General Corporate Net - Second quarter fiscal 2020 general corporate-net expense was $17.7 million compared to $26.7 million in the second quarter of fiscal 2019. The decrease was primarily due to benefit-related adjustments tied to changes in equity market values and Rockwell's share price.

Purchase Accounting Depreciation and Amortization - Second quarter fiscal 2020 purchase accounting depreciation and amortization expense was $9.5 million, up $5.2 million from the second quarter of fiscal 2019, resulting in a year-over-year decrease in Adjusted EPS of $0.02.

Tax - On a GAAP basis, the effective tax rate in the second quarter of fiscal 2020 was 22.4 percent compared to 14.0 percent in the second quarter of fiscal 2019. The higher effective tax rate in the second quarter of fiscal 2020 was primarily due to the PTC adjustments. The Adjusted Effective Tax Rate for the second quarter of fiscal 2020 was 12.4 percent compared to 18.6 percent in the prior year. The lower Adjusted Effective Tax Rate in 2020 is primarily due to discrete items.

Share Repurchases - During the second quarter of fiscal 2020, the Company repurchased 0.6 million shares of its common stock at a cost of $106.2 million. At March 31, 2020, $902.2 million remained available under our existing share repurchase authorizations.

ROIC - Return on invested capital was 25.9 percent.

Non-GAAP Measures - Organic sales, total segment operating earnings, total segment operating margin, Adjusted Income, Adjusted EPS, Adjusted Effective Tax Rate, free cash flow, and return on invested capital are non-GAAP measures that are reconciled to GAAP measures in the attachments to this release.

Conference Call

A conference call to discuss the quarterly results will be held at 8:30 a.m. Eastern Time on Tuesday, April 28, 2020. The call will be an audio webcast and accessible on the Rockwell Automation website ( https://www.rockwellautomation.com/investors/). Presentation materials will also be available on the website prior to the call.

Interested parties can access the conference call by dialing the following numbers: (833) 236-2747 in the U.S. and Canada; (647) 689-4172 for other countries. Use the following passcode: 5084645. Please dial in 10 minutes prior to the start of the call.

Both the presentation materials and a replay of the call will be available on the Investor Relations section of the Rockwell Automation website through May 29, 2020.

This news release contains statements (including certain projections, guidance, 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:

• the severity and duration of disruptions to our business due to pandemics, including the COVID-19 pandemic, natural disasters, acts of war, strikes, terrorism, social unrest or other causes, including the impacts of the COVID-19 pandemic and efforts to manage it on the global economy, liquidity and financial markets, demand for our hardware and software products, solutions and services, our supply chain, our work force, our liquidity and the value of the assets we own;
• macroeconomic factors, including global and regional business conditions (including adverse impacts in certain markets, such as Oil & Gas), the availability and cost of capital, commodity prices, the cyclical nature of our customers’ capital spending, sovereign debt concerns and currency exchange rates;
• laws, regulations and governmental policies affecting our activities in the countries where we do business, including those related to tariffs, taxation, and trade controls;
• the availability and price of components and materials;
• the successful execution of our cost productivity initiatives;
• the availability, effectiveness and security of our information technology systems;
• our ability to manage and mitigate the risk related to security vulnerabilities and breaches of our hardware and software products, solutions and services;
• the successful development of advanced technologies and demand for and market acceptance of new and existing hardware and software products;
• our ability to manage and mitigate the risks associated with our solutions and services businesses;
• competitive hardware and software products, solutions and services and pricing pressures, and our ability to provide high quality products, solutions and services;
• disruptions to our distribution channels or the failure of distributors to develop and maintain capabilities to sell our products;
• the successful integration and management of strategic transactions and achievement of the expected benefits of these transactions;
• intellectual property infringement claims by others and the ability to protect our intellectual property;
• the uncertainty of claims by taxing authorities in the various jurisdictions where we do business;
• our ability to attract, develop, and retain qualified personnel;
• the uncertainties of litigation, including liabilities related to the safety and security of the hardware and software products, solutions and services we sell;
• risks associated with our investment in common stock of PTC Inc., including the potential for volatility in our reported quarterly earnings associated with changes in the market value of such stock;
• our ability to manage costs related to employee retirement and health care benefits; and
• other risks and uncertainties, including but not limited to those detailed from time to time in our Securities and Exchange Commission (SEC) filings.

Rockwell Automation, Inc. (NYSE: ROK), is a global leader in industrial automation and digital transformation. We connect the imaginations of people with the potential of technology to expand what is humanly possible, making the world more productive and more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 23,000 problem solvers dedicated to our customers in more than 100 countries. To learn more about how we are bringing The Connected Enterprise to life across industrial enterprises, visit www.rockwellautomation.com.