Jul. 28--Rockwell Automation Inc. on Tuesday reported a 79% drop in net income in the latest quarter, but the Milwaukee-based automation systems company said it appeared to be approaching the bottom of the economic cycle.

Net income fell to $32.8 million, or 23 cents a share, in the fiscal third quarter that ended June 30, from $152.6 million, or $1.03 a share, a year earlier. The figure surpassed Wall Street estimates, which clustered around 19 to 20 cents a share.

Revenue fell 31.5% to $1.01 billion from $1.46 billion.

"It appears that we may be approaching the bottom of the cycle," said Chairman and Chief Executive Keith Nosbusch. But he emphasized that Rockwell does not yet see any signs of recovery, either.

The company left its full-year earnings outlook unchanged at $1.40 to $1.70 a share, which is well below the $3.90 in fiscal 2008.

The company, whose rivals include ABB Group of Sweden and Siemens AG of Germany, said it will continue restructuring measures in the final three months of its fiscal year but declined to give specifics. The stock ended little changed at $39.62, a gain of 1 cent.

Rockwell Automation Inc.

3rd quarter % 6/30 2009 2008 change Sales $1,010.8 $1,475.0 -31.5% Net income 32.8 152.6 -78.5 EPS (diluted) 0.23 1.03 -77.7 9 months Sales $3,258.1 $4,213.5 -22.7% Net income 191.8 452.0 -57.6 EPS (diluted) 1.33 3.03 -5.16

Figures in millions except for earnings per share. Percentages are based on unrounded sales and income figures.

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