Rockwell Automation Grew Sales 25.8% in Fiscal 2Q - Modern Distribution Management

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Rockwell Automation Grew Sales 25.8% in Fiscal 2Q

The industrial automation manufacturer saw explosive sales growth in 2Q compared to 1Q.
Rockwell Automation HQ

Milwaukee, Wisconsin-based Rockwell Automation, a manufacturer of industrial automation technology, reported its fiscal second-quarter earnings for the 2023 January-March period on April 27, showing explosive sales growth compared to fiscal 1Q.

Rockwell posted 2Q sales of $2.28 billion, up 25.8% year-over-year. Organic sales increased 27.3%; foreign currency translation had a negative impact of 2.8% on sales, but was partially offset by a 1.3% boost from acquisitions. Net income attributable to Rockwell was $300 million, an increase of 463% from $53.9 million in 2Q22, primarily driven by higher sales and higher pre-tax margin, the company said.

2Q sales of $2.28 billion were up sequentially from Rockwell’s 1Q sales of $1.98 billion, while 2Q sales growth of 25.8% was a significant increase compared to 1Q’s 6.7% growth.

“We had another quarter of outstanding performance on both topline and bottom line, with sales up over 25% year over year,” Rockwell Chairman and CEO Blake Moret said in a news release. “Our strong sales and margin growth reflect the continued improvement in component availability and our strong execution to deliver critical solutions to our customers.”

Rockwell has updated its 2023 outlook for a second straight quarter, now forecasting sales growth of 12.5-16.5% for the full year as opposed to the 10-14% it projected following 1Q. The company also updated organic sales growth from 11-15% to 13-17%. The updated guidance reflects “first half performance and record backlog” and assumes “continued improvement in electronic component availability,” according to Rockwell.

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