- June trailing three-month underlying orders1 up 10 percent
- Net sales were $5.0 billion, up 7 percent from the year prior;
underlying sales2 were up 7 percent
- GAAP EPS was $1.54, up 48 percent from the year prior; adjusted
EPS3 was $1.38, up 16 percent, including an $0.08 net AspenTech
impact
- Updated 2022 full year outlook and now includes impact of the
AspenTech transaction
Emerson (NYSE: EMR) today reported results for its third fiscal
quarter ended June 30, 2022 and updated its full year outlook for
fiscal 2022.
June trailing three-month underlying orders were up 10 percent.
Third quarter net sales were up 7 percent and underlying sales were
up 7 percent. By geography, the Americas were up 14 percent, Europe
was flat and Asia, Middle East & Africa was down 1 percent.
China was down 6 percent, primarily due to COVID-19 lockdowns.
Third quarter pretax margin of 23.9 percent was up 720 basis
points. Adjusted EBITA margin4 was 22.8 percent, up 270 basis
points.
Earnings per share were $1.54 for the quarter, up 48 percent.
Adjusted earnings per share were $1.38, up 16 percent, which
includes an $0.08 net AspenTech impact.
Operating cash flow was $740 million for the quarter, down 33
percent, and free cash flow was $630 million, down 36 percent. Cash
flow results reflected higher working capital due to increased
sales and continued supply chain constraints.
“Emerson delivered another strong quarter as we continue to see
double-digit growth in underlying orders and strong demand for our
technology, software and solutions,” said Emerson President and
Chief Executive Officer Lal Karsanbhai. “Portfolio actions,
including AspenTech which increased our adjusted earnings per share
for the quarter by 8 cents, are delivering immediate value to
customers and shareholders. The strength in demand and continued
growth in backlog provides confidence to execute our plan despite
COVID-19 lockdowns in China and continued global supply chain
constraints, specifically with electronic components, which
impacted our sales conversion this quarter.”
“We have made significant progress on our portfolio journey this
year,” Karsanbhai continued. “These actions, including yesterday's
announced agreement to sell InSinkErator, represent Emerson's
continued commitment to creating a higher growth, more diversified
and cohesive portfolio.”
Portfolio Progress
Earlier this week, Emerson announced it has reached an agreement
to sell the InSinkErator® business to Whirlpool Corporation for
$3.0 billion. More details on the transaction can be found in our
Form 8-K filed Aug. 8, 2022.
On May 16, Emerson closed its transaction with AspenTech
creating a global software leader positioned to advance customers’
sustainability and operational excellence goals, and a platform to
deploy M&A capital. AspenTech’s July agreement to acquire
end-to-end mining software provider, Micromine, is an example of
this increased flexibility.
In the third quarter, Emerson also closed the divestiture of
Therm-O-Disc and acquired Fluxa, a life sciences process knowledge
management leader.
Business Platform
Results
Automation Solutions5 June trailing three-month
underlying orders were up 13 percent and backlog increased $100
million compared to the prior quarter to $6.2 billion despite $132
million of debooking in Russia.
Net sales were flat in the quarter, with underlying sales up 4
percent. The Americas were up 12 percent, Europe was down 2 percent
and Asia, Middle East & Africa was down 3 percent. China was
down 2 percent.
Segment EBIT margin increased 40 basis points to 18.5 percent
and adjusted segment EBITA6 margin increased 70 basis points to
21.0 percent.
Commercial & Residential Solutions June trailing
three-month underlying orders were up 5 percent and backlog
decreased $100 million compared to the prior quarter to $1.3
billion and was flat excluding the impact of the Therm-O-Disc
divestiture.
Net sales increased 8 percent in the quarter, with underlying
sales up 13 percent. The Americas were up 16 percent, Europe was up
6 percent and Asia, Middle East & Africa was up 5 percent.
China was down 18 percent.
Segment EBIT margin increased 10 basis points to 21.4 percent
and adjusted segment EBITA margin decreased 50 basis points to 22.0
percent.
AspenTech7 net sales were $239 million for the quarter.
Segment EBIT margin was 23.7 percent and adjusted segment EBITA
margin was 53.8 percent.
