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Rockwell Automation Inc ROK

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The Story for Rockwell’s Fiscal Q4 Was Its Strong 2022 Guide; We Raise our FVE

Joshua Aguilar Equity Analyst

Analyst Note

| Joshua Aguilar |

Wide-moat-rated Rockwell Automation had a decent fiscal fourth quarter that nonetheless underperformed our prior expectations. Sales in the fourth quarter totaled $1.81 billion against our expectations of $1.92 billion. Segment operating margins also slipped under what we were forecasting. Those margins came in at 17.9% for the quarter relative to our prior expectations of 18.2%. However, adjusted EPS during the quarter came in at $2.33, only marginally below our expectations of $2.36. Finally, full-year free cash was well below our expectations, clocking in at $1.22 billion.

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Company Profile

Business Description

Rockwell Automation is a pure-play automation competitor that is the successor entity to Rockwell International, which spun off its former Rockwell Collins avionics segment in 2001. As of fiscal 2021, the firm operates through three segments--intelligent devices, software and control, and lifecycle services. Intelligent devices contains its drives, sensors, and industrial components, software and control contains its information and network and security software, while lifecycle services contains its consulting and maintenance services as well as its Sensia JV with Schlumberger.

1201 South Second Street
Milwaukee, WI, 53204
T +1 414 382-2000
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Sep 30, 2021
Fiscal Year End Sep 30, 2022
Stock Type Cyclical
Employees 24,500