Emerson Electric Shares Down After Below-Consensus Earnings Report
By Dean Seal
Emerson Electric shares dropped after the company's fiscal fourth-quarter earnings and revenue fell short of analyst projections.
The stock fell 9% to $83.42 in early trading. Shares are down 13% since the start of the year.
The St. Louis-based industrial manufacturer posted a profit of $744 million for the quarter ended Sept. 30, up from $740 million in the same quarter a year ago. Earnings from continuing operations were $1.22 a share, up from 82 cents a share last year.
Stripping out one-time items, adjusted earnings were $1.29 a share. Analysts polled by FactSet had been looking for $1.31 a share.
Sales rose 5% to $4.09 billion, missing analyst projections for $4.2 billion, according to FactSet.
Emerson is guiding for adjusted earnings of $5.15 to $5.35 a share for the fiscal year that started Oct. 1, with annual sales projected to rise 13% to 15.5%.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 07, 2023 10:06 ET (15:06 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
5 Undervalued Stocks to Buy to Play a Little Defense
-
Markets Brief: AI Leaders Excel In Earnings Season So Far
-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
After Earnings, Is Tesla Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is GE Aerospace Stock a Buy, a Sell, or Fairly Valued?
-
3 Good Stocks to Buy with Your Tax Refund in 2024 (Or with Any Extra Money)
-
SoFi Earnings: Revenue Growth Slows on Lower Loan Growth and Higher Credit Costs
-
Tesla: Full Self-Driving Approval In China Supports Our View for Deliveries Growth In 2024
-
Philips Earnings: Firm Reaches $1.1 Billion Settlement Agreement
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track