Rockwell Automation Inc. ROK announced a strategic collaboration with NVIDIA NVDA to accelerate a next-generation industrial architecture. This move will accelerate the future of industrial operations and create value across Rockwell Automation’s portfolio of software, hardware and services.
ROK intends to transform the industry by designing the factory of the future, making it easier for automation customers to digitize industrial processes. Rockwell Automation plans on integrating NVIDIA Omniverse Cloud APIs with its Emulate3D digital twin application. This will enable factory analysis, including operations and simulation, to be quicker and more predictive than ever.
As part of this partnership, NVIDIA has joined the Rockwell Automation PartnerNetwork, allowing customers to use their applications to improve resilience, agility and sustainability.
The companies will gain from the increased demand for faster computing, which is required to develop, simulate and run large-scale digital twins. A labor shortage and a need for greater efficiency are driving massive demand for intelligent automation and robots in manufacturing and logistics.
Rockwell Automation is poised well to benefit from broadening its portfolio of hardware and software products, solutions, and services. It is also gaining traction from investments in the cloud.
ROK expects adjusted EPS of $12.00-$13.50 for fiscal 2024. The mid-point indicates year-over-year growth of 5%. The company expects to report sales growth of 0.5-6.5%. Organic sales growth is forecast between negative 2.0% and positive 4.0%.
Price Performance
In the past year, Rockwell Automation’s shares have gained 1.7% compared with the industry’s 0.9% growth.
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Zacks Rank & Stocks to Consider
Rockwell Automation currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Industrial Products sector are Cadre Holdings, Inc. CDRE and Proto Labs, Inc. PRLB. CDRE currently sports a Zacks Rank #1 (Strong Buy) and PRLB carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Cadre Holdings’ 2024 earnings is pegged at $1.15 per share. The consensus estimate for 2024 earnings has moved 6% north in the past 60 days and suggests year-over-year growth of 16.7%. The company has a trailing four-quarter average earnings surprise of 33%. CDRE shares have gained 72% in the past year.
The Zacks Consensus Estimate for Proto Labs’ 2024 earnings is pegged at $1.62 per share. The consensus estimate for 2024 earnings has moved 11% north in the past 60 days and suggests year-over-year growth of 1.9%. The company has a trailing four-quarter average earnings surprise of 42.2%. PRLB shares have gained 15.7% in the past year.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
