MILWAUKEE – Rockwell Automation Inc. (NYSE:) reported third-quarter earnings that surpassed analyst expectations, while revenue slightly exceeded estimates. The industrial automation company also updated its fiscal 2024 guidance.
Rockwell Automation posted adjusted earnings per share of $2.71 for the quarter, beating the analyst consensus of $2.08 by $0.63. Revenue came in at $2.05 billion, marginally above the $2.03 billion estimate and up 13.7% YoY.
The company’s shares were down 1.5% in pre-market trading following the announcement, indicating a muted market response to the results.
Blake Moret, Chairman and CEO, commented on the results: “Our third quarter performance demonstrated the strength of our strategy and portfolio as we delivered double-digit organic sales growth and strong margin expansion.”
Rockwell Automation updated its fiscal 2024 guidance. It now expects reported sales to fall about 8.5%, versus its prior outlook of a 6-4% fall. The company sees adjusted EPS of about $9.60, down from its prior guidance of $10-$11.
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