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Rockwell tops 3Q forecast
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July 14, 2000: 8:14 a.m. ET
Electronic controls and communications firm overcomes strong dollar
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NEW YORK (CNNfn) - Electronic controls and communications maker Rockwell International Corp. beat earnings estimates for its fiscal third quarter Friday, overcoming softness in one of its key markets and the impact of a strong dollar on overseas sales.
The Milwaukee-based company reported net income of $170 million, or 90 cents a diluted share, up from the $150 million, or 77 cents a share, it earned a year earlier. Analysts surveyed by earnings tracker First Call forecast that the company would earn 87 cent a share.
Revenue edged up to $1.82 billion from $1.81 billion a year earlier. Sales growth was stifled by what company officials called "softness" in its U.S. automation market, the company's primary business segment, and the negative impact of currency rate fluctuations.
However, slower U.S. sales were offset by higher sales in Asia, Europe and Canada, as well as a 15 percent jump in its software and services business revenues.
 Don Davis, the company's chairman and chief executive, said he still expected Rockwell to earn in the range of $3.40 to $3.45 per share for its full fiscal year ending Sept. 30. Free cash flow, he said, would total "well in excess" of $500 million for the second consecutive year.
Through its first three fiscal quarters, Rockwell has earned $491 million, or $2.56 per share, up from the $407 million, or $2.11 per share, a year earlier. Revenue grew 3 percent to $5.26 billion.
Shares of Rockwell (ROK: Research, Estimates) gained 11/16 to 34-3/16 in trading Thursday. 
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Rockwell Intl.
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