Rockwell Automation : Reports Second Quarter 2012 Results
04/25/2012| 07:05am US/Eastern
Recommend:
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Sales of $1.6 billion, up 7 percent year over year
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Diluted EPS of $1.16
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Company narrows guidance range for fiscal 2012 EPS to $5.10 - $5.40
Rockwell Automation, Inc. (NYSE: ROK) today reported fiscal 2012 second
quarter sales of $1,561.1 million, up 7 percent from $1,464.1 million in
the second quarter of fiscal 2011. Acquisitions contributed 1 percentage
point to the increase and currency translation reduced sales by 1
percentage point. Net income was $167.8 million ($1.16 per share)
compared to $166.4 million ($1.14 per share) last year.
Total segment operating earnings were $268.3 million in the second
quarter of fiscal 2012, up 10 percent from $244.2 million in the same
period of 2011. Total segment operating margin increased to 17.2 percent
from 16.7 percent a year ago.
Free cash flow was $229.6 million in the second quarter of fiscal 2012.
Return on invested capital was 30.5 percent.
Organic sales, total segment operating earnings, total segment operating
margin, free cash flow and return on invested capital are non-GAAP
measures that are reconciled to GAAP measures in the attachments to this
release.
Commenting on the results, Keith D. Nosbusch, chairman and chief
executive officer, said, "Sales growth was solid in the second quarter
and segment operating earnings grew 10 percent. We had strong cash flow
in the quarter and Process continued to perform well with 23 percent
sales growth. I am pleased with our performance in the first half of the
year. On healthy 7 percent sales growth, segment operating margin
expanded 1.7 points and EPS grew 12 percent."
Outlook
Commenting on the outlook, Nosbusch added, "With two quarters behind us,
and given our current assessment of global economic and market
conditions, we are maintaining the mid-point of our sales outlook for
the year but narrowing the range by $100 million. Based on fiscal 2012
projected sales of $6.25 billion to $6.45 billion, we are maintaining
the mid-point of fiscal 2012 earnings per share guidance and narrowing
the range to $5.10 to $5.40. Sales and earnings in our guidance range
would represent another record year for the company."
Following is a discussion of second quarter results for both segments.
Architecture & Software
Architecture & Software fiscal 2012 second quarter sales were $664.8
million, an increase of 7 percent from $624.2 million last year.
Currency translation reduced sales by 1 percentage point. Segment
operating earnings were $167.7 million in the second quarter of fiscal
2012, compared to $152.2 million in 2011. Segment operating margin
increased to 25.2 percent in the second quarter of fiscal 2012, from
24.4 percent a year ago.
Control Products & Solutions
Control Products & Solutions fiscal 2012 second quarter sales were
$896.3 million, an increase of 7 percent from $839.9 million last year.
Acquisitions contributed 2 percentage points to the increase and
currency translation reduced sales by 1 percentage point. Segment
operating earnings increased to $100.6 million in the second quarter of
fiscal 2012, compared to $92.0 million in 2011. Segment operating margin
was 11.2 percent in the second quarter of fiscal 2012, compared to 11.0
percent a year ago.
Other Information
Fiscal 2012 second quarter general corporate net expense increased to
$25.1 million from $20.5 million in 2011, primarily due to a legacy
environmental charge.
The effective tax rate for the second quarter of fiscal 2012 was 24.9
percent. The effective tax rate was 18.3 percent in the second quarter
of fiscal 2011 due to discrete tax benefits that reduced the rate 3.0
percentage points. The Company continues to expect the effective tax
rate for fiscal year 2012 to be approximately 24 percent.
During the second quarter of fiscal 2012, the Company repurchased 0.5
million shares of its common stock at a cost of $40.6 million. At
March 31, 2012, $153.4 million remained available under the $1.0 billion
share repurchase authorization.
Conference Call
A conference call to discuss our financial results will take place at
8:30 A.M. Eastern Time on April 25, 2012. 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:
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macroeconomic factors, including global and regional business
conditions, the availability and cost of capital, the cyclical nature
of our customers' capital spending, sovereign debt concerns and
currency exchange rates;
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laws, regulations and governmental policies affecting our
activities in the countries where we do business;
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the successful development of advanced technologies and demand for
and market acceptance of new and existing products;
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the availability, effectiveness and security of our information
technology systems;
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competitive product and pricing pressures;
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a disruption of our operations due to natural disasters, acts of
war, strikes, terrorism, social unrest or other causes;
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intellectual property infringement claims by others and the ability
to protect our intellectual property;
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our ability to successfully address claims by taxing authorities in
the various jurisdictions where we do business;
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our ability to attract and retain qualified personnel;
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our ability to manage costs related to employee retirement and
health care benefits;
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the uncertainties of litigation;
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a disruption of our distribution channels;
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the availability and price of components and materials;
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the successful execution of our cost productivity and globalization
initiatives; and
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other risks and uncertainties, including but not limited to those
detailed from time to time in our Securities and Exchange Commission
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 over 21,000 people serving
customers in more than 80 countries.
