We are in the middle of the latest quarterly earnings reporting period for publicly-traded companies. Here’s a rundown of financials from distributors and major industrial suppliers:
Workflow solutions provider Fortive reported earnings of $1.46 billion for the second quarter of 2022, an increase of 11% compared to the same period in 2021. Its operating profit came out to $232 million.
“Strong broad-based execution across our businesses resulted in better-than-expected revenue and adjusted earnings per share growth and outstanding margin expansion and cash flow generation in the second quarter,” said James A. Lico, Fortive’s president and CEO. “In addition, we saw continued robust orders and software annual recurring revenue growth, reflecting our leading positions in critical industrial workflow solutions and our more resilient and diversified product portfolio.”
“International Paper delivered strong revenue and earnings growth in the second quarter,” said Mark Sutton, chairman and CEO. “We performed well both commercially and operationally, which contributed to margin expansion despite a challenging supply chain and input cost environment. Looking ahead to the third quarter, we expect the realization of prior price movements to outpace higher input costs.”
Industrial automation and digital transformation company Rockwell Automation reported fiscal 2022 third-quarter sales of $1.96 billion, up 6.5% from roughly $1.85 billion in the third quarter of fiscal 2021. Fiscal 2022 3Q net income attributable to Rockwell was $298 million or $2.55 per share, compared to $271 million or $2.32 per share in the third quarter of fiscal 2021, the company said.
“Rockwell delivered a strong quarter, both on top line and bottom line, with Adjusted EPS growing over 15% year over year,” said Blake Moret, chairman and CEO. “Our continued order strength reflects the value our customers place on Rockwell’s differentiated offerings and the increased need for automation solutions. This, coupled with gradually improving supply chain, strong operating performance, and price/cost execution resulted in exceptional earnings in the quarter.”
North Canton, Ohio-based bearings maker Timken reported 2Q 2022 net profit of $1.15 billion on July 28, an 11% increase from the same period last year when it reported $1.06 billion. Its operating income was $176 million.
“In the second quarter, Timken once again demonstrated the strength and resiliency of our business, as we delivered double-digit organic revenue growth, expanded operating margins and achieved record earnings per share,” said Richard Kyle, Timken president and CEO. “Timken’s strong results reflect our team’s relentless efforts to meet the needs of our customers, offset the impact of cost increases and execute the company’s strategic initiatives. Through our disciplined capital allocation and investment in outgrowth initiatives, the business is well positioned for continued success.”
Bloomfield Hills, Michigan-based manufacturer TriMas reported 2Q 2022 net sales of $237.7 million, an increase of 8.5% compared to the same period in 2021. TriMas said it increased 2Q 2022 operating profit by 16.8% to $29.9 million and adjusted operating profit by 7.2% to $32.1 million.
“During the second quarter, our team delivered sales growth of 8.5% and adjusted diluted EPS(2) of $0.60, in line with our expectations,” said Thomas Amato, TriMas president and CEO. “Like many companies, TriMas was not immune to the impacts of production labor availability, supply challenges and inflationary effects, as well as an extremely dynamic demand environment. We continue to leverage the TriMas Business Model, remaining flexible and adjusting our capacity in our operations when demand for various product lines differs from our planning models.”