- Rockwell Automation Inc (NYSE: ROK) reported second-quarter FY23 sales growth of 25.8% year-on-year to $2.28 billion, beating the consensus of $2.10 billion. Organic sales increased 27.3%.
- Adjusted EPS of $3.01 (+81.3%) beat the analyst consensus of $2.61.
- “Our strong sales and margin growth reflect the continued improvement in component availability and our strong execution to deliver critical solutions to our customers,” said Chairman and CEO Blake Moret.
- Segment Details: Intelligent Devices sales increased 26.5% to $1.02 billion, Software & Control rose 38.5% to $741 million, and Lifecycle Services climbed 10% to $511 million.
- Total segment operating earnings were $484 million, up 70.8% Y/Y. Total segment operating margin was 21.3% compared to 15.7%, driven by higher sales volume and positive price/cost.
- The company held $456 million in cash and equivalents as of March 31, 2022.
- Outlook: Rockwell raised its FY23 Adjusted EPS outlook from $10.70 – $11.50 to $11.50 – $12.20 versus an estimate of $11.30.
- The company also raised FY23 reported sales growth outlook from 10% – 14% to 12.5% – 16.5%.
- Price Action: ROK shares are trading higher by 2.36% at $277.18 on the last check Thursday.
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