Rockwell Automation, Inc. ( ROK Quick Quote ROK - Free Report) announced a strategic collaboration with Avid Solutions. The companies intend to assist their clients in producing green hydrogen more efficiently and rapidly. The hydrogen economy represents an enormous shift in industrial manufacturing, power generation, mobility and societal climate change challenges. Several factors have led to favorable conditions for the H2 economy to expand fast. Producers want competent partners to assist them in successfully using technology and navigating project execution, while managing the risks involved. ROK's collaboration with Avid positions them well to capitalize on this demand. Avid is well-suited to partner with Rockwell Automation, having spent more than three decades in the process industries and aiding OEMs in growing. Avid also has an in-depth knowledge of Rockwell Automation's portfolio as a PartnerNetwork Gold System Integrator partner. Rockwell Automation has been gaining from its investments in technology over the past decade. It continues to win expansion projects with its flexible material handling technology and digital twin software in e-commerce and warehouse automation. The company is expanding its capacity in semiconductor applications with chip-making machinery, material handling equipment and building management systems at the world’s largest semiconductor capital equipment companies. ROK reported adjusted earnings per share of $3.01 in second-quarter fiscal 2023 (ended Mar 31, 2023), surpassing the Zacks Consensus Estimate of $2.62. The bottom line surged 81% year over year on higher sales volume and positive price/costs. Total revenues were $2,275 million, up 26% from the prior-year quarter. The top line beat the Zacks Consensus Estimate of $2,083 million. Backed by solid backlog levels and performance in the first half of fiscal 2023, as well as improvement in the availability of electronic components, Rockwell Automation expects sales growth of 12.5-16.5% for fiscal 2023. Adjusted earnings per share for fiscal 2023 are expected between $11.50 and $12.20. Price Performance
In the past year, Rockwell Automation’s shares have gained 28.4% compared with the
industry’s growth of 24.2%.
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Rockwell Automation currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the Industrial Products sector are Worthington Industries, Inc. ( WOR Quick Quote WOR - Free Report) , The Manitowoc Company, Inc. ( MTW Quick Quote MTW - Free Report) , and Pentair plc ( PNR Quick Quote PNR - Free Report) . WOR and MTW flaunt a Zacks Rank #1 (Strong Buy) at present, and PNR has a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here. Worthington Industries has an average trailing four-quarter earnings surprise of 27.5%. The Zacks Consensus Estimate for WOR’s fiscal 2023 earnings is pegged at $4.93 per share. The consensus estimate for 2023 earnings has moved north by 17.7% in the past 60 days. Its shares gained 23% in the last year. Manitowoc has an average trailing four-quarter earnings surprise of 38.8%. The Zacks Consensus Estimate for MTW’s 2023 earnings is pegged at 85 cents per share. The consensus estimate for 2023 earnings has moved 63.5% north in the past 60 days. MTW’s shares gained 13% in the last year. The Zacks Consensus Estimate for Pentair’s 2023 earnings per share is pegged at $3.66, up 3% in the past 60 days. It has a trailing four-quarter average earnings surprise of 7.2%. PNR gained 13.9% in the last year.