Emerson Electric 2Q Net Profit Rises, Guidance Narrowed
May 07 2019 - 7:44AM
Dow Jones News
By Cristina Roca
Emerson Electric Co. (EMR) on Tuesday reported a 7.9% rise in
second-quarter profit but narrowed its guidance, citing a slowdown
in underlying orders.
For the quarter ended March 31, the St. Louis manufacturing
company earned a profit of $520 million, or 84 cents a share,
compared with $482 million, or 76 cents a share, for the same
period last year. The result was in line with analysts'
expectations of net profit of 84 cents a share, according to a
consensus estimate provided by FactSet.
Sales rose 7.5% to $4.57 million from $4.25 billion. On an
underlying basis, sales rose 4%, Emerson said.
For fiscal 2019, Emerson narrowed its earnings-per-share
forecast to $3.60-$3.70. It had previously predicted profit at
$3.60-$3.75 a share for the fiscal year. It also said it now
expects its net sales to grow between 7% and 8.5%, compared with
its previous range of 7%-10%. Emerson backed its view of operating
cash flow of $3.2 billion for fiscal 2019.
The company's trailing three-month underlying order growth
stayed in the 5%-10% range during the first two months of the first
quarter but slowed to 4% in March, when it was affected by oil
price volatility and a global slowdown in discrete manufacturing
end markets, Emerson said. "We expect growth to improve modestly
through the second half of the year with underlying orders
returning to the 5 to 10 percent range," the company said.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
May 07, 2019 07:29 ET (11:29 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Emerson Electric (NYSE:EMR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Emerson Electric (NYSE:EMR)
Historical Stock Chart
From Apr 2023 to Apr 2024