(Reuters) – Rockwell Automation on Thursday forecast 2024 earnings below analysts’ expectations as customers cut spending in a tough macroeconomic environment, sending its shares down about 5% in premarket trading.
Automation companies have also been affected by a shortage of components due to supply chain issues.
Rockwell forecast fiscal 2024 adjusted profit of $12.00 to $13.50 per share, whose midpoint is below analysts’ average estimate of $13.21 per share, according to LSEG data.
The company also said its forecast for 2024 takes into account possible order normalizations and the impact of some acquisitions over the past two months.
Its adjusted profit of $3.64 per share beat analysts’ average estimate of $3.45 per share on improvement in production lead times.
Sales in the quarter rose 20.5% to $2.56 billion, beating Wall Street expectations of $2.43 billion.
(This story has been corrected to say the revenue beat, not missed, Wall Street expectations in the last paragraph)
(Reporting by Shivansh Tiwary in Bengaluru; Editing by Vinay Dwivedi)