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ROCKWELL AUTOMATION, INC.
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SALES AND EARNINGS INFORMATION
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(in millions, except per share amounts)
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Three Months Ended
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Six Months Ended
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March 31,
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March 31,
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2012
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2011
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2012
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2011
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Sales
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Architecture & Software (a)
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$
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664.8
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$
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624.2
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$
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1,315.3
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$
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1,238.1
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Control Products & Solutions (b)
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896.3
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839.9
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1,719.7
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1,591.8
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Total sales (c)
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$
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1,561.1
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$
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1,464.1
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$
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3,035.0
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$
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2,829.9
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Segment operating earnings
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Architecture & Software (d)
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$
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167.7
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$
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152.2
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$
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354.0
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$
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305.3
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Control Products & Solutions (e)
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100.6
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92.0
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198.1
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160.9
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Total segment operating earnings1 (f)
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268.3
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244.2
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552.1
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466.2
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Purchase accounting depreciation and amortization
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(4.9
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)
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(4.7
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)
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(9.9
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)
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(9.5
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)
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General corporate--net
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(25.1
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)
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(20.5
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)
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(46.0
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)
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(36.2
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)
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Interest expense
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(15.0
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)
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(15.4
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)
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(30.0
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)
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(30.2
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)
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Income before income taxes
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223.3
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203.6
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466.2
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390.3
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Income tax provision
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(55.5
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)
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(37.2
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(115.1
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(73.8
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)
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Net income
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$
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167.8
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$
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166.4
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$
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351.1
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$
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316.5
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Diluted earnings per share
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$
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1.16
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$
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1.14
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$
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2.43
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$
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2.17
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Average diluted shares
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144.7
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146.3
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144.3
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145.4
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Segment operating margin
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Architecture & Software (d/a)
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25.2
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%
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24.4
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%
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26.9
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%
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24.7
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%
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Control Products & Solutions (e/b)
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11.2
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%
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11.0
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%
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11.5
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%
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10.1
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%
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Total segment operating margin1 (f/c)
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17.2
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%
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16.7
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%
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18.2
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%
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16.5
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%
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1
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Total segment operating earnings and total segment operating margin
are non-GAAP financial measures. 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
operating segments. Our measure of total segment operating earnings
may be different from that used by other companies.
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ROCKWELL AUTOMATION, INC.
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CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
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(in millions)
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Three Months Ended
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Six Months Ended
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March 31,
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March 31,
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2012
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2011
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2012
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2011
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Sales
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$
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1,561.1
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$
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1,464.1
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$
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3,035.0
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$
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2,829.9
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Cost of sales
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(942.8
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)
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(887.6
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)
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(1,798.0
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)
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(1,709.5
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)
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Gross profit
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618.3
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576.5
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1,237.0
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1,120.4
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Selling, general and administrative expenses
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(373.1
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(356.1
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(735.5
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(703.1
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)
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Other (expense) income
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(6.9
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)
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(1.4
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)
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(5.3
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)
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3.2
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Interest expense
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(15.0
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)
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(15.4
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)
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(30.0
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)
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(30.2
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)
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Income before income taxes
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223.3
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203.6
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466.2
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|
390.3
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Income tax provision
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(55.5
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(37.2
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(115.1
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(73.8
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)
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Net income
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$
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167.8
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$
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166.4
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$
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351.1
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$
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316.5
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ROCKWELL AUTOMATION, INC.
