Rockwell Automation (NYSE:ROK) reported net loss of $ 236.4 million or per share of $ 1.84 for the first quarter.
The company delivered sales of $ 1.59 billion for the same period representing year-over-year growth of 7 percent that fell shy of street analysts expectation by $ 13 million.
However, on an adjusted basis, Rockwell Automation reported adjusted net income of $ 1.96 a share for the same period that exceeded market expectations.
Analysts polled by Thomson Reuters expected Rockwell Automation to report income of $ 1.74 per share on revenue of $ 1.60 billion for the first quarter. Analysts estimate normally exclude one time gain or loss.
Blake D. Moret, Chairman and CEO, said, We had a good start to the fiscal year, with more than five percent organic sales growth in the first quarter. Growth continued to be broad-based across geographies. Heavy industry verticals performed well, supported by recovery in oil and gas.
Moret continued, As a result of our strong first quarter and a lower tax rate for the year, we are increasing our full year Adjusted EPS guidance. We are also increasing investments in fiscal 2018 in order to accelerate profitable growth and other long-term objectives.
For the full year 2018, ROK expects adjusted earnings in the range of $ 7.60 – $ 7.90 per diluted share.