Rockwell Automation announced that its current first quarter sales have been increased by 6.5% to $1,586.6m compared to $1,490.3m in the first quarter of fiscal 2017.
Currency translation increased sales by 2.5 percentage points, and the prior year divestiture reduced sales by 1.3 percentage points.
Fiscal 2018 first quarter net loss was $(236.4) million or $(1.84) per share, compared to net income of $214.7 million or $1.65 per share in the first quarter of fiscal 2017. The decrease in EPS was due to charges associated with the Tax Act, totaling $(479.7) million or $(3.68) per share.
Fiscal 2018 first quarter Adjusted EPS was $1.96, up 12 percent compared to $1.75 in the first quarter of fiscal 2017. The increase in Adjusted EPS was primarily due to higher sales, partially offset by higher investment spending.
Pre-tax margin was 18.8 percent in the first quarter of fiscal 2018 compared to 17.3 percent in the same period last year. Total segment operating margin was 22.4 percent compared to 21.2 percent a year ago.
The increases in pre-tax margin and total segment operating margin were primarily due to higher sales, partially offset by higher investment spending. Total segment operating earnings were $355.5 million in the first quarter of fiscal 2018, up 12 percent from $316.6 million in the same period of fiscal 2017.
Rockwell Automation chairman and CEO Blake Moret said, “We had a good start to the fiscal year, with more than five percent organic sales growth in the first quarter.
“Growth continued to be broad-based across geographies. Heavy industry verticals performed well, supported by recovery in oil and gas. I am very pleased with our twelve percent Adjusted EPS growth in the quarter."
"Global macroeconomic conditions continue to provide a solid backdrop for customer demand. Given our unique offering and deep customer relationships, we are well-positioned to execute on our Connected Enterprise strategy and take advantage of the attractive opportunities in the industrial automation and information market.”