Rockwell Automation, Inc. (ROK), a company specializing in industrial automation and digital conversion solutions, has seen its shares drop by over 15% on Wednesday morning. This substantial decline follows their announcement of diminished profits for the first quarter and an adjusted forecast for the full year earnings.
In the first quarter, the company's profits fell to $215.2 million, translating to $1.86 per share. This is a significant drop from last year's first-quarter profits of $384.0 million, or $3.31 per share.
When excluding certain items, Rockwell's first quarter earnings were $236.0 million or $2.04 per share. This figure fell short of the $2.64 per share average estimate from analysts polled by Thomson-Reuters.
Rockwell has also adjusted its full-year earnings per share (EPS) outlook, now expecting it to range between $11.24 - $12.74. This is a decrease from its previous EPS forecast range of $11.49 - $12.99.
Currently, Rockwell's shares are priced at $262.15. Over the past year, the shares have fluctuated between a low of $252.19 and a high of $348.52.
