NYSE:ROK

161.38
Change:
+0.12 +0.07%
Volume: 567,777
August 18, 2017 20 minutes delay

Rockwell Automation Reports Third Quarter 2017 Results

July 26, 2017
  • Reported sales up 8.5 percent year over year; organic sales up 8.2 percent
  • Diluted EPS of $1.67; Adjusted EPS of $1.76
  • Increasing fiscal 2017 EPS guidance: Diluted EPS $6.21 - $6.41; Adjusted EPS $6.60 - $6.80

MILWAUKEE--(BUSINESS WIRE)-- Rockwell Automation, Inc. (NYSE: ROK) today reported fiscal 2017 third quarter sales of $1,599.2 million, up 8.5 percent from $1,474.0 million in the third quarter of fiscal 2016. Organic sales grew 8.2 percent. Currency translation reduced sales by 0.9 percentage points, and acquisitions contributed 1.2 percentage points to sales growth.

Fiscal 2017 third quarter net income was $216.9 million or $1.67 per share, compared to $191.0 million or $1.46 per share in the third quarter of fiscal 2016. Fiscal 2017 third quarter Adjusted EPS was $1.76, up 14 percent compared to $1.55 in the third quarter of fiscal 2016.

Pre-tax margin was 17.3 percent in the third quarter of fiscal 2017 compared to 17.1 percent in the same period last year. Total segment operating margin was 21.1 percent, unchanged from a year ago. Total segment operating earnings were $337.0 million in the third quarter of fiscal 2017, up 8 percent from $311.0 million in the same period of fiscal 2016.

The increases in EPS, Adjusted EPS, pre-tax income, and total segment operating earnings were primarily due to higher sales, partially offset by higher incentive compensation.

Commenting on the results, Blake D. Moret, president and chief executive officer, said, “We had another quarter of strong sales and earnings performance. Organic sales grew 8 percent, in line with our expectations. EPS was up double digits for the third consecutive quarter, and free cash flow remained strong.

“I am pleased to see broad-based sales growth across regions and industries. Growth was led by double-digit increases in Asia Pacific and Latin America. The U.S., our largest market, was up 10 percent, including the contribution from acquisitions. Transportation, food and beverage, and semiconductor were strong."

Outlook

The following table provides updated guidance as it relates to sales growth and earnings per share for fiscal 2017:

Sales Growth Guidance     EPS Guidance
Reported sales growth     ~ 7% Diluted EPS     $6.21 - $6.41
Organic sales growth ~ 6% Adjusted EPS $6.60 - $6.80
Currency translation ~ (0.5)%
Acquisitions ~ 1.5%
 

Commenting on the outlook, Moret added, "The macro environment remains solid. Our expectation for fiscal 2017 organic growth remains unchanged at approximately 6 percent. Taking into account a smaller headwind from currency, we now project our full-year sales to be about $6.3 billion. Based on our third quarter earnings performance we are increasing the Adjusted EPS guidance range to $6.60 to $6.80.”

Moret continued, “Our Connected Enterprise strategy is working and positions us well for the future. The pilots continue to deliver tangible results across multiple industries."

Following is a discussion of fiscal 2017 third quarter results for both segments.

Architecture & Software

Architecture & Software quarterly sales were $731.9 million, an increase of 9.8 percent compared to $666.4 million in the same period last year. Organic sales increased 10.5 percent, currency translation reduced sales by 1.0 percentage points, and acquisitions contributed 0.3 percentage points to sales growth. Segment operating earnings were $204.3 million compared to $184.2 million in the same period last year. Segment operating margin increased to 27.9 percent from 27.6 percent a year ago.

Control Products & Solutions

Control Products & Solutions quarterly sales were $867.3 million, an increase of 7.4 percent compared to $807.6 million in the same period last year. Organic sales increased 6.3 percent, currency translation reduced sales by 0.8 percentage points, and acquisitions contributed 1.9 percentage points to sales growth. Segment operating earnings were $132.7 million compared to $126.8 million in the same period last year. Segment operating margin decreased to 15.3 percent from 15.7 percent a year ago.

Other Information

In the third quarter of fiscal 2017 cash flow provided by operating activities was $315.3 million and free cash flow was $285.2 million. Return on invested capital was 38.8 percent.

