Emerson Electric Co reports rise in sales and earnings in Q2 financial results

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on May 8, 2024
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  • Investors were pleased to see positive financial results from Emerson Electric Co today.
  • The company reported increases on almost all front, from a higher EPS to more sales.
  • A particular highlight was the 25% increase in the company's earnings per share amount, to $1.36.

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Software and technology company Emerson Electric Co (NYSE: EMR) reported solid Q1 2024 financial results today before US markets opened.

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The results were positively received, with increases in EPS, sales, EBITDA and more experienced. This is the second recent bout of good news, after Emerson’s stock price reached a record high earlier this year.

It also updated its full year outlook for fiscal 2024. Emerson also declared a quarterly cash dividend of $0.525 per share of common stock payable June 10, 2024 to stockholders of record on May 17th.

The results

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Net sales were up 17% year-on-year (YoY) from $3.75 billion to $4.37 billion for the quarter.

Pre-tax earnings were also up, from $639 million the previous year to $652 million.

Meanwhile, earnings per share increase by a significant 25%, from $1.09 per ordinary share to $1.36.

The company’s EBITDA also increased healthily, from $924 million to $1.13 billion year-on-year. Margin was also up by 140 basis points to 26%, from 24.6%.

Lastly, the company’s cash flow increased 32%, from $513 million to $675 million year-on-year.

2024 outlook

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The company also provided an updated forecast for the rest of 2024:

  • Net sales growth: 15-16% for the year, 11-12.5% for Q3
  • Earnings per share: $2.98-$3.08 for the year, $0.92-$0.96 for Q3
  • Underlying sales growth: 5.5%-6.5% for the year, 3-4.5% for Q3

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