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Rockwell Automation misses quarterly forecasts

by Anna

Rockwell Automation on Tuesday reported lower-than-expected third-quarter revenue and earnings as shipment delays impacted its ability to deliver goods to customers.

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The company’s stock fell about 8% in pre-market trading.

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“We have made changes to our U.S. distribution centers to add capacity to support increased revenue in the fourth quarter and beyond,” said Rockwell CEO Blake Morett.

The company said on its post-earnings conference call that a longer-than-expected switchover to a new third-party logistics supplier at its North American fulfillment center delayed shipments scheduled for May by about a week.

Rockwell Automation’s adjusted earnings per share for the third quarter through June were $3.01, below the $3.17 average of analyst estimates based on Refinitiv data.

In Conclusion, its sales rose about 14% to $2.24 billion, also below estimates of about $2.3 billion.

The company raised its full-year profit outlook to a range of $12.46 to $12.86 per share, against its prior forecast of between $11.71 and $12.41 per share.

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