Rockwell Automation, Inc.'s (ROK) Q3 2022 Earnings Call Transcript

For the period ending June 30, 2022

July 27, 2022 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Thank you for holding and welcome to Rockwell Automation's 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 questions.

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

Aijana Zellner – Head of IR

Thanks Rex. Good morning. Thank you for joining us for Rockwell Automation’s third quarter fiscal 2022 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 detailed in all our SEC filings.

So with that, I'll hand it over to Blake.

Blake Moret – Chairman and CEO

Thanks Aijana, and good morning, everyone. Thank you for joining us today. I want to also take this opportunity to congratulate Aijana on her promotion since our last earnings call. Let's turn to our third quarter results on Slide 3. We had a strong quarter with orders, shipments, margin, and profit, all at or above our expectations. We successfully navigated supply chain disruptions in a still volatile environment. And we saw the positive impact of pricing actions that demonstrate our strong position in the market.

Total orders grew over 17% versus prior year with strong demand in all three business segments. Our continued orders strength reflects the value our customers place on Rockwell's differentiated offerings and the increased need for automation solutions regardless of the current macroeconomic backdrop. Total revenue of almost $2 billion was up 6.5% year-over-year. Organic sales came in as expected and grew over 7% versus prior year. Acquisitions contributed 2.5 points of growth.