2022 Updated Outlook
Emerson updated its 2022 full year outlook to reflect the
impacts of the AspenTech and Therm-O-Disc transactions, and
write-offs associated with its announced Russia exit while
considering continued macroeconomic and geopolitical uncertainty,
supply chain constraints, exchange rate fluctuations and challenges
related to COVID-19. Net sales guidance is reduced to 7 to 8
percent and underlying sales guidance is narrowed to 9 to 10
percent. Earnings per share guidance is increased to $5.25 to $5.35
and adjusted earnings per share guidance is increased to $5.05 to
$5.15. Operating cash flow is now expected to be $3.0 billion due
to higher working capital from increased sales and continued supply
chain constraints. Capital spending was reduced to approximately
$525 million and free cash flow is now expected to be $2.5 billion.
Share repurchase is expected to be approximately $500 million.
The following tables summarize the updated fiscal year 2022
guidance framework. All figures are approximate.
2022 Guidance
Net Sales Growth
7% - 8%
Operating Cash Flow
$3.0B
Automation Solutions
4% - 5%
Capital Spend
$525M
Commercial & Residential Solutions
9% - 10%
Free Cash Flow
$2.5B
Dividend
$1.2B
Underlying Sales Growth
9% - 10%
Share Repurchase
$500M
Automation Solutions
6% - 7%
Commercial & Residential Solutions
13% - 14%
Tax Rate
22%
Restructuring Actions
$150M
GAAP EPS
$5.25 - $5.35
Adjusted EPS
$5.05 - $5.15
Notes:
1 Trailing three-month underlying orders
does not include heritage AspenTech, Therm-O-Disc (divested and
previously reported in Commercial & Residential Solutions) or
Emerson's contributed businesses to AspenTech (previously reported
in Automation Solutions).
2 Underlying sales excludes the impact of
acquisitions, divestitures, currency translation, heritage
AspenTech, Therm-O-Disc and Emerson's contributed businesses to
AspenTech.
3 Adjusted EPS excludes restructuring,
first year purchase accounting charges, transaction and AspenTech
pre-closing costs, a gain from the Therm-O-Disc divestiture,
write-offs associated with Emerson’s announced Russia exit and
intangibles amortization expense.
4 Adjusted EBITA margin excludes
restructuring, first year purchase accounting charges, transaction
costs, a gain from the Therm-O-Disc divestiture, write-offs
associated with Emerson’s announced Russia exit and intangibles
amortization expense.
5 Automation Solutions net sales, backlog,
segment EBIT margin and adjusted segment EBITA margin does not
include Emerson's contributed businesses to AspenTech, which have
been reclassified to the AspenTech segment.
6 Adjusted segment EBITA margin excludes
restructuring and intangible amortization expense.
7 The AspenTech segment includes the full
quarter results for Emerson's businesses contributed to AspenTech
and the heritage AspenTech business as of May 16, 2022.
Upcoming Investor Events
Today, beginning at 8:00 a.m. Central Time / 9:00 a.m. Eastern
Time, Emerson management will discuss the third quarter results
during an investor conference call. Participants can access a live
webcast available at www.emerson.com/financial at the time of the
call. A replay of the call will be available for 90 days.
Conference call slides will be posted in advance of the call on the
company website.
Forward-Looking and Cautionary
Statements
Statements in this press release that are not strictly
historical may be “forward-looking” statements, which involve risks
and uncertainties, and Emerson undertakes no obligation to update
any such statements to reflect later developments. These risks and
uncertainties include the Company's ability to successfully
complete on the terms and conditions contemplated, and the
financial impact of, the proposed sale of its InSinkErator food
waste disposal business, the financial impact of the AspenTech
acquisition, the scope, duration and ultimate impacts of the
COVID-19 pandemic and the Russia-Ukraine conflict, as well as
economic and currency conditions, market demand, including related
to the pandemic and oil and gas price declines and volatility,
pricing, protection of intellectual property, cybersecurity,
tariffs, competitive and technological factors, inflation, among
others, as set forth in the Company's most recent Annual Report on
Form 10-K and subsequent reports filed with the SEC. The outlook
contained herein represents the Company's expectation for its
consolidated results, other than as noted herein.
