Rockwell Automation ( NYSE: ROK ) +8.3% in Wednesday's trading after reporting Q3 adjusted earnings that comfortably beat estimates and issuing new upside full-year earnings guidance.
Q3 net income improved to $298M, or $2.55/share, from $271M, or $2.32/share, in the year-ago quarter, citing higher sales, including price increases, lower pension and post-retirement costs; Q3 sales rose 6.5% Y/Y to $1.97B, as organic sales climbed 7.1% and currency translation cut sales by 3.1%.
Rockwell ( ROK ) narrowed adjusted EPS guidance for the full year to $9.30-$9.70 from $9.20-$9.80, now above $9.25 analyst consensus estimate, and forecasts FY 2022 revenue growth of 10.5%-12.5%, translated to $7.73B-$7.87B, in line with $7.77B consensus, with organic sales rising 10%-12%.
"We continue to expect strong double-digit year-over-year and sequential sales growth in Q4," Chairman and CEO Blake Moret said. "However, we are reducing the midpoint of our fiscal year organic growth range to reflect ongoing supply chain volatility in this environment."
Rockwell Automation's ( ROK ) stock price return shows a 30% YTD decline and a 20% loss during the past year .
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Rockwell Automation rockets higher as updated guidance tops estimates