Rockwell Automation Inc (ROK, Financial) released its earnings report for the fourth quarter and full year of fiscal 2023 on November 2, 2023. The company reported a 20.5% increase in Q4 sales and a 16.7% increase in full year sales. Full year fiscal 2023 diluted EPS was $11.95 and adjusted EPS was $12.12, marking a 50% and 28% increase year over year, respectively.
Financial Performance
Rockwell Automation Inc (ROK, Financial) reported Q4 sales of $2,563 million, up 20.5% compared to $2,126 million in the fourth quarter of fiscal 2022. Organic sales increased 17.7%, currency translation increased sales by 1.4%, and acquisitions increased sales by 1.4%. The company's net income attributable to Rockwell Automation was $303 million or $2.61 per share, compared to $338.9 million or $2.91 per share in the fourth quarter of fiscal 2022.
Full Year Financial Results
For the full fiscal year 2023, sales were $9,058 million, up 16.7% from $7,760 million in fiscal 2022. Organic sales increased 16.9%, currency translation decreased sales by 1.4%, and acquisitions increased sales by 1.2%. Net income attributable to Rockwell Automation was $1,387 million or $11.95 per share, compared to $932 million or $7.97 per share in fiscal 2022.
Fiscal Year 2024 Outlook
For fiscal 2024, Rockwell Automation Inc (ROK, Financial) projects reported sales growth of 0.5% - 6.5% and organic sales growth of (2.0)% - 4.0%. The company expects diluted EPS to range from $11.49 - $12.99 and adjusted EPS to range from $12.00 - $13.50.
CEO Commentary
Our strong execution and continued improvement in lead times helped us deliver over 20% year-over-year growth in both sales and earnings this quarter, with double-digit sales growth in all regions and business segments. Rockwell’s resilient operating model, continued investments in new ways to win, and customer-focused culture enabled us to significantly exceed our full-year FY23 growth and performance targets,” said Blake Moret, Chairman and CEO.
Conclusion
Rockwell Automation Inc (ROK, Financial) demonstrated strong financial performance in fiscal 2023, with significant growth in sales and earnings. The company's robust operating model and strategic investments have contributed to its success, and it is well-positioned for continued growth in fiscal 2024.
Explore the complete 8-K earnings release (here) from Rockwell Automation Inc for further details.
