Rockwell Automation (NYSE:ROK) shares slipped 9% to $307.58 in late-morning trading on Tuesday after the company reported third-quarter 2023 financial results that fell short of analyst expectations and cut its sales guidance for the year on supply chain issues linked to a new US distribution center.
Rockwell said it now expects 2023 sales growth of 14% to 16%, down from its previous outlook of a 16.5% increase.
The company earned $3.01 per share on an adjusted basis in 3Q, missing the average analyst estimate of $3.17 per share, based on Refinitiv data.
Its revenue for the period rose about 14% to $2.24 billion, which was also below the $2.3 billion forecast.
"We made a change in our US distribution center that added capacity to support higher revenue in fiscal Q4 and beyond," Rockwell Automation (NYSE:ROK) CEO Blake Moret said in a statement.
"This transition impacted the timing of shipments within the second half of the fiscal year," he added.
Shares of Rockwell Automation have gained 17% year to date.
Contact Sean at sean@proactiveinvestors.com