Rockwell Automation Q2 Earnings Top Estimates On Higher Sales Volume; Boosts FY23 Forecast

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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