Rockwell Automation misses quarterly forecasts on shipping delays
Technology
Rockwell Automation misses quarterly forecasts on shipping delays
(Reuters) - Rockwell Automation (ROK.N) on Tuesday reported third-quarter sales and profit below expectations after shipping delays impacted its ability to get goods to customers.
Its shares fell about 8% in premarket trading.
"We made a change in our U.S. distribution center that added capacity to support higher revenue in fiscal Q4 and beyond," Rockwell's chief executive Blake Moret said.
"This transition impacted the timing of shipments within the second half of the fiscal year," he added.
The company said on a post-earnings call it had missed about a week of planned shipments in May due to a longer-than-expected changeover to a new third-party logistics supplier at its North American distribution center.
Rockwell Automation earned $3.01 per share on an adjusted basis in the third quarter through June, missing analysts' average estimate of $3.17 per share, based on Refinitiv data.
Overall, 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.