Fiscal 2017 third quarter general corporate-net expense was $16.5 million compared to $17.0 million in the third quarter of fiscal 2016.

On a GAAP basis, the effective tax rate in the third quarter of fiscal 2017 was 21.4 percent compared to 24.3 percent in the third quarter of fiscal 2016. The Adjusted Effective Tax Rate for the third quarter of fiscal 2017 was 22.4 percent compared to 25.1 percent a year ago. The lower tax rates were primarily due to favorable discrete items. For fiscal 2017, the Company now expects an effective tax rate of approximately 20 percent and an Adjusted Effective Tax Rate of approximately 21 percent.

During the third quarter of fiscal 2017, the Company repurchased 740 thousand shares of its common stock at a cost of $116.1 million. At June 30, 2017, $643.0 million remained available under the existing share repurchase authorization.

Organic sales, total segment operating earnings, total segment operating margin, Adjusted Income, Adjusted EPS, Adjusted Effective Tax Rate, free cash flow, and return on invested capital are non-GAAP measures that are reconciled to GAAP measures in the attachments to this release.

Conference Call

A conference call to discuss our financial results will take place at 8:30 a.m. Eastern Time on Wednesday, July 26, 2017. The call and related financial charts will be webcast and accessible via the Rockwell Automation website (http://www.rockwellautomation.com/investors/).

This news release contains statements (including certain projections and business trends) that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Words such as “believe”, “estimate”, “project”, “plan”, “expect”, “anticipate”, “will”, “intend” and other similar expressions may identify forward-looking statements. Actual results may differ materially from those projected as a result of certain risks and uncertainties, many of which are beyond our control, including but not limited to:

  • macroeconomic factors, including global and regional business conditions, the availability and cost of capital, commodity prices, the cyclical nature of our customers’ capital spending, sovereign debt concerns and currency exchange rates;
  • laws, regulations and governmental policies affecting our activities in the countries where we do business;
  • the successful development of advanced technologies and demand for and market acceptance of new and existing products;
  • the availability, effectiveness and security of our information technology systems;
  • competitive products, solutions and services and pricing pressures, and our ability to provide high quality products, solutions and services;
  • a disruption of our business due to natural disasters, pandemics, acts of war, strikes, terrorism, social unrest or other causes;
  • our ability to manage and mitigate the risk related to security vulnerabilities and breaches of our products, solutions and services;
  • intellectual property infringement claims by others and the ability to protect our intellectual property;
  • the uncertainty of claims by taxing authorities in the various jurisdictions where we do business;
  • our ability to attract and retain qualified personnel;
  • our ability to manage costs related to employee retirement and health care benefits;
  • the uncertainties of litigation, including liabilities related to the safety and security of the products, solutions and services we sell;
  • our ability to manage and mitigate the risks associated with our solutions and services businesses;
  • a disruption to our distribution channels;
  • the availability and price of components and materials;
  • the successful integration and management of acquired businesses;
  • the successful execution of our cost productivity initiatives; and
  • other risks and uncertainties, including but not limited to those detailed from time to time in our Securities and Exchange Commission (SEC) filings.

These forward-looking statements reflect our beliefs as of the date of filing this release. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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, Wis., Rockwell Automation employs approximately 22,000 people serving customers in more than 80 countries.

 
ROCKWELL AUTOMATION, INC.
SALES AND EARNINGS INFORMATION
(in millions, except per share amounts and percentages)
 
  Three Months Ended   Nine Months Ended
June 30, June 30,
2017   2016 2017   2016
Sales
Architecture & Software (a) $ 731.9 $ 666.4 $ 2,147.3 $ 1,938.8
Control Products & Solutions (b) 867.3   807.6   2,496.5   2,402.1  
Total sales (c) $ 1,599.2   $ 1,474.0   $ 4,643.8   $ 4,340.9  
 
Segment operating earnings
Architecture & Software (d) $ 204.3 $ 184.2 $ 603.5 $ 515.0
Control Products & Solutions (e) 132.7   126.8   346.1   369.4  
Total segment operating earnings1 (f) 337.0 311.0 949.6 884.4
 
