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But the Milwaukee-based company still beat Wall Street’s expectations, sending shares up $1.56, or 3.6 percent, to $45.19. The company’s shares have traded in a 52-week range of $40.58 to $74.85.
The company, which provides industrial automation equipment and services to help improve companies’ manufacturing processes, posted profit of $152.6 million, or $1.03 per share, for the period ended June 30.
That was down from profit of $164.2 million, or $1.05 per share, a year ago.
Analysts polled by Thomson Financial expected earnings of 97 cents per share, on average, on revenue of $1.43 billion.
Rockwell also lowered its expectations for its 2008 earnings from $4.25 to $4.45 per share to between $4 and $4.10 per share, chairman and chief executive Keith D. Nosbusch said in a phone interview.
Analysts polled by Thomson Financial expect, on average, earnings of $4.02 per share for the year.
Sales rose 15 percent to $1.48 billion from $1.28 billion, a year earlier.
Nosbusch attributed the earnings drop to less growth than expected in the architecture and software division. The earnings for that segment were down 6.5 percent to $154.7 million, compared to $164.7 million at the same time last year.
Nosbusch said he doesn’t think the company would make up the third quarter losses this year, which is why Rockwell lowered its yearly outlook.
Rockwell will attempt to grow its architecture and software division by increasing business outside the U.S. and focus on growth of the process of producing and packaging products as well as machine builders, he said.
Nosbusch expected flat to single digit growth in that segment and continued strength in the control products and solutions division due to strong industries involving natural resources and oil and gas.
