Home Insider Only Rockwell reports increased orders in Q1

Rockwell reports increased orders in Q1

Industry recovering faster than expected, CEO says

By

Brandon Anderegg

-

Jan 26, 2021 2:15 pm

Rockwell Automation chairman and CEO Blake Moret

Rockwell Automation chairman and CEO Blake Moret

Milwaukee-based Rockwell Automation has seen a broad-based increase in demand and total orders have returned to pre-pandemic levels, chairman and CEO Blake Moret said Tuesday. The company did see revenue decline 7.1% year-over-year in its first fiscal quarter, but the increase in orders exceeded expectations and Rockwell increased its guidance for the rest of the

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Milwaukee-based Rockwell Automation has seen a broad-based increase in demand and total orders have returned to pre-pandemic levels, chairman and CEO Blake Moret said Tuesday. The company did see revenue decline 7.1% year-over-year in its first fiscal quarter, but the increase in orders exceeded expectations and Rockwell increased its guidance for the rest of the fiscal year. The maker of industrial automation equipment and technology said in November that it expected organic revenue to increase between 3.5% and 6.5%. On Tuesday, the company raised that guidance to between 4.5% and 7.5%. "The recovery in manufacturing is happening at a much faster pace than we were anticipating, with our total orders exceeding pre-pandemic levels,” Moret said. “Demand was especially strong for Intelligent Devices and Information Solutions, which is expected to drive higher growth for the balance of the year. We continue to increase capacity and are expanding our manufacturing workforce to meet this sharp uptick in demand.” Rockwell reported a fiscal 2021 first quarter income of $593.3 million or $5.06 per share, compared to $310.7 million or $2.66 per share in first quarter of fiscal 2020. Rockwell also reported receiving a $70 million settlement stemming from a lawsuit filed in 2015. Radweell International was held liable for trademark infringement and false advertising relating to its resale of Rockwell products, Moret said. “We are using a portion of the gain that resulted from this ruling to make additional investments this year,” Moret said. “This includes investments to pull forward key software product launches, which will increase recurring revenue in fiscal 2022 and beyond, as well as sustainability-related investments to drive our ESG goals.” The company announced two additions to its executive leadership team, naming Scott Genereux senior vice president and chief revenue officer and Brian Shepherd senior vice president, Software and Control. Genereux will have global responsibility for total revenue performance and will oversee Rockwell’s global sales and marketing strategy with a focus on increasing software sales and annual recurring revenue. Shepherd will lead the operating segment that includes control and visualization software and hardware, information software and network and security infrastructure. “We continue to expand our capabilities and software expertise, as demonstrated by our recent acquisitions and today's announcement about additions to my leadership team,” Moret said in a statement. “As the world recovers, the strong demand we are seeing is testament to our value helping customers increase their resilience, agility, and sustainability.” Check out the latest digital edition of STUFF Designed, Made and Built in Southeast Wisconsin:

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