Nov 12 (Reuters) - Shares of Rockwell Automation Inc climbed more than 12% to a near two-year high on Tuesday after the U.S. factory equipment maker easily beat quarterly results and forecast 2020 earnings above estimates.
The company also signaled rising demand for its equipment for electric car production, including a strategic win in North America, details of which it will release at the Investor Day on Nov. 20.
“Rockwell reported unexpectedly strong results driven by core volume while providing substantially better guidance than we believe had been expected,” Gordon Haskett analyst John Inch said.
The Milwaukee, Wisconsin-based company said despite a challenging macro environment its businesses benefited from strong demand, with double-digit growth in mining and oil & gas during the quarter.
Rockwell reported fourth-quarter profit of $2.01 per share, handily beating estimates of $1.92, according to IBES data from Refinitiv.
The company expects 2020 earnings to be in the range of $8.70 to $9.10, well above the average analyst estimate of $8.52.
Shares of the company have risen 19% this year through Monday’s close. (Reporting by Rachit Vats in Bengaluru; Editing by Sriraj Kalluvila)