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CONDENSED BALANCE SHEET INFORMATION
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(in millions)
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March 31,
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September 30,
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2012
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2011
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Assets
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Cash and cash equivalents
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$
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811.8
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$
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988.9
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Short-term investments
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312.5
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|
--
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Receivables
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1,150.0
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|
1,063.4
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Inventories
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664.1
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|
641.7
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Property, net
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565.7
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|
561.4
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Goodwill and intangibles
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1,168.7
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|
1,170.6
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Other assets
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761.8
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|
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858.9
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|
|
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Total
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$
|
5,434.6
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$
|
5,284.9
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Liabilities and Shareowners' Equity
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Short-term debt
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$
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259.0
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$
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--
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Accounts payable
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|
450.7
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455.1
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Long-term debt
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905.0
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905.0
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Other liabilities
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1,789.3
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|
|
2,176.8
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Shareowners' equity
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|
2,030.6
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|
1,748.0
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Total
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$
|
5,434.6
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$
|
5,284.9
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ROCKWELL AUTOMATION, INC.
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CONDENSED CASH FLOW INFORMATION
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(in millions)
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Six Months Ended
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|
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March 31,
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|
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2012
|
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2011
|
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Continuing operations:
|
|
|
|
|
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Operating activities:
|
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Net income
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$
|
351.1
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|
|
$
|
316.5
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|
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Depreciation and amortization
|
|
67.8
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|
|
63.7
|
|
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Retirement benefits expense
|
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52.5
|
|
|
50.5
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Pension trust contributions
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(318.4
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)
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(15.5
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)
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Receivables/inventories/payables
|
|
(105.1
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)
|
|
(99.4
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)
|
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Advanced payments from customers and deferred revenue
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|
54.5
|
|
|
13.6
|
|
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Compensation and benefits
|
|
(128.3
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)
|
|
(105.8
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)
|
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Income taxes
|
|
81.2
|
|
|
37.4
|
|
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Other
|
|
9.2
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|
|
(23.2
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)
|
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|
|
|
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|
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Cash provided by operating activities
|
|
64.5
|
|
|
237.8
|
|
|
|
|
|
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|
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Investing activities:
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|
|
|
|
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Capital expenditures
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|
(62.5
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)
|
|
(42.9
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)
|
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Acquisition of businesses, net of cash acquired
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|
(15.9
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)
|
|
--
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|
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Purchases of short-term investments
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|
(312.5
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)
|
|
--
|
|
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Proceeds from sale of property and investments
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|
2.3
|
|
|
4.1
|
|
|
|
|
|
|
|
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Cash used for investing activities
|
|
(388.6
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)
|
|
(38.8
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)
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
Net issuance of short-term debt
|
|
259.0
|
|
|
--
|
|
|
Cash dividends
|
|
(121.0
|
)
|
|
(100.0
|
)
|
|
Purchases of treasury stock
|
|
(45.5
|
)
|
|
(104.2
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)
|
|
Proceeds from the exercise of stock options
|
|
42.0
|
|
|
159.1
|
|
|
Excess income tax benefit from share-based compensation
|
|
16.8
|
|
|
35.7
|
|
|
Other financing activities
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|
|
|
|
|
|
|
Cash provided by (used for) financing activities
|
|
151.1
|
|
|
(9.6
|
)
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
(3.6
|
)
|
|
17.9
|
|
|
|
|
|
|
|
|
Cash (used for) provided by continuing operations
|
|
(176.6
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)
|
|
207.3
|
|
|
|
|
|
|
|
|
Discontinued operations:
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|
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|
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Cash used for discontinued operations
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|
(0.5
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)
|
|
(0.4
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)
|
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|
|
|
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(Decrease) increase in cash and cash equivalents
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|
$
|
(177.1
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)
|
|
$
|
206.9
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|
|
|
|
|
|
|
|
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ROCKWELL AUTOMATION, INC.
