Rockwell Climbs 7% As Earnings And Outlook Come In Better Than Consensus

Shares of industrial automation and digital transformation solutions provider, Rockwell Automation, Inc. (ROK) are up more than 7% Wednesday morning after reporting better-than-expected third-quarter earnings. The company’s’ full-year earnings outlook also stands above analysts’ view.

Net income in the third quarter was $298 million or $2.55 per share, compared with $271 million or $2.32 per share in the same quarter a year ago.

Excluding one-time items, earnings were $2.66 per share, that beat the average estimate of 19 analysts polled by Thomson-Reuters of $2.39 per share.

Quarterly sales were $1.969 billion, up 6.5% from $1.848 billion last year. The consensus estimate stood at $2 billion.

Looking forward, the company expects adjusted EPS to be in the range of $9.30 – $9.70 for the full year, compared with the prior outlook of $9.20 – $9.80.

Sales growth for the year is expected to be in the range of 10.5% – 12.5% compared with 11% – 15%, provided earlier.

Analysts expect earnings of $9.28 per share on revenue growth of 11% for the year.

ROK is at $235.12 currently. It has traded in the range of $190.08-$354.99 in the past 52 weeks.

Source: Read Full Article