Emerson Reports Second Quarter 2024 Results

ST. LOUIS — Emerson today reported results¹ for its second quarter ended March 31, 2024 and 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 17, 2024.

Management Commentary

“Emerson’s outstanding execution continued in the second quarter, with sales growth, margin expansion and earnings all exceeding expectations,” said Emerson President and Chief Executive Officer Lal Karsanbhai. “Underlying orders met our low-single-digit growth expectations for the first half of fiscal 2024, supported by process and hybrid end markets. The strong performance and relentless focus on execution give us the confidence to update our full year 2024 outlook.”

Karsanbhai continued, “Our second quarter performance, especially our gross margin performance, demonstrates the strength of our transformed portfolio and our Emerson Management System. We are well positioned to continue delivering differentiated solutions to our customers and creating value for our shareholders.”

2024 Outlook

The following tables summarize the fiscal year 2024 guidance framework. The 2024 outlook assumes approximately $500 million returned to shareholders through share repurchases and approximately $1.2 billion of dividend payments. Guidance figures are approximate.

Notes:
¹ Results are presented on a continuing operations basis.
² Underlying orders does not include AspenTech.
³ Underlying sales excludes the impact of currency translation, and significant acquisitions and divestitures.
⁴ Adjusted segment EBITA represents segment earnings less restructuring and intangibles amortization expense.
⁵Adjusted EPS excludes intangibles amortization expense, restructuring and related costs, the income/loss of Emerson’s 40% share of Copeland, the amortization of acquisition-related inventory step-up, acquisition/divestiture gains, losses, fees and related costs, discrete tax benefits, an AspenTech Micromine purchase price hedge and write-offs associated with Emerson’s Russia exit.