Rockwell Automation Inc. ( ROK Quick Quote ROK - Free Report) announced that it entered an agreement with the creator of the sustainable air core motor, Infinitum, to develop and distribute a new highly efficient, integrated low-voltage drive and motor technology. This technology will significantly lower energy consumption and expenses for industrial customers globally. The partnership will also assist the companies in reducing their carbon footprints and becoming more sustainable. The companies intend to combine Rockwell’s market-leading PowerFlex drive technology with Infinitum’s high-efficiency Aircore EC motor system to create a powerful package that is 50% smaller and lighter than standard iron core motors, uses 66% less copper, and consumes 10% less energy. The integrated variable frequency drives and motors will be available through Rockwell Automation and its partners in late 2024. Rockwell Automation and Infinitum have been working together since 2021. Rockwell Automation initially invested in Infinitum as part of the company’s Series C funding. Extending the partnership generates new customer channels for its sustainable motors, which can power the world with less energy, material and waste. Rockwell Automation is poised to benefit from broadening its portfolio of hardware and software products, solutions, and services. It is also gaining traction from investments in the cloud. In the third quarter of fiscal 2023, the company reported adjusted earnings per share of $3.01, missing the Zacks Consensus Estimate of $3.19. However, the bottom line improved 13.2% year over year on higher sales. Total revenues were $2,239 million, up 13.7% from the prior-year quarter. The top line missed the Zacks Consensus Estimate of $2,295 million. Price Performance
In the past year, Rockwell Automation’s shares have gained 20.7% compared with the
industry’s growth of 16.4%.
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Rockwell Automation currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Industrial Products sector are Caterpillar Inc. ( CAT Quick Quote CAT - Free Report) , Astec Industries, Inc. ( ASTE Quick Quote ASTE - Free Report) and Eaton Corporation plc. ( ETN Quick Quote ETN - Free Report) . CAT and ASTE sport a Zacks Rank #1 (Strong Buy), and ETN has a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here. Caterpillar has an average trailing four-quarter earnings surprise of 18.5%. The Zacks Consensus Estimate for CAT’s 2023 earnings is pegged at $19.81 per share. The consensus estimate for 2023 earnings has moved north by 11.4% in the past 60 days. Its shares gained 51.6% in the last year. Astec has an average trailing four-quarter earnings surprise of 20%. The Zacks Consensus Estimate for ASTE’s 2023 earnings is pegged at $2.81 per share. The consensus estimate for 2023 earnings has moved 4% north in the past 60 days. ASTE’s shares gained 22.8% in the last year. The Zacks Consensus Estimate for Eaton’s 2023 earnings per share is pegged at $8.80. The consensus estimate for 2023 earnings has moved 4% north in the past 60 days. It has a trailing four-quarter average earnings surprise of 3%. Shares of ETN rallied 68.8% in the last year.