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07.11.2023 06:55
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PR Newswire
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Emerson Reports Fourth Quarter and Full Year 2023 Results; Provides Initial 2024 Outlook
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PR Newswire
ST. LOUIS, Nov. 7, 2023
ST. LOUIS, Nov. 7, 2023 /PRNewswire/ -- Emerson (NYSE: EMR) today reported results for its fourth quarter and fiscal year ended September 30, 2023, which are presented on a continuing operations basis. Emerson also declared a quarterly cash dividend of $0.525 per share of common stock payable December 11, 2023 to stockholders of record November 17, 2023.
| (dollars in millions, except per share) | | 2022 Q4 | 2023 Q4 | Change | | 2022 | 2023 | Change |
| Underlying Orders1 | | | | 5 % | | | | 5 % |
| Net Sales | | $3,892 | $4,090 | 5 % | | $13,804 | $15,165 | 10 % |
| Underlying Sales2 | | | | 5 % | | | | 10 % |
| Pretax Earnings | | $603 | $904 | | | $2,432 | $2,726 | |
| Margin | | 15.5 % | 22.1 % | 660 bps | | 17.6 % | 18.0 % | 40 bps |
| Adjusted Segment EBITA3 | | $963 | $1,045 | | | $3,147 | $3,794 | |
| Margin | | 24.7 % | 25.5 % | 80 bps | | 22.8 % | 25.0 % | 220 bps |
| GAAP Earnings Per Share | | $0.82 | $1.22 | 49 % | | $3.16 | $3.72 | 18 % |
| Adjusted Earnings Per Share4 | | $1.07 | $1.29 | 21 % | | $3.64 | $4.44 | 22 % |
| Operating Cash Flow | | $813 | $1,007 | 24 % | | $2,048 | $2,726 | 33 % |
| Free Cash Flow | | $713 | $838 | 17 % | | $1,749 | $2,363 | 35 % |
Management Commentary
"Emerson completed an exceptional fiscal 2023 with double-digit sales growth, strong operating leverage and robust adjusted earnings per share growth," said Emerson President and Chief Executive Officer Lal Karsanbhai. "This momentum and our continued focus on execution, leading technology and resilient end-markets provides confidence in our guidance for fiscal 2024."
Karsanbhai continued, "In the quarter, we also closed the acquisition of NI, largely completing our transformation into an automation leader. Our differentiated portfolio with NI and accelerated investments in new-to-the-world innovation provide a unique opportunity to solve many of our customers' toughest challenges and create long-term shareholder value."
2024 Outlook
The following tables summarize the fiscal year 2024 guidance framework and incorporates, other than as set forth below, our NI acquisition5, which closed on October 11, 2023. The 2024 outlook assumes approximately $500 million returned to shareholders through share repurchases and approximately $1.2 billion of dividend payments. Guidance figures are approximate.
| | 2024 Q1 | 2024 |
| Net Sales Growth | 14% - 17.5% | 13% - 15.5% |
| Underlying Sales Growth | 6.5% - 8.5% | 4% - 6% |
| Earnings Per Share5 | $0.45 - $0.50 | $3.82 - $4.02 |
| Amortization of Intangibles | ~$0.17 | ~$0.67 |
| Restructuring / Related Costs | ~$0.08 | ~$0.22 |
| Acquisition / Divestiture Fees and Related Costs Werbung Mehr Nachrichten zur Emerson Electric Aktie kostenlos abonnieren
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