MILWAUKEE (AP) — Industrial equipment and software maker Rockwell Automation Inc. said Wednesday its net income rose 5 percent in its fiscal second quarter despite a decrease in sales.
The company said revenue from its architecture and software business slipped 4 percent to $639.2 million and control products and solutions revenue decreased 1 percent to $883.6 million. Rockwell said sales in North and South America improved, but revenue in other regions fell compared with the second quarter of fiscal 2012. It lowered its fiscal-year revenue estimates by about $100 million.
Rockwell said its net income rose to $175.9 million, or $1.24 per share, for the three months ended March 31. That compared with $167.8 million, or $1.16 per share, in the 2012 quarter.
Excluding one-time items, the company said it earned $1.33 per share. Revenue fell 2 percent, to $1.52 billion from $1.56 billion.
Analysts, on average, were forecasting net income of $1.29 per share and $1.59 billion in revenue, according to FactSet.
The company narrowed its adjusted net income guidance to a range of $5.40 to $5.70 per share. Previously Rockwell said it expected net income of $5.35 to $5.75 per share for the year ending Sept. 30. It is now calling for $6.25 billion to $6.45 billion in revenue, down from its previous estimate of $6.35 billion to $6.65 billion.
Analysts were forecasting net income of $5.54 per share and $6.51 billion in revenue, on average.
Shares of Rockwell Automation rose 85 cents to $85.89 in afternoon trading. The stock has changed hands between $61.20 and $91.99 in the past 52 weeks, and is up about 2 percent since the start of the year.