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Emerson Electric Co. (EMR - Free Report) reported fourth-quarter fiscal 2024 (ended Sept. 30, 2024) adjusted earnings of $1.48 per share, which beat the Zacks Consensus Estimate of $1.47. The bottom line increased 15% year over year.
Emerson’s net sales of $4.62 billion beat the consensus estimate of $4.57 billion. The top line increased 13% year over year, driven by solid performance of the Intelligent Devices segment. The underlying sales were up 4% year over year.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
EMR’s Segmental Details
Effective from the first quarter of fiscal 2023, the company started reporting under two segments, namely Intelligent Devices and Software and Control Automation Solutions.
The Intelligent Devices segments’ net sales were $3.28 billion, up 4% year over year. Our estimate was $3.2 billion. The segment’s sales increased 5% year over year to $12.2 billion in fiscal 2024. The segment consists of four subgroups, namely Final Control, Measurement & Analytical, Discrete Automation and Safety & Productivity.
Final Control’s sales increased 8% year over year to $1.2 billion. Measurement & Analytical generated sales of $1.1 billion, up 7% year over year. Discrete Automation’s sales totaled $643 million, reflecting a decline of 3% on a year-over-year basis. Safety & Productivity’s sales decreased 1% year over year to $352 million.
The Software and Control Automation Solutions segment generated net sales of $1.4 billion, up 41% year over year. Our estimate was $1.4 billion. The segment consists of three subgroups, namely Control Systems & Software, AspenTech and Test & Measurement.
Control Systems & Software reported sales of $780 million, reflecting an increase of 9% year over year. AspenTech generated net sales of $215 million, down 13% year over year. Test & Measurement sales were $360 million.
Emerson Electric Co. Price, Consensus and EPS Surprise
The cost of sales increased 8.2% year over year to $2.2 billion. The pretax earnings margin was 14.7% compared with 24.9% in the year-ago period. Adjusted EBITA margin was 24.6% compared with 24.2% in the year-earlier quarter. Selling, general and administrative expenses increased 18% year over year to $1.3 billion.
EMR’s Balance Sheet & Cash Flow
Exiting the fiscal fourth quarter, Emerson had cash and cash equivalents of $3.6 billion compared with $8.1 billion at the end of fiscal 2023 (ended September 2023). Long-term debt was $7.2 billion compared with $7.6 billion at the end of fiscal 2023. In fiscal 2024, the company made a payment of long-term debt worth $547 million.
In the same period, the company generated net cash of $3.3 billion from operating activities, up 423% year over year. Capital expenditure was $419 million, up from $363 million in the year-ago period. Emerson paid out dividends of $1.2 million in the same period.
Emerson’s Q1 Fiscal 2025 Outlook
For the first quarter of fiscal 2025 (ending December 2025), Emerson anticipates year-over-year net sales growth to be in the band of 2.5-3.5% and underlying sales growth to be in the range of 2-3%.
EMR anticipates earnings per share to be in the range of 89-94 cents. Adjusted earnings per share are anticipated to be in the band of $1.25-$1.30. The Zacks Consensus Estimate of earnings is $1.28 per share.
EMR’s FY25 Outlook
Emerson anticipates net sales growth of 3.5-5.5% from the year-earlier level. Underlying sales are expected to rise in the range of 3-5%.
EMR projects earnings per share to be in the range of $4.42-$4.62. Adjusted earnings per share are estimated to be in the range of $5.85-$6.05. The company expects operating cash flow to be in the band of $3.6-$3.7 billion. Free cash flow is estimated to be in the range of $3.2-$3.3 billion.
Avery Dennison Corporation (AVY - Free Report) delivered third-quarter adjusted earnings of $2.33 per share, which beat the Zacks Consensus Estimate of $2.32. The bottom line increased 9% year over year, driven by higher volume and productivity gains.
Total revenues grew 4.1% year over year to $2.18 billion and missed the Zacks Consensus Estimate of $2.2 billion.
John Bean Technologies Corporation reported adjusted earnings of $1.50 per share in third-quarter 2024, 35.1% higher than the prior-year quarter. The figure beat the consensus estimate of $1.41.
Revenues of $454 million increased 12.4% from the year-ago quarter. The top line surpassed the consensus estimate of $445 million.
A. O. Smith Corporation’s (AOS - Free Report) third-quarter adjusted earnings of 82 cents per share matched the Zacks Consensus Estimate. The bottom line decreased 8.9% on a year-over-year basis.
Net sales of $902.6 million missed the consensus estimate of $913 million. The top line decreased 4% year over year due to lower sales in China and decreased volumes of water heaters in North America.