Purchase accounting depreciation and amortization (5.6 ) (4.7 ) (16.8 ) (13.9 )
General corporate—net (16.5 ) (17.0 ) (52.8 ) (54.5 )
Non-operating pension costs (19.8 ) (18.9 ) (59.4 ) (56.7 )
Interest expense (19.1 ) (18.1 ) (56.7 ) (53.1 )
Income before income taxes (g) 276.0 252.3 763.9 706.2
Income tax provision (59.1 ) (61.3 ) (142.8 ) (161.7 )
Net income $ 216.9   $ 191.0   $ 621.1   $ 544.5  
 
Diluted EPS $ 1.67   $ 1.46   $ 4.77   $ 4.13  
 
Adjusted EPS2 $ 1.76   $ 1.55   $ 5.06   $ 4.41  
 
Average diluted shares 129.9   130.8   130.0   131.6  
 
Segment operating margin
Architecture & Software (d/a) 27.9 % 27.6 % 28.1 % 26.6 %
Control Products & Solutions (e/b) 15.3 % 15.7 % 13.9 % 15.4 %
Total segment operating margin1 (f/c) 21.1 % 21.1 % 20.4 % 20.4 %
 
Pre-tax margin (g/c) 17.3 % 17.1 % 16.4 % 16.3 %

1 Total segment operating earnings and total segment operating margin are non-GAAP financial measures. We exclude purchase accounting depreciation and amortization, general corporate – net, non-operating pension costs, interest expense and income tax provision because we do not consider these costs to be directly related to the operating performance of our segments. We believe that these measures are useful to investors as measures of operating performance. We use these measures to monitor and evaluate the profitability of our Company. Our measures of total segment operating earnings and total segment operating margin may be different from those used by other companies.

2 Adjusted EPS is a non-GAAP earnings measure that excludes the non-operating pension costs and their related income tax effects. See "Other Supplemental Information - Adjusted Income, Adjusted EPS and Adjusted Effective Tax Rate" section for more information regarding non-operating pension costs and a reconciliation to GAAP measures.

 
ROCKWELL AUTOMATION, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(in millions)
 
  Three Months Ended   Nine Months Ended
June 30, June 30,
2017   2016 2017   2016
Sales $ 1,599.2 $ 1,474.0 $ 4,643.8 $ 4,340.9
Cost of sales (921.5 ) (857.2 ) (2,667.3 ) (2,517.3 )
Gross profit 677.7 616.8 1,976.5 1,823.6
 
Selling, general and administrative expenses (386.8 ) (346.7 ) (1,166.0 ) (1,065.3 )
Other income 4.2 0.3 10.1 1.0
Interest expense (19.1 ) (18.1 ) (56.7 ) (53.1 )
Income before income taxes 276.0 252.3 763.9 706.2
Income tax provision (59.1 ) (61.3 ) (142.8 ) (161.7 )
 
Net income $ 216.9   $ 191.0   $ 621.1   $ 544.5  
 
ROCKWELL AUTOMATION, INC.
CONDENSED BALANCE SHEET INFORMATION
(in millions)
 
  June 30,   September 30,
2017 2016
Assets
Cash and cash equivalents $ 1,549.4 $ 1,526.4
Short-term investments 1,065.2 902.8
Receivables 1,111.9 1,079.0
Inventories 585.5 526.6
Property, net 568.8 578.3
Goodwill and intangibles 1,301.6 1,329.2
Other assets 1,033.1   1,158.9
Total $ 7,215.5   $ 7,101.2
 
Liabilities and Shareowners’ Equity
Short-term debt $ 598.4 $ 448.6
Accounts payable 610.1 543.1
Long-term debt 1,243.8 1,516.3
Other liabilities 2,585.2 2,603.1
Shareowners’ equity 2,178.0   1,990.1
Total $ 7,215.5   $ 7,101.2
 
ROCKWELL AUTOMATION, INC.
CONDENSED CASH FLOW INFORMATION
(in millions)
 
