(Reuters) – Rockwell Automation reported lower-than-expected first-quarter profit and revenue on Wednesday, blaming high inventory levels at customers and delayed shipments due to supply snarls, sending its shares down 6.6% before the bell.
Demand has surged for automation products since the pandemic due to a tight labor market, but supply disruptions have hamstrung efforts to meet the orders.
Rockwell CEO Blake Moret said during an earnings call that the company was “working through some lingering shortages and line constraints” to fulfill new orders.
Excluding items, it reported a quarterly profit of $2.04 per share, below analysts’ estimates of $2.64.
The Milwaukee, Wisconsin-based company reaffirmed its 2024 adjusted profit outlook between $12.00 and $13.50 per share.
Total first-quarter revenue was $2.05 billion. Analysts had expected revenue of $2.1 billion, as per LSEG data.
(Reporting by Aishwarya Jain in Bengaluru; Editing by Sriraj Kalluvila)
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