Rockwell Automation Inc., which supplies systems that help factories and business run more smoothly, reported quarterly earnings Wednesday that fell short of expectations.
Commenting on the three months ended Dec. 31, the Milwaukee-based company said net income fell 11.9% to $161.4 million, or $1.23 a share, from $183.3 million, or $1.31, a year earlier.
On average, Wall Street analysts had expected Rockwell to report per-share earnings at $1.27.
Sales, however, ticked 1% higher to $1.49 billion from $1.47 billion a year earlier.
Rockwell operates around the globe, installing automation software and systems in car factories, oil refineries, paper mills and food processing plants. It's widely seen as a bellwether of the global manufacturing economy and the confidence of manufacturers to invest in higher productivity.
The latest results covered only the first quarter of the company's fiscal year.
Looking ahead to the full fiscal year, the company kept its outlook unchanged. It continues to expect an increase in full year earnings to from $5.35 to $5.75 a share, up from $5.13 in the previous year. Sales also are expected to increase to $6.35 billion to $6.65 billion, up from $6.26 billion in fiscal 2012, the company said.
Distributed by MCT Information Services
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