  Nine Months Ended
June 30,
2017   2016
Operating activities:
Income from continuing operations $ 621.1 $ 544.5
Depreciation and amortization 124.0 129.2
Retirement benefits expense 129.2 117.5
Pension contributions (40.8 ) (31.8 )
Receivables/inventories/payables (26.0 ) 22.1
Advance payments from customers and deferred revenue 30.1 13.8
Compensation and benefits 105.7 (81.1 )
Income taxes (22.4 ) (54.8 )
Other 6.2   15.9  
Cash provided by operating activities 927.1   675.3  
Investing activities:
Capital expenditures (97.5 ) (79.4 )
Acquisition of businesses, net of cash acquired (1.1 ) (21.2 )
Purchases of investments (916.8 ) (801.5 )
Proceeds from maturities and sales of investments 650.9 596.2
Proceeds from sale of property 0.8   0.4  
Cash used for investing activities (363.7 ) (305.5 )
Financing activities:
Net (repayment) issuance of short-term debt (100.2 ) 354.0
Cash dividends (293.2 ) (284.7 )
Purchases of treasury stock (304.6 ) (374.1 )
Proceeds from the exercise of stock options 160.3 28.0
Excess income tax benefit from share-based compensation   2.4  
Cash used for financing activities (537.7 ) (274.4 )
Effect of exchange rate changes on cash (2.7 ) (13.4 )
Increase in cash and cash equivalents $ 23.0   $ 82.0  
 

ROCKWELL AUTOMATION, INC.
OTHER SUPPLEMENTAL INFORMATION
(in millions)

Organic Sales

Our press release contains information regarding organic sales, which we define as sales excluding the effect of changes in currency exchange rates and acquisitions. We believe this non-GAAP measure provides useful information to investors because it reflects regional and operating segment performance from our activities without the effect of changes in currency exchange rates and/or acquisitions. We use organic sales as one measure to monitor and evaluate our regional and operating segment performance. We determine the effect of changes in currency exchange rates by translating the respective period’s sales using the currency exchange rates that were in effect during the prior year. When we acquire businesses, we exclude sales in the current year for which there are no comparable sales in the prior period. Organic sales growth is calculated by comparing organic sales to reported sales in the prior year. Sales are attributed to the geographic regions based on the country of destination.

The following is a reconciliation of reported sales to organic sales for the three and nine months ended June 30, 2017 compared to sales for the three and nine months ended June 30, 2016:

 
Three Months Ended June 30,
2017   2016
Sales   Effect of

Changes in

Currency

  Sales

Excluding

Effect of

Changes in

Currency

  Effect of

Acquisitions

  Organic

Sales

Sales
United States $ 881.0 $ 0.3 $ 881.3 $ (17.2 ) $ 864.1 $ 799.6
Canada 82.2 3.5 85.7 85.7 82.2
Europe, Middle East, Africa 297.3 6.5 303.8 (0.4 ) 303.4 303.7
Asia Pacific 226.3 3.0 229.3 229.3 188.3
Latin America 112.4   (0.3 ) 112.1     112.1   100.2
Total $ 1,599.2   $ 13.0   $ 1,612.2   $ (17.6 ) $ 1,594.6   $ 1,474.0
 
Nine Months Ended June 30,
2017 2016
Sales Effect of

Changes in

Currency

Sales

Excluding

Effect of

Changes in

Currency

Effect of

Acquisitions

Organic

Sales

Sales
United States $ 2,569.8 $ 0.7 $ 2,570.5 $ (58.3 ) $ 2,512.2 $ 2,391.7
Canada 249.9 1.0 250.9 (0.1 ) 250.8 237.1
Europe, Middle East, Africa 869.0 18.8 887.8 (6.4 ) 881.4 852.5
Asia Pacific 630.4 7.9 638.3 (2.4 ) 635.9 540.7
Latin America 324.7   9.4   334.1   (0.1 ) 334.0   318.9
Total $ 4,643.8   $ 37.8   $ 4,681.6   $ (67.3 ) $ 4,614.3   $ 4,340.9
 

The following is a reconciliation of reported sales to organic sales for our operating segments for the three and nine months ended June 30, 2017 compared to sales for the three and nine months ended June 30, 2016:

 
Three Months Ended June 30,
2017   2016
Sales   Effect of

Changes in

Currency

  Sales

Excluding

Effect of

Changes in

Currency

  Effect of

Acquisitions

  Organic

Sales

Sales
Architecture & Software $ 731.9 $ 6.5 $ 738.4 $ (2.1 ) $ 736.3 $ 666.4
Control Products & Solutions 867.3   6.5   873.8   (15.5 ) 858.3   807.6
Total $ 1,599.2   $ 13.0   $ 1,612.2   $ (17.6 ) $ 1,594.6   $ 1,474.0
 
