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    Rockwell Automation Inc (ROK)

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    Business Description

    Rockwell Automation, Inc. is the world's largest company dedicated to industrial automation and digital transformation, operating through three main segments: Intelligent Devices, Software & Control, and Lifecycle Services. The company sells a range of products and services, including industrial components, control and visualization software, and digital consulting, primarily through independent distributors and a direct sales force . Revenue is generated from product sales recognized at a point in time and solutions and services recognized over time .

    1. Intelligent Devices - Offers products such as drives, motion, advanced material handling, safety, sensing, industrial components, and configured-to-order products.
    2. Software & Control - Provides control and visualization software and hardware, digital twin, simulation and information software, and network and security infrastructure.
    3. Lifecycle Services - Delivers digital consulting, professional services including engineered-to-order solutions, recurring services like cybersecurity, safety, remote monitoring, and asset management, and includes the Sensia joint venture.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Blake D. MoretChairman of the Board, President and Chief Executive OfficerJuly 1, 2016Blake D. Moret has been serving as the Chairman of the Board since January 1, 2018, and as the President and CEO since July 1, 2016. He began his career with the company as a sales trainee in 1985 .
    Matheus De A G Viera BulhoSenior Vice President, Software and ControlApril 1, 2024Matheus De A G Viera Bulho has been in this role since April 1, 2024. He previously served as Vice President and General Manager, Production Automation from April 2021 to April 2024 .
    Robert L. ButtermoreSenior Vice President and Chief Supply Chain OfficerFebruary 13, 2023Robert L. Buttermore has been serving in this role since February 13, 2023. He was previously the Vice President and General Manager of the Power Control Business from July 2018 to February 2023 .
    Matthew W. FordenwaltSenior Vice President, Lifecycle ServicesJune 1, 2023Matthew W. Fordenwalt has held this position since June 1, 2023. He was previously Vice President and General Manager of the Systems and Solutions Business from April 2019 to June 2023 .
    Scott A. GenereuxSenior Vice President and Chief Revenue OfficerFebruary 1, 2021Scott A. Genereux has been serving in this role since February 1, 2021. Before joining Rockwell Automation, he was the Executive Vice President of Worldwide Field Operations at Veritas from 2017 to 2020 .
    Rebecca W. HouseSenior Vice President, Chief People and Legal Officer, SecretaryJanuary 3, 2017Rebecca W. House has been serving in this role since January 3, 2017, and took on the additional role of Chief People Officer in July 2020 .
    Veena M. LakkundiSenior Vice President, Strategy and Corporate DevelopmentNovember 1, 2021Veena M. Lakkundi has been serving in this role since November 1, 2021. She previously held various positions at 3M Company, including Senior Vice President, Strategy & Business Development .
    John M. MillerVice President and Chief Intellectual Property CounselNovember 1, 2022John M. Miller has held this position since at least November 1, 2022. His age as of November 1, 2024, is 57 .
    Tessa M. MyersSenior Vice President of Intelligent DevicesJune 6, 2022Tessa M. Myers has held this position since June 6, 2022. She previously served as Vice President and General Manager of Production Operations Management from April 2021 to June 2022 .
    Christopher NardecchiaSenior Vice President and Chief Information OfficerNovember 1, 2017Christopher Nardecchia has held this position since November 1, 2017 .
    Cyril P. PerducatSenior Vice President and Chief Technology OfficerJuly 1, 2021Cyril P. Perducat has been serving in this role since July 1, 2021. He was previously the Executive Vice President at Schneider Electric .
    Terry L. RiestererVice President and ControllerNovember 29, 2019Terry L. Riesterer has been serving in this role since November 29, 2019. He was previously the Vice President of Corporate Financial Planning and Analysis and Corporate Development from August 2016 to November 2019 .
    Christian E. RotheSenior Vice President and Chief Financial OfficerAugust 19, 2024Christian E. Rothe began his role on August 19, 2024. Prior to joining Rockwell Automation, he served as President of the Global Industrial Division at Graco Inc. .
    Isaac R. WoodsVice President and TreasurerOctober 1, 2020Isaac R. Woods has been serving in this role since October 1, 2020. He was previously the Director of Finance for the Power Control Business from March 2019 to October 2020 .

    Questions to Ask Management

    1. Your organic sales CAGR has recently been negative mid-single-digit, far below your mid- to high single-digit target; how do you plan to return to positive growth without heavier investment, and are you confident you can achieve this?
    2. With the significant sequential revenue decline expected in Intelligent Devices from Q4 to Q1, much larger than past declines, can you elaborate on the specific drivers of this step down and its implications for future performance?
    3. Given the shift in capital expenditure towards electronic components like chips and larger electrical equipment, is the content for automation industries lower in these products, and how is Rockwell positioned to compete effectively in these new verticals?
    4. Despite winning new capacity projects, it appears that the mega projects are slow to convert into orders; what is causing these delays, and how confident are you in your expectation of increased orders during fiscal year 2025?
    5. As competition intensifies in the U.S. market, especially with competitors expanding their footprint, what strategies are you implementing to defend your market share in the Americas and ensure continued growth?

    Share Repurchase Program

    Program DetailsProgram 1Program 2
    Approval DateMay 2, 2022 September 11, 2024
    End Date/DurationN/AN/A
    Total Additional Amount$1.0 billion $1.0 billion
    Remaining Authorization$346.1 million $1.0 billion
    DetailsDiscretionary repurchase Discretionary repurchase

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate% of Total Debt
    2024$657.0Commercial Paper5.14%22.9% = (657.0 / 2,868.7) * 100
    2024$70.0Line of Credit6.17%2.4% = (70.0 / 2,868.7) * 100
    2025$301.92.875% Notes2.875%10.5% = (301.9 / 2,868.7) * 100
    2025$23.5SLB LoanN/A0.8% = (23.5 / 2,868.7) * 100
    2025$18.8SLB Loan (Extended)N/A0.7% = (18.8 / 2,868.7) * 100
    2028$250.06.70% Debentures6.70%8.7% = (250.0 / 2,868.7) * 100
    2029$425.03.50% Notes3.50%14.8% = (425.0 / 2,868.7) * 100
    2031$450.01.75% Notes1.75%15.7% = (450.0 / 2,868.7) * 100
    2037$250.06.25% Debentures6.25%8.7% = (250.0 / 2,868.7) * 100
    2049$575.04.20% Notes4.20%20.0% = (575.0 / 2,868.7) * 100
    2061$450.02.80% Notes2.80%15.7% = (450.0 / 2,868.7) * 100
    2098$200.05.20% Debentures5.20%7.0% = (200.0 / 2,868.7) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Siemens AG
    • ABB Ltd
    • Schneider Electric SA
    • Emerson Electric Co.
    • Mitsubishi Electric Corp.
    • Honeywell International Inc.
    • AVEVA Group plc
    • Dassault Systemes
    • Aspen Technology, Inc.

    Auditor

    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP1967PresentCurrent auditor