UPDATE 3-Rockwell Automation profit beats estimates

* EPS 23 cents; Wall Street view 19 cents

* Rev $1.01 billion, down 31 pct

* Affirms year EPS view of $1.40 to $1.70

* Shares down nearly 3 percent
(Adds CEO interview comments, stock reaction)

NEW YORK, July 28 (Reuters) - Rockwell Automation Inc
(ROK.N), a maker of systems that make factories run more
smoothly, reported a smaller-than-expected decline in quarterly
profit on Tuesday and said it appeared to be approaching the
bottom of the economic cycle.

Rockwell said sales increased from the fiscal second
quarter in its architecture and software segment but were down
in its bigger control-products segment, which generates most of
its revenue from engineering solutions rather than products,
and tends to lag any economic recovery.

"If the revenue patterns continue where they are now, we
believe we're either at, or will be shortly at, the trough in
our earnings," CEO Keith Nosbusch told Reuters in an interview.
He added that global industrial production was recovering, or
at least slowing its rate of decline.

Nosbusch said the company wanted to avoid being "too
aggressive" with its earnings forecast, since it had limited
visibility into September demand, when factories in Europe ramp
up after holidays, so it kept its forecast unchanged.

Rockwell shares, which had jumped 30 percent since July 8,
were down $1.14 or 2.9 percent at $38.47 in late morning
trading on the New York Stock Exchange.

Net earnings fell 79 percent to $32.8 million, or 23 cents
per share, in the fiscal third quarter ended June 30, from
$152.6 million, or $1.03 per share, a year earlier.

Analysts on average expected profit of 19 cents per share,
according to Reuters Estimates.

The company, whose rivals include Siemens AG (SIEGn.DE) and
Mitsubishi Electric Corp (6503.T), said revenue fell 31 percent
to $1.01 billion. Wall Street had expected $1.03 billion.

Milwaukee-based Rockwell affirmed its April forecast for
full-year earnings of $1.40 to $1.70 per share. Analysts, on
average, expect $1.49 per share.
(Reporting by Nick Zieminski; editing by Jeffrey Benkoe, John
Wallace and Matthew Lewis)