Emerson Electric Sales Rose in Fiscal 3Q; Adjusts Guidance

By Don Nico Forbes

Emerson Electric sales rose in the fiscal third quarter, with growth across most of its business units, and adjusted its guidance for the year.

The industrial manufacturer posted a profit of $329 million, or 57 cents a share, for the quarter ended June 30, compared with $9.35 billion, or $16.28 a share, in the same quarter a year ago. The year-prior result included a gain of $8.76 billion from discontinued operations.

Stripping out one-time items, adjusted earnings were $1.43 a share. Analysts surveyed by FactSet had been expecting $1.41 a share.

Sales rose 11% to $4.38 billion but were below analyst estimates of $4.44 billion, according to FactSet.

Looking ahead, the company adjusted its guidance for 2024. It now expects sales to grow by 15%, compared with a prior range of between 15% and 16%. Adjusted EPS is seen at $5.45 to $5.50, narrowed from a previous view of $5.40 to $5.50.

Write to Don Nico Forbes at don.forbes@wsj.com

(END) Dow Jones Newswires

August 07, 2024 07:36 ET (11:36 GMT)

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