Emerson Electric Raises Outlook After 1Q Sales Growth
By Will Feuer
Emerson Electric raised its sales and earnings outlook for its fiscal year after it reported higher sales in its fiscal first quarter.
The St. Louis-based industrial manufacturer posted a fiscal first-quarter profit of $142 million, or 25 cents a share, for the three months ended Dec. 31, compared with $2.33 billion, or $3.97 a share, in the same period a year earlier. Discontinued operations contributed $3.41 a share to earnings in the year-ago period.
Stripping out one-time items, including restructuring charges and amortization, adjusted earnings were $1.22 a share. Analysts surveyed by FactSet expected $1.04 a share.
Sales rose 22% to $4.12 billion. Analysts expected $3.91 billion.
Underlying sales, which strips out currency fluctuations as well as M&A, rose 10%.
Emerson also raised its guidance for the fiscal year. It is now targeting sales growth of 14.5% to 17.0%, up from 13% to 15.5%.
The company expects adjusted earnings to be $5.30 a share to $5.45 a share, up from prior guidance for $5.15 a share to $5.35 a share.
In the fiscal first quarter, sales from the company's Intelligent Devices unit jumped 11% while the company's Software and Control segment posted sales growth of 55%.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
February 07, 2024 07:31 ET (12:31 GMT)
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