Table 1
EMERSON AND SUBSIDIARIES
CONSOLIDATED OPERATING
RESULTS
(AMOUNTS IN MILLIONS EXCEPT PER
SHARE, UNAUDITED)
Quarter Ended June 30
Percent
2021
2022
Change
Net sales
$4,697
$5,005
7%
Cost of sales
2,715
2,908
SG&A expenses
1,073
1,052
Gain on sale of business
—
(483)
Other deductions, net
88
283
Interest expense, net
37
50
Earnings before income taxes
784
1,195
52%
Income taxes
151
243
Net earnings
633
952
Less: Noncontrolling interests in
subsidiaries
6
31
Net earnings common
stockholders
$627
$921
47%
Diluted avg. shares outstanding
602.1
596.2
Diluted earnings per share common
share
$1.04
$1.54
48%
Quarter Ended June 30
2021
2022
Other deductions, net
Amortization of intangibles
$71
$98
Restructuring costs
28
31
Other
(11)
154
Total
$88
$283
Table 2
EMERSON AND SUBSIDIARIES
CONSOLIDATED OPERATING
RESULTS
(AMOUNTS IN MILLIONS EXCEPT PER
SHARE, UNAUDITED)
Nine Months Ended June 30
Percent
2021
2022
Change
Net sales
$13,289
$14,269
7%
Cost of sales
7,722
8,398
SG&A expenses
3,125
3,112
Gain on subordinated interest
—
(453)
Gain on sale of business
—
(483)
Other deductions, net
243
374
Interest expense, net
115
140
Earnings before income taxes
2,084
3,181
53%
Income taxes
431
659
Net earnings
1,653
2,522
Less: Noncontrolling interests in
subsidiaries
20
31
Net earnings common
stockholders
$1,633
$2,491
53%
Diluted avg. shares outstanding
602.3
596.9
Diluted earnings per share common
share
$2.71
$4.17
54%
Nine Months Ended June 30
2021
2022
Other deductions, net
Amortization of intangibles
$223
$223
Restructuring costs
111
50
Other
(91)
101
Total
$243
$374
Table 3
EMERSON AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN MILLIONS,
UNAUDITED)
Quarter Ended June 30
2021
2022
Assets
Cash and equivalents
$2,860
$2,529
Receivables, net
2,754
2,957
Inventories
2,114
2,319
Other current assets
1,038
1,570
Total current assets
8,766
9,375
Property, plant & equipment, net
3,664
3,359
Goodwill
7,777
14,748
Other intangible assets
2,993
6,930
Other
1,284
2,630
Total assets
$24,484
$37,042
Liabilities and equity
Short-term borrowings and current
maturities of long-term debt
$1,478
$3,227
Accounts payable
1,966
2,040
Accrued expenses
3,226
3,545
Total current liabilities
6,670
8,812
Long-term debt
5,835
8,367
Other liabilities
2,640
3,576
Equity
Common stockholders' equity
9,291
10,315
Noncontrolling interests in
subsidiaries
48
5,972
Total equity
9,339
16,287
Total liabilities and equity
$24,484
$37,042
Table 4
EMERSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(DOLLARS IN MILLIONS,
UNAUDITED)
Nine Months Ended June 30
2021
2022
Operating activities
Net earnings
$1,653
$2,522
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation and amortization
720
722
Stock compensation
191
107
Pension expense
23
2
Changes in operating working capital
246
(706)
Gain on subordinated interest
—
(453)
Gain on sale of business
—
(428)
Other, net
(113)
(61)
Cash provided by operating activities
2,720
1,705
Investing activities
Capital expenditures
(350)
(335)
Purchases of businesses, net of cash and
equivalents acquired
(1,611)
(5,615)
Divestitures of businesses
—
578
Proceeds from subordinated interest
—
438
Other, net
53
(41)
Cash provided by (used in) investing
activities
(1,908)
(4,975)
Financing activities
Net increase in short-term borrowings
31
1,633
Proceeds from short-term borrowings
greater than three months
71
1,162
Payments of short-term borrowings greater
than three months
—
(445)
Proceeds from long-term debt
—
2,975
Payments of long-term debt
(305)
(512)
Dividends paid
(909)
(918)
Purchases of common stock
(268)
(418)
Other, net
89
80
Cash provided by (used in) financing
activities
(1,291)
3,557
Effect of exchange rate changes on cash
and equivalents
24
(112)
Increase (Decrease) in cash and
equivalents
(455)
175
Beginning cash and equivalents
3,315
2,354
Ending cash and equivalents
$2,860
$2,529
Table 5
EMERSON AND SUBSIDIARIES
SEGMENT SALES AND EARNINGS
(DOLLARS IN MILLIONS,
UNAUDITED)
Quarter Ended June 30
2021
2022
Sales
Measurement & Analytical
Instrumentation
$781
$785
Valves, Actuators & Regulators
880
905
Industrial Solutions
593
575
Systems & Software
611
607
Automation Solutions
2,865
2,872
AspenTech
82
239
Climate Technologies
1,268
1,380
Tools & Home Products
489
522
Commercial & Residential
Solutions
1,757
1,902
Eliminations
(7)
(8)
Net sales
$4,697
$5,005
Earnings
Automation Solutions
$519
$530
AspenTech
2
57
Climate Technologies
274
300
Tools & Home Products
101
107
Commercial & Residential
Solutions
375
407
Stock compensation
(66)
(16)
Unallocated pension and postretirement
costs
24
25
Corporate and other
(33)
(241)
Gain on sale of business
—
483
Interest expense, net
(37)
(50)
Earnings before income taxes
$784
$1,195
Restructuring costs
Automation Solutions
$20
$20
AspenTech
(2)
1
Climate Technologies
4
2
Tools & Home Products
2
(1)
Commercial & Residential
Solutions
6
1
Corporate
4
9
Total
$28
$31
The table above does not include $4 and
$12 of costs related to restructuring actions that were reported in
cost of sales and selling, general and administrative expenses for
the three months ended June 30, 2021 and 2022, respectively.