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Emerson Q4 Earnings Beat, Intelligent Devices Sales Rise Y/Y
Emerson Electric Co. (EMR - Free Report) reported fourth-quarter fiscal 2024 (ended Sept. 30, 2024) adjusted earnings of $1.48 per share, which beat the Zacks Consensus Estimate of $1.47. The bottom line increased 15% year over year.
Emerson’s net sales of $4.62 billion beat the consensus estimate of $4.57 billion. The top line increased 13% year over year, driven by solid performance of the Intelligent Devices segment. The underlying sales were up 4% year over year.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
EMR’s Segmental Details
Effective from the first quarter of fiscal 2023, the company started reporting under two segments, namely Intelligent Devices and Software and Control Automation Solutions.
The Intelligent Devices segments’ net sales were $3.28 billion, up 4% year over year. Our estimate was $3.2 billion. The segment’s sales increased 5% year over year to $12.2 billion in fiscal 2024. The segment consists of four subgroups, namely Final Control, Measurement & Analytical, Discrete Automation and Safety & Productivity.
Final Control’s sales increased 8% year over year to $1.2 billion. Measurement & Analytical generated sales of $1.1 billion, up 7% year over year. Discrete Automation’s sales totaled $643 million, reflecting a decline of 3% on a year-over-year basis. Safety & Productivity’s sales decreased 1% year over year to $352 million.
The Software and Control Automation Solutions segment generated net sales of $1.4 billion, up 41% year over year. Our estimate was $1.4 billion. The segment consists of three subgroups, namely Control Systems & Software, AspenTech and Test & Measurement.
Control Systems & Software reported sales of $780 million, reflecting an increase of 9% year over year. AspenTech generated net sales of $215 million, down 13% year over year. Test & Measurement sales were $360 million.
Emerson Electric Co. Price, Consensus and EPS Surprise
Emerson Electric Co. price-consensus-eps-surprise-chart | Emerson Electric Co. Quote
Emerson’s Margin Details
The cost of sales increased 8.2% year over year to $2.2 billion. The pretax earnings margin was 14.7% compared with 24.9% in the year-ago period. Adjusted EBITA margin was 24.6% compared with 24.2% in the year-earlier quarter. Selling, general and administrative expenses increased 18% year over year to $1.3 billion.
EMR’s Balance Sheet & Cash Flow
Exiting the fiscal fourth quarter, Emerson had cash and cash equivalents of $3.6 billion compared with $8.1 billion at the end of fiscal 2023 (ended September 2023). Long-term debt was $7.2 billion compared with $7.6 billion at the end of fiscal 2023. In fiscal 2024, the company made a payment of long-term debt worth $547 million.
In the same period, the company generated net cash of $3.3 billion from operating activities, up 423% year over year. Capital expenditure was $419 million, up from $363 million in the year-ago period. Emerson paid out dividends of $1.2 million in the same period.
Emerson’s Q1 Fiscal 2025 Outlook
For the first quarter of fiscal 2025 (ending December 2025), Emerson anticipates year-over-year net sales growth to be in the band of 2.5-3.5% and underlying sales growth to be in the range of 2-3%.
EMR anticipates earnings per share to be in the range of 89-94 cents. Adjusted earnings per share are anticipated to be in the band of $1.25-$1.30. The Zacks Consensus Estimate of earnings is $1.28 per share.
EMR’s FY25 Outlook
Emerson anticipates net sales growth of 3.5-5.5% from the year-earlier level. Underlying sales are expected to rise in the range of 3-5%.
EMR projects earnings per share to be in the range of $4.42-$4.62. Adjusted earnings per share are estimated to be in the range of $5.85-$6.05. The company expects operating cash flow to be in the band of $3.6-$3.7 billion. Free cash flow is estimated to be in the range of $3.2-$3.3 billion.
Emerson’s Zacks Rank
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Industrial Companies
Avery Dennison Corporation (AVY - Free Report) delivered third-quarter adjusted earnings of $2.33 per share, which beat the Zacks Consensus Estimate of $2.32. The bottom line increased 9% year over year, driven by higher volume and productivity gains.
Total revenues grew 4.1% year over year to $2.18 billion and missed the Zacks Consensus Estimate of $2.2 billion.
John Bean Technologies Corporation reported adjusted earnings of $1.50 per share in third-quarter 2024, 35.1% higher than the prior-year quarter. The figure beat the consensus estimate of $1.41.
Revenues of $454 million increased 12.4% from the year-ago quarter. The top line surpassed the consensus estimate of $445 million.
A. O. Smith Corporation’s (AOS - Free Report) third-quarter adjusted earnings of 82 cents per share matched the Zacks Consensus Estimate. The bottom line decreased 8.9% on a year-over-year basis.
Net sales of $902.6 million missed the consensus estimate of $913 million. The top line decreased 4% year over year due to lower sales in China and decreased volumes of water heaters in North America.