Manufacturers

Rockwell Automation Beats 3Q Profit Forecasts

MILWAUKEE (AP) — Rockwell Automation Inc. (ROK) on Wednesday reported fiscal third-quarter profit of $206.1 million.

The Milwaukee-based company said it had profit of $1.52 per share. Earnings, adjusted for non-recurring costs, came to $1.59 per share.

The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.54 per share.

The industrial equipment and software maker posted revenue of $1.58 billion in the period, missing Street forecasts. Ten analysts surveyed by Zacks expected $1.59 billion.

Rockwell Automation expects full-year earnings in the range of $6.55 to $6.70 per share.

Rockwell Automation shares have risen 7 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased almost 2 percent. The stock has fallen nearly 3 percent in the last 12 months.

Commenting on the results, Keith D. Nosbusch, chairman and chief executive officer, said, “I am pleased with our performance in the quarter. We delivered another quarter of solid earnings growth, significant margin expansion, and strong free cash flow despite continued headwinds from currency and a low growth environment. Through three quarters, Adjusted EPS was up 12 percent on lower reported sales. Our results demonstrate excellent execution in these market conditions.”

 

Tagged with ,

Comment on the story

Your email address will not be published.