Depreciation and Amortization
Automation Solutions
$128
$127
AspenTech
24
73
Climate Technologies
48
43
Tools & Home Products
20
19
Commercial & Residential
Solutions
68
62
Corporate and other
17
8
Total
$237
$270
Table 6
EMERSON AND SUBSIDIARIES
SEGMENT SALES AND EARNINGS
(DOLLARS IN MILLIONS,
UNAUDITED)
Nine Months Ended June 30
2021
2022
Sales
Measurement & Analytical
Instrumentation
$2,211
$2,287
Valves, Actuators & Regulators
2,522
2,604
Industrial Solutions
1,656
1,743
Systems & Software
1,804
1,817
Automation Solutions
8,193
8,451
AspenTech
239
405
Climate Technologies
3,459
3,884
Tools & Home Products
1,419
1,546
Commercial & Residential
Solutions
4,878
5,430
Eliminations
(21)
(17)
Net sales
$13,289
$14,269
Earnings
Automation Solutions
$1,354
$1,618
AspenTech
(1)
51
Climate Technologies
731
754
Tools & Home Products
311
317
Commercial & Residential
Solutions
1,042
1,071
Stock compensation
(191)
(107)
Unallocated pension and postretirement
costs
71
76
Corporate and other
(76)
(324)
Gain on subordinated interest
—
453
Gain on sale of business
—
483
Interest expense, net
(115)
(140)
Earnings before income taxes
$2,084
$3,181
Restructuring costs
Automation Solutions
$92
$33
AspenTech
2
1
Climate Technologies
8
5
Tools & Home Products
4
1
Commercial & Residential
Solutions
12
6
Corporate
5
10
Total
$111
$50
The table above does not include $11 and
$26 of costs related to restructuring actions that were reported in
cost of sales and selling, general and administrative expenses for
the nine months ended June 30, 2021 and 2022, respectively.
Depreciation and Amortization
Automation Solutions
$393
$383
AspenTech
71
119
Climate Technologies
144
136
Tools & Home Products
59
58
Commercial & Residential
Solutions
203
194
Corporate and other
53
26
Total
$720
$722
Table 7
EMERSON AND SUBSIDIARIES
ADJUSTED EBITA & EPS
SUPPLEMENTAL
(AMOUNTS IN MILLIONS EXCEPT PER
SHARE, UNAUDITED)
The following tables, which show results
on an adjusted EBITA basis and diluted earnings per share on an
adjusted basis, are intended to supplement the Company's discussion
of its results of operations herein. The Company defines adjusted
EBITA as earnings excluding interest expense, net, income taxes,
intangibles amortization expense, restructuring expense, first year
purchase accounting related items and transaction fees, and certain
gains, losses or impairments. Adjusted earnings per share excludes
intangibles amortization expense, restructuring expense, first year
purchase accounting related items and transaction fees, and certain
gains, losses or impairments. Adjusted EBITA, adjusted EBITA
margin, and adjusted earnings per share are measures used by
management and may be useful for investors to evaluate the
Company's operational performance.
