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

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.

Related Posts

Share this article

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.

Learn More about Custom Reports

Request a Market Prospector Demo

  • This field is for validation purposes and should be left unchanged.

Get the MDM Update Newsletter

Wholesale distribution news and trends delivered right to your inbox.

Sign-up for our free newsletter and get:

  • Up-to-date news in a quick-to-read format
  • Free access to webcasts, podcasts and live events
  • Exclusive whitepapers, research and reports
  • And more!