Q4 2024 Rockwell Automation Inc Earnings Call Transcript
Key Points
- Rockwell Automation Inc (ROK) achieved double-digit growth in annual recurring revenue, now accounting for 10% of total revenue, up from 4% in 2018.
- The company realized $110 million in cost reductions in the second half of fiscal year 2024, exceeding their target by $10 million.
- Rockwell Automation Inc (ROK) reported strong performance in North America, with sequential orders growth in the region.
- The company secured strategic wins, including a significant project with Ford Motor Company and a strategic win at NTT for data center power needs.
- Rockwell Automation Inc (ROK) is expanding its market through recent acquisitions, contributing to growth in areas like data center power needs and cybersecurity.
- Rockwell Automation Inc (ROK) experienced a 21% decline in Q4 sales compared to the previous year, attributed to difficult year-over-year comparisons and lingering channel destocking effects.
- Orders were down low single digits sequentially in Q4, contrary to expectations for low single-digit improvement.
- The company anticipates a high single-digit decline in Q1 sales due to typical seasonality and slower orders in Q4.
- Segment margins decreased year-over-year, with Intelligent Devices and Software & Control segments experiencing significant margin declines.
- Rockwell Automation Inc (ROK) faces continued project delays across several end markets, impacting sales growth projections for fiscal year 2025.
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. (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.
Thank you, Julianne. Good morning, and thank you for joining us for Rockwell Automation's Fourth Quarter Fiscal 2024 Earnings Release Conference Call. With me today is Blake Moret, our Chairman and CEO; and Christian Rothe, 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
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