Emerson Electric Shares Down After Below-Consensus Earnings Report
November 07 2023 - 10:21AM
Dow Jones News
By Dean Seal
Emerson Electric shares dropped after the company's fiscal
fourth-quarter earnings and revenue fell short of analyst
projections.
The stock fell 9% to $83.42 in early trading. Shares are down
13% since the start of the year.
The St. Louis-based industrial manufacturer posted a profit of
$744 million for the quarter ended Sept. 30, up from $740 million
in the same quarter a year ago. Earnings from continuing operations
were $1.22 a share, up from 82 cents a share last year.
Stripping out one-time items, adjusted earnings were $1.29 a
share. Analysts polled by FactSet had been looking for $1.31 a
share.
Sales rose 5% to $4.09 billion, missing analyst projections for
$4.2 billion, according to FactSet.
Emerson is guiding for adjusted earnings of $5.15 to $5.35 a
share for the fiscal year that started Oct. 1, with annual sales
projected to rise 13% to 15.5%.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 07, 2023 10:06 ET (15:06 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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