Rockwell Automation sales slump for second straight quarter
The strong dollar and weak oil prices combined to cut into Rockwell Automation Inc. sales, which fell for the second straight quarter in the period that ended March 31.
Despite the lower sales figures, the Milwaukee-based company increased its profits in the quarter.
Net income was $206 million, or $1.51 per share, an increase of 14.4 percent, compared with $180 million, or $1.28 per share, in the same period a year ago. Sales slipped 3.1 percent, to $1.55 billion, compared with $1.6 billion in the second quarter of 2014.
Keith Nosbusch, chairman and chief executive officer, lowered the sales projection for 2015 to $6.4 billion, matching the company’s sales performance a year ago.
“Based on a softer forecast for industrial production growth, a reduced outlook for oil and gas, and our solutions and services backlog entering the second half, we are lowering our full-year organic growth by 1 percent,” Nosbusch said. “We are also including a larger currency headwind and now expect fiscal 2015 reported sales of about $6.4 billion.”