Rockwell Automation Inc. (ROK) Q2 2023 Earnings Call Transcript

Rockwell Automation Inc. (NYSE:ROK) Q2 2023 Results Conference Call April 27, 2023 8:30 AM ET

Company Participants

Aijana Zellner - Head of IR

Blake Moret - Chairman and CEO

Nick Gangestad - CFO

Conference Call Participants

Andy Kaplowitz - Citigroup

Josh Pokrzywinski - Morgan Stanley

Andrew Obin - Bank of America

Julian Mitchell - Barclays

Steve Tusa - JPMorgan

Nigel Coe - Wolfe Research

Rob Mason - Baird

Phil Buller - Berenberg

Jairam Nathan - Daiwa

Operator

Thank you for holding, and welcome to Rockwell Automation Quarterly Conference Call. I need to remind everyone that today's conference call is being recorded. Later in the call we will open up the lines for your questions. [Operator Instructions]

At this time, I would like to turn the call over to Aijana Zellner, Head of Investor Relations and Market Strategy. Ms. Zellner, please go ahead.

Aijana Zellner

Thank you, Julian. Good morning, and thank you for joining us for Rockwell Automation's second quarter fiscal 2023 earnings release conference call. With me today is Blake Moret, our Chairman and CEO; and Nick Gangestad, our CFO. Our results were released earlier this morning, and the press release and charts have been posted to our website. Both the press release and charts include and our call today will reference non-GAAP measures.

Both the press release and charts include reconciliations of these non-GAAP measures. A webcast of this call will be available on our website for replay for the next 30 days. For your convenience, a transcript of our prepared remarks will also be available on our website at the conclusion of today's call.

Before we get started, I need to remind you that our comments will include statements related to the expected future results of our company and are, therefore, forward-looking statements. Our actual results may differ materially from our projections due to a wide range of risks and uncertainties that are described in our earnings release and details in all our SEC filings.

And with that, I’ll hand over to the Blake.

Blake Moret

Thanks Aijana. And good morning everyone. Thank you for joining us today. Let's turn to our second quarter results on Slide 3. We had an outstanding quarter of strong growth in both sales and earnings. Our double-digit sales and margin growth continue to reflect Rockwell's strong execution and focus on business resiliency as well as overall improvement in electronic component availability. The demand for our differentiated offerings continue to be strong even in this uncertain economic environment. Through the first half of this fiscal year, our total orders were $4.8 billion, spread evenly between the 2 quarters once we adjust for the estimated price-related pull forward in our fiscal Q1. As expected, our order cancellation rates remain in the low single digits through April.