Rockwell Automation (ROK)

[Investorman]

Rockwell Automation profit misses expectations

By Matt Andrejczak, MarketWatch
Last update: 11:35 a.m. EDT April 23, 2008
SAN FRANCISCO (MarketWatch) -- Rockwell Automation Inc. on Wednesday posted a lower-than-expected profit decline for the quarter, sending its shares down more than 8%.

Despite missing Wall Street's expectations, the maker of industrial-factory equipment and related software backed its fiscal 2008 profit forecast for earnings between $4.25 and $4.45 a share, noting that "customer capital spending and project activity remain firm at this time."

Milwaukee-based Rockwell Automation (ROKRockwell International Corporation

ROK) reported fiscal second-quarter net income of $142.8 million, or 96 cents a share. Analysts polled by FactSet had pegged earnings at $1.01 a share.
Sales came in above analyst expectations, climbing almost 17% to $1.4 billion.
The earnings were better than the year-earlier quarter, after excluding special charges and a gain on the sale of a business unit. On that basis, the company earned $107.1 million, or 65 cents a share a year ago.
In late morning trading, Rockwell Automation dropped to $55.90, down $5.09. The stock is now down 19% for the year, more than the 6% decline for the S&P 500.