UPDATE: Rockwell Automation FQ3 Profit Misses View, Shares Tumble

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Shares of Rockwell Automation
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.
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Posted In: EarningsNewsGuidanceprofit
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