Rockwell Automation, Inc. (ROK) Q4 2022 Earnings Call Transcript

For the period ending September 30, 2022

November 2, 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 line for questions.

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

Aijana Zellner – Head of IR

Thank you, Julianne. Good morning. Thank you for joining us for Rockwell Automation’s Fourth 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 in 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 and 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. Let’s turn to our fourth quarter results on Slide 3. We had a great finish to the fiscal year and delivered very strong operating performance. I’m proud of how our teams navigated this challenging year with continued supply chain volatility, significant inflation and currency headwinds. Our Q4 results were in line with our expectations with organic sales and earnings, both growing double-digits year-over-year and sequentially.

Orders came in as expected in the quarter. Our record backlog, along with very low order cancellation rates reflect the continued solid underlying demand from our customers across many industries and regions. Total revenue of over $2.1 billion was up 17.6% year-over-year. Organic sales grew 20.5% versus prior year in line with our expectations. Acquisitions contributed almost two points of growth this quarter.