Industrial automation company Rockwell Automation Inc. said Monday fiscal fourth-quarter profit fell 77 percent, as revenue dropped and the company recorded restructuring charges.
Profit for the quarter ended Sept. 30 totaled $28.9 million, or 20 cents per share, from $125.6 million, or 87 cents per share, last year. Excluding restructuring charges, income totaled 37 cents per share.
Revenue fell 28 percent to $1.07 billion from $1.48 billion a year ago.
Analysts polled by Thomson Reuters, on average, predicted a profit of 27 cents per share on revenue of $1.05 billion.
The economy has pressured its clients but the company said demand for its products is stabilizing.
"It appears we have reached the bottom of this cycle," said CEO Keith D. Nosbusch, though he added he does not expect a quick recovery. The company expects revenue decline in the first half of the fiscal year and turn positive in the second half of the year.
Specifically, Rockwell Automation predicts fiscal 2010 earnings of $1.25 to $1.75 per share, on revenue of $4.1 billion to $4.4 billion.
Analysts expect a profit $1.51 per share on revenue of $4.22 billion.
Milwaukee-based Rockwell makes devices and software used to automate machinery in the food and beverage, automotive, oil and gas and markets.
Shares fell 78 cents to $42.54 during midday morning.