OTHER SUPPLEMENTAL INFORMATION
(in
millions)
Organic Sales
Our press release contains information regarding sales excluding the
effect of changes in currency and organic sales, which we define as
sales excluding the effect of changes in currency exchange rates and
acquisitions. We believe these non-GAAP measures provide useful
information to investors because they reflect regional performance from
our activities without the effect of changes in currency exchange rates
and/or acquisitions. We use organic sales and sales excluding the effect
of changes in currency as two measures to monitor and evaluate our
regional 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 six months ended March 31, 2012 compared to sales for the
three and six months ended March 31, 2011:
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Three Months Ended March 31,
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|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
Sales
|
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|
|
|
|
|
|
|
|
|
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|
|
Excluding
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|
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|
|
|
|
|
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|
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Effect of
|
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Effect of
|
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|
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|
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|
|
|
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Changes in
|
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Changes in
|
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Effect of
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Organic
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|
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|
|
Sales
|
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Currency
|
|
Currency
|
|
Acquisitions
|
|
Sales
|
|
Sales
|
|
United States
|
|
$
|
757.7
|
|
|
$
|
0.5
|
|
|
$
|
758.2
|
|
|
$
|
(0.4
|
)
|
|
$
|
757.8
|
|
|
$
|
723.4
|
|
Canada
|
|
116.3
|
|
|
1.7
|
|
|
118.0
|
|
|
--
|
|
|
118.0
|
|
|
94.7
|
|
Europe, Middle East, Africa
|
|
334.2
|
|
|
15.7
|
|
|
349.9
|
|
|
(15.2
|
)
|
|
334.7
|
|
|
313.8
|
|
Asia-Pacific
|
|
231.7
|
|
|
(2.1
|
)
|
|
229.6
|
|
|
(0.1
|
)
|
|
229.5
|
|
|
209.6
|
|
Latin America
|
|
121.2
|
|
|
5.7
|
|
|
126.9
|
|
|
--
|
|
|
126.9
|
|
|
122.6
|
|
Total
|
|
$
|
1,561.1
|
|
|
$
|
21.5
|
|
|
$
|
1,582.6
|
|
|
$
|
(15.7
|
)
|
|
$
|
1,566.9
|
|
|
$
|
1,464.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended March 31,
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding
|
|
|
|
|
|
|
|
|
|
|
|
Effect of
|
|
Effect of
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
|
|
Changes in
|
|
Effect of
|
|
Organic
|
|
|
|
|
|
Sales
|
|
Currency
|
|
Currency
|
|
Acquisitions
|
|
Sales
|
|
Sales
|
|
United States
|
|
$
|
1,475.3
|
|
|
$
|
0.8
|
|
|
$
|
1,476.1
|
|
|
$
|
(0.9
|
)
|
|
$
|
1,475.2
|
|
|
$
|
1,384.9
|
|
Canada
|
|
221.5
|
|
|
2.4
|
|
|
223.9
|
|
|
--
|
|
|
223.9
|
|
|
190.3
|
|
Europe, Middle East, Africa
|
|
649.2
|
|
|
20.0
|
|
|
669.2
|
|
|
(26.8
|
)
|
|
642.4
|
|
|
597.0
|
|
Asia-Pacific
|
|
444.9
|
|
|
(3.1
|
)
|
|
441.8
|
|
|
(0.2
|
)
|
|
441.6
|
|
|
421.6
|
|
Latin America
|
|
244.1
|
|
|
12.7
|
|
|
256.8
|
|
|
--
|
|
|
256.8
|
|
|
236.1
|
|
Total
|
|
$
|
3,035.0
|
|
|
$
|
32.8
|
|
|
$
|
3,067.8
|
|
|
$
|
(27.9
|
)
|
|
$
|
3,039.9
|
|
|
$
|
2,829.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a reconciliation of reported sales to organic sales for
our reporting segments for the three and six months ended March 31, 2012
compared to sales for the three and six months ended March 31, 2011:
|
|
|
Three Months Ended March 31,
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding
|
|
|
|
|
|
|
|
|
|
|
|
Effect of
|
|
Effect of
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
|
|
Changes in
|
|
Effect of
|
|
Organic
|
|
|
|
|
|
Sales
|
|
Currency
|
|
Currency
|
|
Acquisitions
|
|
Sales
|
|
Sales
|
|
Architecture & Software
|
|
$
|
664.8
|
|
|
$
|
9.7
|
|
|
$
|
674.5
|
|
|
$
|
--
|
|
|
$
|
674.5
|
|
|
$
|
624.2
|
|
Control Products & Solutions
|
|
896.3
|
|
|
11.8
|
|
|
908.1
|
|
|
(15.7
|
)
|
|
892.4
|
|
|
839.9
|
|
Total
|
|
$
|
1,561.1
|
|
|
$
|
21.5
|
|
|
$
|
1,582.6
|
|
|
$
|
(15.7
|
)
|
|
$
|
1,566.9
|
|
|
$
|
1,464.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended March 31,
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding
|
|
|
|
|
|
|
|
|
|
|
|
Effect of
|
|
Effect of
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
|
|
Changes in
|
|
Effect of
|
|
Organic
|
|
|
|
|
|
Sales
|
|
Currency
|
|
Currency
|
|
Acquisitions
|
|
Sales
|
|
Sales
|
|
Architecture & Software
|
|
$
|
1,315.3
|
|
|
$
|
14.3
|
|
|
$
|
1,329.6
|
|
|
$
|
--
|
|
|
$
|
1,329.6
|
|
|
$
|
1,238.1
|
|
Control Products & Solutions
|
|
1,719.7
|
|
|
18.5
|
|
|
1,738.2
|
|
|
(27.9
|
)
|
|
1,710.3
|
|
|
1,591.8
|
|
Total
|
|
$
|
3,035.0
|
|
|
$
|
32.8
|
|
|
$
|
3,067.8
|
|
|
$
|
(27.9
|
)
|
|
$
|
3,039.9
|
|
|
$
|
2,829.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROCKWELL AUTOMATION, INC.