Nine Months Ended June 30,
2017 2016
Sales Effect of

Changes in

Currency

Sales

Excluding

Effect of

Changes in

Currency

Effect of

Acquisitions

Organic

Sales

Sales
Architecture & Software $ 2,147.3 $ 17.7 $ 2,165.0 $ (20.8 ) $ 2,144.2 $ 1,938.8
Control Products & Solutions 2,496.5   20.1   2,516.6   (46.5 ) 2,470.1   2,402.1
Total $ 4,643.8   $ 37.8   $ 4,681.6   $ (67.3 ) $ 4,614.3   $ 4,340.9
 

ROCKWELL AUTOMATION, INC.
OTHER SUPPLEMENTAL INFORMATION
(in millions, except per share amounts and percentages)

Adjusted Income, Adjusted EPS and Adjusted Effective Tax Rate

Our press release contains financial information and earnings guidance regarding Adjusted Income, Adjusted EPS and Adjusted Effective Tax Rate, which are non-GAAP earnings measures that exclude non-operating pension costs and their related income tax effects. We define non-operating pension costs as defined benefit plan interest cost, expected return on plan assets, amortization of actuarial gains and losses and the impact of any plan curtailments or settlements. These components of net periodic benefit cost primarily relate to changes in pension assets and liabilities that are a result of market performance; we consider these costs to be unrelated to the operating performance of our business. We believe that Adjusted Income, Adjusted EPS and Adjusted Effective Tax Rate provide useful information to our investors about our operating performance and allow management and investors to compare our operating performance period over period. Adjusted EPS is also used as a financial measure of performance for our annual incentive compensation. Our measures of Adjusted Income, Adjusted EPS and Adjusted Effective Tax Rate may be different from measures used by other companies. These non-GAAP measures should not be considered a substitute for income from continuing operations, diluted EPS and effective tax rate.

The following are the components of operating and non-operating pension costs for the three and nine months ended June 30, 2017 and 2016:

   
Three Months Ended Nine Months Ended
June 30, June 30,
2017   2016 2017   2016
Service cost $ 24.2 $ 22.1 $ 72.5 $ 66.0
Amortization of prior service credit (0.9 ) (0.7 ) (2.8 ) (2.1 )
Operating pension costs 23.3   21.4   69.7   63.9  
 
Interest cost 37.8 42.5 113.4 127.2
Expected return on plan assets (56.2 ) (54.8 ) (168.6 ) (163.9 )
Amortization of net actuarial loss 38.2 31.2 114.4 93.4
Settlements     0.2    
Non-operating pension costs 19.8   18.9   59.4   56.7  
       
Net periodic pension cost $ 43.1   $ 40.3   $ 129.1   $ 120.6  
 

The following are reconciliations of income from continuing operations, diluted EPS from continuing operations, and effective tax rate to Adjusted Income, Adjusted EPS and Adjusted Effective Tax Rate:

   
Three Months Ended Nine Months Ended
June 30, June 30,
2017   2016 2017   2016
Income from continuing operations $ 216.9 $ 191.0 $ 621.1 $ 544.5
Non-operating pension costs 19.8 18.9 59.4 56.7
Tax effect of non-operating pension costs (7.2 ) (6.8 ) (21.7 ) (20.5 )
Adjusted Income $ 229.5   $ 203.1   $ 658.8   $ 580.7  
 
Diluted EPS from continuing operations $ 1.67 $ 1.46 $ 4.77 $ 4.13
Non-operating pension costs per diluted share 0.15 0.14 0.46 0.43
Tax effect of non-operating pension costs per diluted share (0.06 ) (0.05 ) (0.17 ) (0.15 )
Adjusted EPS $ 1.76   $ 1.55   $ 5.06   $ 4.41  
 
Effective tax rate 21.4 % 24.3 % 18.7 % 22.9 %
Tax effect of non-operating pension costs 1.0 % 0.8 % 1.3 % 1.0 %
Adjusted Effective Tax Rate 22.4 % 25.1 % 20.0 % 23.9 %
   

Fiscal 2017
Guidance

Year Ended
September 30,
2016

Diluted EPS from continuing operations $6.21 - $6.41 $ 5.56
Non-operating pension costs per diluted share 0.61 0.58
Tax effect of non-operating pension costs per diluted share (0.22) (0.21 )
Adjusted EPS $6.60 - $6.80 $ 5.93  
 
