Emerson Electric 1Q Sales Up, Adjusted Earnings Miss Expectations

By Dean Seal

Emerson Electric Co. said sales were up 7% in its fiscal first quarter, though foreign-currency fluctuations and stock compensation headwinds weighed on its adjusted earnings.

For the three months ended Dec. 31, the St. Louis-based technology and engineering company posted a profit of $2.33 billion, or $3.97 a share, compared with $896 million, $1.50 a share, in the same quarter a year ago.

Earnings from continuing operations were 56 cents, down from $1.25 a year earlier, due in part to a 31% increase in the company's stock price during the first quarter that impacted mark-to-market stock compensation plans.

Stripping out one-time items, adjusted earnings were 78 cents a share. Analysts polled by FactSet had been expecting 87 cents a share.

Sales rose to $3.37 billion from $3.16 billion last year, but it was below analyst expectations of $3.43 billion, according to FactSet.

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

(END) Dow Jones Newswires

February 08, 2023 07:39 ET (12:39 GMT)

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