Emerson Electric Forecasts 2023 Sales Growth
October 31 2022 - 7:57AM
Dow Jones News
By Will Feuer
Emerson Electric Co. said it expects sales from continuing
operations to grow in the fiscal year ahead after paring back its
portfolio of units in 2022 through a series of sales, most recently
selling a majority stake in its climate-technologies business.
The St. Louis-based technology and engineering company said it
expects sales from continuing operations for fiscal 2023, which
began at the end of September, to grow 7% to 9%. Underlying sales,
which strip out the effects of mergers and currency translations,
are expected to grow 6.5% to 8.5% for the year ahead, on a
continuing-operations basis.
Earnings from continuing operations are expected to be between
$3.51 a share and $3.66 a share, the company said. Stripping out
amortization, restructuring costs and other one-time items,
adjusted earnings from continuing operations are seen coming to $4
a share to $4.15 a share for the year.
For the current quarter, sales from continuing operations are to
rise between 6% and 8%. Quarterly earnings from continuing
operations are expected to fall from $1.50 a share in the
year-earlier quarter to between 67 cents a share and 71 cents a
share for the fiscal first quarter of 2023.
Emerson, which agreed Monday to sell a majority stake in its
climate-technologies business to Blackstone Inc., said it will
report results for the unit as discontinued operations going
forward. It will also report earnings from its InSinkErator and
Therm-O-Disc businesses as discontinued operations.
Earnings from discontinued operations for 2023 are expected to
be $10 billion to $11 billion, or $17 a share to $19 a share,
including net gains on 2023 sales.
The 2023 outlook also assumes about $1.2 billion of dividend
payments and about $2 billion in share repurchases, the company
said.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
October 31, 2022 07:42 ET (11:42 GMT)
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