Rockwell raises annual profit forecast on automation demand

Rockwell Automation ROK raised the lower end of its annual profit forecast, banking on demand for automation services coupled with cost-saving measures.

Automation demand remains strong among U.S. companies across sectors, as they revamp their factory floors to help with labor shortages.

In May, Rockwell said it would offset existing and additional tariff costs through pricing and supply chain actions.

Peer Emerson Electric EMR also said it expected a slightly stronger annual profit.

Rockwell now expects its annual adjusted profit per share to be in the range of $9.80 to $10.20, compared to the prior expectation of $9.20 to $10.20.

On an adjusted basis, Rockwell's third-quarter profit per share rose to $2.82, compared with $2.71 a year earlier. Analysts on average expected the company to report a profit of $2.67 per share, according to data compiled by LSEG.

Overall, quarterly revenue rose about 4.5% to $2.14 billion.