Rockwell Automation quarterly earnings beat estimates as the benefits of reshoring manufacturing capacity and the rise of electric vehicles overwhelmed any headwinds from a weakening economy .

Thursday, the industrial automation giant reported fiscal first-quarter earnings per share of $2.46 from sales of $2 billion. Wall Street was looking for $1.88 a share and $1.9 billion in sales.

Looking ahead, Rockwelll expects comparable sales to grow between 11% and 15% in its fiscal 2023, which ends in September. Prior guidance indicated that sales would grow between 9% and 13%. The midpoint of Rockwell's range of forecasts for earnings per share went to $11.40 from $10.60. Wall Street is projecting $10.70 a share.

"Our strong execution and continued focus on supply chain resiliency helped Rockwell exceed our expectations in the quarter, with earnings growing double digits year over year," said CEO Blake Moret in the company's news release. "In addition to a gradually improving supply chain environment, we are encouraged by the continued strength of our customers' demand across all business segments and regions."

Strength in businesses might sound surprising when industrial companies such as Dow (DOW) and 3M (MMM) are laying off workers. But Rockwell is benefiting from several trends, including new semiconductor, electric vehicle, and EV battery manufacturing coming to the U.S. Rockwell's automation hardware and software also helps manufacturing businesses become more efficient. That is something businesses are even more interested in when times are tough.

Rockwell shares were up 0.7% in premarket trading. S&P 500 futures were up 0.2%. Dow Jones Industrial Average futures are flat.

Shares might not be up more because they already trade at a premium to the market. Rockwell stock is trading for about 23 times estimated 2023 earnings. The S&P 500 trades for about 16 times.

Rockwell stock has also had a solid start to the year. Coming into Thursday trading, Rockwell shares are about 8% so far in 2023 and 15% over the past three months.