Aug 7 (Reuters) - Rockwell Automation ( ROK ) cut its
full-year forecast for adjusted profit on Wednesday to reflect
slower-than-anticipated demand from customers for automation
products.
"We did see additional project delays this quarter, with
customers citing weaker consumer demand, high interest rates,
and policy uncertainty around tax, tariffs, and stimulus
incentives as the main drivers for deferring their investment
plans," said Rockwell CEO Blake Moret.
Rockwell said it expects to see sequential growth in the
fourth-quarter, but at a more gradual pace than expected.
"Margins will continue to show the positive impact of
productivity actions and pricing," Moret added.
Peer Emerson Electric ( EMR ), however, doubled down on its
plan to streamline operations focusing on its automation
products and reported higher third-quarter earnings due to a
demand increase for its valves, regulators and actuators.
Rockwell now expects its full-year adjusted profit per share
to be about $9.60, compared with its prior outlook of between
$10 and $11.
On an adjusted basis, the company earned a profit of $2.71
per share, compared with estimates of $2.08, according to LSEG
data.