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- Rockwell Automation (NYSE:ROK) reported third-quarter sales growth of 6.5% year-over-year to $1.97 billion, +7.1% organic basis, missing the consensus of $2 billion. Total orders were up 17% Y/Y.
- Adjusted EPS improved to $2.66 from $2.31 in 3Q21, above the consensus of $2.39.
- Sales by Segments: Intelligent Devices $878.3 million (-0.5% Y/Y); Software & Control $606.9 million (+19.1% Y/Y) and Lifecycle Services $483.5 million (+6.1% Y/Y).
- The gross margin was 40.8%, down by 60 bps from a year ago.
- Total segment operating earnings were $409 million (+11% Y/Y), and the segment operating margin was 20.8% compared to 19.9% a year ago.
- The pre-tax margin was 17.5% compared to 17% in the same period last year.
- Total ARR grew 59% Y/Y, and organic ARR grew 18% Y/Y.
- Return on invested capital was 12.8% compared to 40.4% in 3Q21.
- ROK repurchased ~0.8 million shares for $176 million during the quarter. At June 30, 2022, $1.3 billion remained under the existing authorization.
- Rockwell’s cash provided by operating activities year-to-date totaled $423.7 million, compared to $1.06 billion a year ago.
- FY22 Guidance: ROK sees sales growth of 10.5% - 12.5% with organic growth of 10% - 12% versus prior expectation of 11% - 15% and 10% - 14%, respectively.
- It sees EPS of $7.74 - $8.14 (prior $7.60 - $8.20) and Adjusted EPS of $9.30 - $9.70 (prior $9.20 - $9.80), vs. a consensus of $9.28.
- Price Action: ROK shares are trading higher by 7.73% at $236.39 on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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