Emerson Electric Lifts Earnings View After Sales Rise

By Dean Seal

Emerson Electric recorded higher sales but a smaller profit in the fiscal second quarter, and gave its annual earnings outlook a boost while narrowing its sales guidance.

The industrial manufacturer posted a profit of $501 million, or 87 cents a share, for the quarter ended March 31, compared with $792 million, or $1.38 a share, in the same quarter a year ago.

Stripping out one-time items, adjusted earnings were $1.36 a share. Analysts surveyed by FactSet had been expecting $1.25 a share.

Sales jumped to $4.38 billion from $3.76 billion in the year-ago quarter, clearing analyst estimates for $4.29 billion, according to FactSet.

The company narrowed its annual sales growth forecast to between 15% and 16%, compared with previous guidance for 14.5% to 17% growth.

Adjusted earnings are now expected to hit $5.40 to $5.50 a share this year, up from its prior outlook for $5.30 to $5.45 a share.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

May 08, 2024 07:36 ET (11:36 GMT)

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