Industrial automation specialist Rockwell Automation Inc. (ROK) posted an increase in its earnings for the second quarter, but sales declined from last year. The company also revised its outlook for the full year 2013.
The company's second-quarter net income rose to $175.9 million or $1.24 per share from $167.8 million or $1.16 per share in the year-ago quarter. Pre-tax margin increased to 14.9 percent from 14.3 percent in the same period last year.
For the quarter, adjusted earnings per share was $1.33. On average, 17 analysts polled by Thomson Reuters expected the company to report earnings per share of $1.29 for the quarter. Analysts' estimates typically exclude one-time items.
Rockwell Automation's sales for the quarter slid 2 percent to $1.522 billion from $1.561 billion last year. Analysts estimated revenues of $1.59 billion for the quarter.
Looking ahead to the fiscal 2013, the company said it is lowering its sales outlook to a range of $6.25 billion - $6.45 billion, but maintaining the mid-point of its adjusted earnings per share guidance and narrowing the range to $5.40 - $5.70. The Street is looking for earnings per share of $5.54, on revenues of $6.54 billion.
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