On Jan. 26, industrial automation and digital transformation manufacturer Rockwell Automation reported its fiscal 2023 first-quarter earnings for the 2022 October-December period and raised its outlook despite a quarterly slowdown in revenue growth.

Fiscal 1Q sales were $1.98 billion, up 6.7% from in the first quarter of fiscal 2022, while organic sales increased 9.9%. That’s considerably down sequentially from 4Q22, however, when total sales were up 17.6% and organic sales were up 20.5%.

Still, Rockwell updated its 2023 outlook from 7.5-11.5% in reported sales growth after its fiscal 4Q to 10-14% now after 1Q23. The company also updated organic sales growth from 9-13% to 11-15%. The updated guidance “assumes a gradually improving supply chain environment,” Rockwell said in its earnings announcement.

“Our strong execution and continued focus on supply chain resiliency helped Rockwell exceed our expectations in the quarter, with earnings growing double digits year over year,” said Blake Moret, Chairman and CEO. “In addition to a gradually improving supply chain environment, we are encouraged by the continued strength of our customers’ demand across all business segments and regions.”

Fiscal 2023 1Q net income attributable to Rockwell was $384 million or $3.31 per share, compared to $242 million or $2.05 per share in the first quarter of fiscal 2022.