Last Updated: January 27, 2023, 19:00 IST
Image used for Representation. (Photo: Rockwell Automation)
Rockwell Automation sells factory automation and robotics control software, now expects adjusted profit between $10.70 and $11.50 per share
Rockwell Automation Inc on Thursday raised its 2023 profit outlook on high demand for industrial automation machines amid a tight labor market.
Demand in red-hot automation stayed resilient, as companies invested more to offset labor shortages. Still, ongoing supply chain snags and higher costs have hit companies across several sectors. Rockwell’s shares rose 3.93% to $289 in premarket trade.
Also Read: Toyota Recalls 1400 Units of Glanza and Urban Cruiser HyRyder over Faulty Airbag
The company, which sells factory automation and robotics control software, now expects adjusted profit for the full year to be between $10.70 and $11.50 per share, up from a prior range of $10.20 to $11.00 per share.
Analysts, on average, expect $10.65 per share, according to Refinitiv IBES data.
The company’s quarterly net income rose to $384 million, or $3.31 per share, in the first quarter ended Dec. 31, from $241.5 million, or $2.05 per share, a year ago.
Sales in the reported quarter at Rockwell’s intelligent devices segment, which deals with industrial components rose about 4% to $936.2 million. Overall quarterly sales for Rockwell rose to $1.98 billion from $1.86 billion a year earlier.
Read all the Latest Auto News here
(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
Last Updated: January 27, 2023, 19:00 IST
Image used for Representation. (Photo: Rockwell Automation)
Rockwell Automation sells factory automation and robotics control software, now expects adjusted profit between $10.70 and $11.50 per share
Rockwell Automation Inc on Thursday raised its 2023 profit outlook on high demand for industrial automation machines amid a tight labor market.
Demand in red-hot automation stayed resilient, as companies invested more to offset labor shortages. Still, ongoing supply chain snags and higher costs have hit companies across several sectors. Rockwell’s shares rose 3.93% to $289 in premarket trade.
Also Read: Toyota Recalls 1400 Units of Glanza and Urban Cruiser HyRyder over Faulty Airbag
The company, which sells factory automation and robotics control software, now expects adjusted profit for the full year to be between $10.70 and $11.50 per share, up from a prior range of $10.20 to $11.00 per share.
Analysts, on average, expect $10.65 per share, according to Refinitiv IBES data.
The company’s quarterly net income rose to $384 million, or $3.31 per share, in the first quarter ended Dec. 31, from $241.5 million, or $2.05 per share, a year ago.
Sales in the reported quarter at Rockwell’s intelligent devices segment, which deals with industrial components rose about 4% to $936.2 million. Overall quarterly sales for Rockwell rose to $1.98 billion from $1.86 billion a year earlier.
Read all the Latest Auto News here
(This story has not been edited by News18 staff and is published from a syndicated news agency feed)