Courtesy of Benzinga.
Shares of Rockwell Automation (NYSE: ROK) fell more than 4.5% in pre-market trading after the company reported weaker-than-expected fiscal third-quarter earnings.
The Milwaukee, Wisconsin-based company posted a quarterly profit of $199.7 million, or $1.43 per share, versus a year-ago profit of $203.7 million, or $1.45 per share. Excluding certain items, its adjusted earnings declined to $1.49 versus $1.54 per share.
Its revenue rose 1.6% to $1.65 billion. However, analysts were projecting a profit of $1.56 per share on revenue of $1.68 billion.
Rockwell Automation’s revenue in the control products & solutions unit dropped 2% to $934.3 million, while sales in the architecture and software unit climbed 7% to $715.2 million.
Rockwell Automation narrowed its full-year earnings forecast to $6.10 to $6.25 per share, versus its earlier outlook of $6 to $6.35 per share.
Keith D. Nosbusch, chairman and chief executive officer, said, “Sales and earnings came in as expected this quarter. We experienced strong year-over-year growth in Architecture & Software, while sales in Control Products & Solutions declined modestly, primarily due to very strong sales in our solutions and services businesses last year. I was pleased to see solid sequential sales growth in both segments and across most regions.”
Rockwell Automation shares fell 4.71% to $114.32 in pre-market trading.
