Rockwell Automation Q1 Earnings Top Estimates; Boosts FY23 Forecast

Rockwell Automation Inc ROK reported first-quarter FY23 sales growth of 6.7% year-on-year to $1.98 billion, beating the consensus of $1.93 billion. Organic sales increased 9.9%.
Intelligent Devices sales increased 4% to $936 million, Software & Control rose 11.6% to $573 million, and Lifecycle Services climbed 6.4% to $472 million.
Adjusted EPS of $2.46 beat the analyst consensus of $1.88.
Total segment operating earnings rose 12.9% to $401 million, with the margin at 20.2% versus 19.1% a year ago, primarily due to positive price/cost and higher sales volume partially offset by higher investment spend.
The company held $460 million in cash and equivalents as of Dec. 31, 2022. Cash generated by operating activities in the quarter totaled $66.3 million.
Outlook: Rockwell raised its FY23 Adjusted EPS outlook from $10.20 - $11.00 to $10.70 - $11.50 versus an estimate of $10.56.
The company also raised FY23 reported sales growth outlook from 7.5% - 11.5% to 10% - 14%.
Price Action: ROK shares are trading higher by 0.74% at $280.14 on the last check Thursday.
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