Effective tax rate ~ 20 % 22.6 %
Tax effect of non-operating pension costs ~ 1 % 1.0 %
Adjusted Effective Tax Rate ~ 21 % 23.6 %
 

ROCKWELL AUTOMATION, INC.
OTHER SUPPLEMENTAL INFORMATION
(in millions, except percentages)

Free Cash Flow

Our definition of free cash flow, which is a non-GAAP financial measure, takes into consideration capital investments required to maintain the operations of our businesses and execute our strategy. In the first quarter of fiscal year 2017, we adopted a new share-based compensation accounting standard that requires the excess income tax benefit from share-based compensation to be classified as an operating, rather than as a financing, cash flow. In previous periods, we added this benefit back to our calculation of free cash flow in order to generally classify cash flows arising from income taxes as operating cash flows. Beginning in the first quarter of fiscal year 2017, no adjustment is necessary as this benefit is already included in operating cash flows.

In our opinion, free cash flow provides useful information to investors regarding our ability to generate cash from business operations that is available for acquisitions and other investments, service of debt principal, dividends and share repurchases. We use free cash flow, as defined, as one measure to monitor and evaluate our performance, including as a financial measure for our annual incentive compensation. Our definition of free cash flow may be different from definitions used by other companies.

The following table summarizes free cash flow by quarter:

 
Quarter Ended
Dec. 31,   Mar. 31,   Jun. 30,   Sep. 30,   Dec. 31,   Mar. 31,   Jun. 30,
2015 2016 2016 2016 2016 2017 2017
Cash provided by continuing operating activities $ 184.8 $ 214.5 $ 276.0 $ 272.0 $ 310.8 $ 301.0 $ 315.3
Capital expenditures (40.2 ) (12.4 ) (26.8 ) (37.5 ) (39.4 ) (28.0 ) (30.1 )
Excess income tax benefit from share-based compensation 0.7   0.5   1.2   0.9        
Free cash flow $ 145.3   $ 202.6   $ 250.4   $ 235.4   $ 271.4   $ 273.0   $ 285.2  
 

Return On Invested Capital

Our press release contains information regarding Return On Invested Capital (ROIC), which is a non-GAAP financial measure. We believe that ROIC is useful to investors as a measure of performance and of the effectiveness of the use of capital in our operations. We use ROIC as one measure to monitor and evaluate our performance, including as a financial measure for our annual incentive compensation. Our measure of ROIC may be different from that used by other companies. We define ROIC as the percentage resulting from the following calculation:

(a) Income from continuing operations, before interest expense, income tax provision, and purchase accounting depreciation and amortization, for the most recent twelve months; divided by

(b) average invested capital for the year, calculated as a five quarter rolling average using the sum of short-term debt, long-term debt, shareowners’ equity, and accumulated amortization of goodwill and other intangible assets, minus cash and cash equivalents and short-term and long-term investments; multiplied by

(c) one minus the effective tax rate for the twelve-month period.

ROIC is calculated and reconciled to GAAP measures as follows:

 
Twelve Months Ended
June 30,
2017   2016
(a) Return
Income from continuing operations $ 806.3 $ 745.8
Interest expense 74.9 69.8
Income tax provision 194.5 239.3
Purchase accounting depreciation and amortization 21.3   19.1  
Return 1,097.0   1,074.0  
(b) Average invested capital
Short-term debt 536.6 158.5
Long-term debt 1,352.6 1,504.2
Shareowners’ equity 2,107.4 2,277.2
Accumulated amortization of goodwill and intangibles 826.4 807.9
Cash and cash equivalents (1,524.1 ) (1,469.9 )
Short-term and long-term investments (1,018.9 ) (784.0 )
Average invested capital 2,280.0   2,493.9  
(c) Effective tax rate
Income tax provision 194.5 239.3
Income from continuing operations before income taxes $ 1,000.8   $ 985.1  
Effective tax rate 19.4 % 24.3 %
(a) / (b) * (1-c) Return On Invested Capital 38.8 % 32.6 %
 

Source: Rockwell Automation, Inc.

Rockwell Automation

Keith Lester

Media Relations

414.382.4871

or

Rockwell Automation

Steve Etzel

Investor Relations

414.382.8510

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January 11, 2016 Quarterly Reports
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