OTHER SUPPLEMENTAL INFORMATION
(in
millions)
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. We account for
share-based compensation under U.S. GAAP, which requires that we report
the excess income tax benefit from share-based compensation as a
financing cash flow rather than as an operating cash flow. We have 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.
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 performance. 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,
|
|
Sept. 30,
|
|
Dec. 31,
|
|
Mar. 31,
|
|
|
|
2010
|
|
2011
|
|
2011
|
|
2011
|
|
2011
|
|
2012
|
|
Cash provided by (used for) continuing operating activities
|
|
$
|
12.6
|
|
|
$
|
225.2
|
|
|
$
|
224.7
|
|
|
$
|
181.2
|
|
|
$
|
(189.0
|
)
|
|
$
|
253.5
|
|
|
Capital expenditures of continuing operations
|
|
(20.3
|
)
|
|
(22.6
|
)
|
|
(33.1
|
)
|
|
(44.1
|
)
|
|
(31.6
|
)
|
|
(30.9
|
)
|
|
Excess income tax benefit from share-based compensation
|
|
12.1
|
|
|
23.6
|
|
|
2.1
|
|
|
0.3
|
|
|
9.8
|
|
|
7.0
|
|
|
Free cash flow1
|
|
$
|
4.4
|
|
|
$
|
226.2
|
|
|
$
|
193.7
|
|
|
$
|
137.4
|
|
|
$
|
(210.8
|
)
|
|
$
|
229.6
|
|
|
1
|
|
Free cash flow for the first quarter of 2012 and the fourth quarter
of 2011 include discretionary pre-tax contributions to the company's
U.S. pension trust of $300 million and $150 million, respectively.
|
|
|
|
|
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 performance. 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
investments, multiplied by;
(c) one minus the effective tax rate for the twelve-month period.
ROIC is calculated as follows:
|
|
|
Twelve Months Ended
|
|
|
|
March 31,
|
|
|
|
2012
|
|
2011
|
|
(a) Return
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
731.7
|
|
|
$
|
567.2
|
|
|
Interest expense
|
|
59.3
|
|
|
60.2
|
|
|
Income tax provision
|
|
211.8
|
|
|
136.4
|
|
|
Purchase accounting depreciation and amortization
|
|
20.2
|
|
|
18.8
|
|
|
Return
|
|
1,023.0
|
|
|
782.6
|
|
|
|
|
|
|
|
|
(b) Average invested capital
|
|
|
|
|
|
Short-term debt
|
|
121.8
|
|
|
--
|
|
|
Long-term debt
|
|
905.0
|
|
|
904.9
|
|
|
Shareowners' equity
|
|
1,877.5
|
|
|
1,539.7
|
|
|
Accumulated amortization of goodwill and intangibles
|
|
734.8
|
|
|
696.6
|
|
|
Cash and cash equivalents
|
|
(945.4
|
)
|
|
(849.2
|
)
|
|
Short-term investments
|
|
(92.5
|
)
|
|
--
|
|
|
Average invested capital
|
|
2,601.2
|
|
|
2,292.0
|
|
|
|
|
|
|
|
|
(c) Effective tax rate
|
|
|
|
|
|
Income tax provision
|
|
211.8
|
|
|
136.4
|
|
|
Income from continuing operations before income taxes
|
|
$
|
943.5
|
|
|
$
|
703.6
|
|
|
Effective tax rate
|
|
22.4
|
%
|
|
19.4
|
%
|
|
|
|
|
|
|
|
(a) / (b) * (1-c) Return On Invested Capital
|
|
30.5
|
%
|
|
27.5
|
%
|
John Bernaden
Media Relations
Rockwell Automation
414.382.2555
or
Rondi
Rohr-Dralle
Investor Relations
Rockwell Automation
414.382.8510
© Business Wire 2012
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