Quarter Ended June 30
2021
2022
Pretax earnings
$784
$1,195
Percent of sales
16.7%
23.9%
Interest expense, net
37
50
Restructuring and related costs
32
34
Amortization of intangibles
79
124
Gain on sale of business
—
(483)
Russia business exit
—
162
Acquisition/divestiture costs
—
61
OSI first year acquisition accounting
charges
10
—
Adjusted EBITA
$942
$1,143
Percent of sales
20.1%
22.8%
Quarter Ended June 30
2021
2022
GAAP earnings per share
$1.04
$1.54
Restructuring and related costs
0.04
0.05
Amortization of intangibles
0.10
0.13
Gain on sale of business
—
(0.72)
Russia business exit
—
0.29
Acquisition/divestiture costs and interest
on AspenTech debt
—
0.09
OSI first year acquisition accounting
charges
0.01
—
Adjusted earnings per share
$1.19
$1.38
Table 8
EMERSON AND SUBSIDIARIES
ADJUSTED EBITA & EPS
SUPPLEMENTAL
(AMOUNTS IN MILLIONS EXCEPT PER
SHARE, UNAUDITED)
Nine Months Ended June 30
2021
2022
Pretax earnings
$2,084
$3,181
Percent of sales
15.7%
22.3%
Interest expense, net
115
140
Restructuring and related costs
122
67
Amortization of intangibles
242
277
Gain on subordinated interest
—
(453)
Gain on sale of business
—
(483)
Russia business exit
—
162
Acquisition/divestiture costs
—
97
Gain on acquisition of full ownership of
equity investment
(17)
—
OSI first year acquisition accounting
charges and fees
41
—
Adjusted EBITA
$2,587
$2,988
Percent of sales
19.5%
20.9%
Nine Months Ended June 30
2021
2022
GAAP earnings per share
$2.71
$4.17
Restructuring and related costs
0.16
0.09
Amortization of intangibles
0.30
0.33
Gain on subordinated interest
—
(0.60)
Gain on sale of business
—
(0.72)
Russia business exit
—
0.29
Acquisition/divestiture costs and interest
on AspenTech debt
—
0.16
Gain on acquisition of full ownership of
equity investment
(0.03)
—
OSI first year acquisition accounting
charges and fees
0.05
—
Adjusted earnings per share
$3.19
$3.72
Table 9
EMERSON AND SUBSIDIARIES
SEGMENT EBITA
(DOLLARS IN MILLIONS,
UNAUDITED)
Quarter Ended June 30
2021
2022
Automation
Solutions
Automation Solutions EBIT
$519
$530
Percent of sales
18.1%
18.5%
Restructuring and related costs
20
31
Amortization of intangibles
44
41
Automation Solutions EBITA
$583
$602
Percent of sales
20.3%
21.0%
AspenTech
AspenTech EBIT
$2
$57
Percent of sales
2.2%
23.7%
Restructuring and related costs
(2)
1
Amortization of intangibles
22
71
AspenTech EBITA
$22
$129
Percent of sales
26.7%
53.8%
Commercial &
Residential Solutions
Commercial & Residential Solutions
EBIT
$375
$407
Percent of sales
21.3%
21.4%
Restructuring and related costs
7
1
Amortization of intangibles
13
12
Commercial & Residential Solutions
EBITA
$395
$420
Percent of sales
22.5%
22.0%
Table 10
EMERSON AND SUBSIDIARIES
SEGMENT EBITA
(DOLLARS IN MILLIONS,
UNAUDITED)
Nine Months Ended June 30
2021
2022
Automation
Solutions
Automation Solutions EBIT
$1,354
$1,618
Percent of sales
16.5%
19.1%
Restructuring and related costs
94
54
Amortization of intangibles
136
125
Automation Solutions EBITA
$1,584
$1,797
Percent of sales
19.3%
21.3%
AspenTech
AspenTech EBIT
$(1)
$51
Percent of sales
(0.6)%
12.5%
Restructuring and related costs
2
1
Amortization of intangibles
67
116
AspenTech EBITA
$68
$168
Percent of sales
28.0%
41.2%
Commercial &
Residential Solutions
Commercial & Residential Solutions
EBIT
$1,042
$1,071
Percent of sales
21.4%
19.7%
Restructuring and related costs
15
8
Amortization of intangibles
39
36
Commercial & Residential Solutions
EBITA
$1,096
$1,115
Percent of sales
22.5%
20.5%
Reconciliations of Non-GAAP Financial
Measures & Other
Table 11
Reconciliations of Non-GAAP measures
(denoted by *) with the most directly comparable GAAP measure
(dollars in millions, except per share amounts). See tables 7
through 10 for additional non-GAAP reconciliations.
