Rockwell Automation Tightens FY22 Forecast - Update

(RTTNews) - Rockwell Automation, Inc. (ROK), while reporting higher second-quarter results, tightened its fiscal 2022 outlook citing strong demand and record backlog along with its latest view of supply chain constraints.

Blake Moret, Chairman and CEO, said, "We continue to expect strong double-digit year-over-year and sequential sales growth in Q4. However, we are reducing the midpoint of our fiscal year organic growth range to reflect ongoing supply chain volatility in this environment."

For the year, the company now expects earnings per share between $7.74 and $8.14, compared to previous estimate of $7.60 to $8.20.

Adjusted earnings per share are now expected between $9.30 and $9.70, while previous estimate was between $9.20 and $9.80.

On average, 25 analysts polled by Thomson Reuters expect earnings of $9.28 per share for the year. Analysts' estimates typically exclude special items.

Further, the company now projects sales growth of 10.5 percent to 12.5 percent, compared to previous view of 11 percent to 15 percent. Organic sales growth is now expected to be 10 percent to 12 percent, compared to earlier expected 10 percent to 14 percent.