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UPDATE 1-Rockwell Automation's profit beats on higher demand

(Adds Q1 details, I/B/E/S estimates, forecast and share move)

Jan 24 (Reuters) - Rockwell Automation Inc posted a better-than-expected quarterly profit on Wednesday, driven by higher demand for its factory automation equipment from the oil and gas industry.

Rockwell, which in November rejected a sweetened takeover bid from bigger rival Emerson Electric Co, also raised its fiscal 2018 adjusted profit forecast to $7.60-$7.90 per share, from $7.20-$7.50.

The Milwaukee, Wisconsin-based company said it would increase investments in fiscal 2018 "in order to accelerate profitable growth and other long-term objectives".

Rockwell's shares fell 2 percent in premarket trading.

The company reported a per-share loss of $1.84 for the first quarter ended Dec. 31, compared with a profit of $1.65 per share a year earlier.

The loss was due to charges related to the new U.S. tax code, the company said.

Excluding items, Rockwell earned $1.96 per share, above the average analyst estimate of $1.74 per share, according to Thomson Reuters I/B/E/S.

"Heavy industry verticals performed well, supported by recovery in oil and gas," Chief Executive Blake Moret said in a statement.

Revenue rose 6.5 percent to $1.59 billion. (Reporting by Sanjana Shivdas in Bengaluru; Editing by Maju Samuel)