Q3 2022 Underlying Sales Change
Auto Solns
Comm & Res Solns
Emerson
Reported (GAAP)
— %
8 %
7 %
(Favorable) / Unfavorable FX
4 %
2 %
3 %
Acquisitions
— %
— %
(4)%
Divestitures
— %
3 %
1 %
Underlying*
4 %
13 %
7 %
FY 2022E Underlying Sales
Change
Auto Solns
Comm & Res Solns
Emerson
Reported (GAAP)
4% - 5%
9% - 10%
7% - 8%
(Favorable) / Unfavorable FX
2 %
1 %
2% - 3%
Acquisitions
— %
— %
(1)% - (2)%
Divestitures
— %
3 %
~ 1%
Underlying*
6% - 7%
13% - 14%
9% - 10%
Q3 Earnings Per Share
Q3 FY21
Q3 FY22
Change
Earnings per share (GAAP)
$ 1.04
$ 1.54
48 %
Restructuring and related costs
0.04
0.05
1 %
Amortization of intangibles
0.10
0.13
3 %
Gain on sale of business
—
(0.72)
(74) %
Russia business exit
—
0.29
30 %
Acquisition/divestiture costs and
pre-acquisition interest on AspenTech debt
—
0.09
9 %
OSI purchase accounting items
0.01
—
(1) %
Adjusted earnings per share*
$ 1.19
$ 1.38
16 %
Earnings Per Share
FY22E
Earnings per share (GAAP)
$5.25 - $5.35
Restructuring and related costs
0.20
Amortization of intangibles
0.47
Gain on subordinated interest
(0.60)
Gain on sale of business
(0.72)
Russia business exit
0.29
Acquisition/divestiture costs and
pre-acquisition interest on AspenTech debt
0.16
Adjusted earnings per share*
$5.05 - $5.15
EBITA Margin
Q3 FY21
Q3 FY22
Change
Pretax margin (GAAP)
16.7 %
23.9 %
720 bps
Interest expense, net
0.8 %
1.0 %
20 bps
Restructuring and related costs
0.7 %
0.7 %
- bps
Amortization of intangibles
1.7 %
2.5 %
80 bps
Gain on sale of business
— %
(9.7) %
(970) bps
Russia business exit
— %
3.2 %
320 bps
Acquisition/divestiture costs
— %
1.2 %
120 bps
OSI purchase accounting items
0.2 %
— %
(20) bps
Adjusted EBITA margin*
20.1 %
22.8 %
270 bps
Automation Solutions Segment EBIT
Margin
Q3 FY21
Q3 FY22
Change
Automation Solutions Segment EBIT margin
(GAAP)
18.1 %
18.5 %
40 bps
Restructuring and related costs
0.7 %
1.1 %
40 bps
Amortization of intangibles impact
1.5 %
1.4 %
(10) bps
Automation Solutions Adjusted Segment
EBITA margin*
20.3 %
21.0 %
70 bps
Commercial & Residential Solutions
EBIT Margin
Q3 FY21
Q3 FY22
Change
Commercial & Residential EBIT margin
(GAAP)
21.3 %
21.4 %
10 bps
Restructuring and related costs
0.4 %
— %
(40) bps
Amortization of intangibles impact
0.8 %
0.6 %
(20) bps
Commercial & Residential Adjusted
EBITA margin*
22.5 %
22.0 %
(50) bps
AspenTech EBIT Margin
Q3 FY22
AspenTech EBIT margin (GAAP)
23.7 %
Restructuring and related costs
0.3 %
Amortization of intangibles impact
29.8 %
AspenTech Adjusted EBITA margin*
53.8 %
Q3 Cash Flow
Q3 FY21
Q3 FY22
Change
Operating cash flow (GAAP)
$ 1,105
$ 740
(33) %
Capital expenditures
(128)
(110)
(3) %
Free cash flow*
$ 977
$ 630
(36) %
FY 2022E Cash Flow
FY 2022E
Operating cash flow (GAAP)
~ $3.0B
Capital expenditures
$(525)M
Free cash flow*
~ $2.5B
Commercial & Residential Solutions
Backlog
March 31, 2022
June 30, 2022
Change
GAAP backlog
~ $1.4B
~ $1.3B
$ (0.1)B
Therm-O-Disc backlog
(0.1) B
$ —
0.1 B
Backlog excluding Therm-O-Disc*
~ $1.3B
~ $1.3B
$ —
Note 1: Underlying sales and orders
exclude the impact of acquisitions, divestitures and currency
translation.
Note 2: All fiscal year 2022E figures are
approximate, except where range is given.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220808005836/en/
For Emerson Investor Contact: Colleen Mettler (314) 553-2197
Media Contact: Charlotte Boyd (952) 994-8607
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