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Emerson Electric: Third Quarter 2022 Earnings Update

Industry: Industrial Automation
Current: Company Performance

Emerson Electric reported growth in revenues of 6.6% year-over-year in Q3 2022
Emerson Electric reported GAAP earnings per share (EPS) of $1.54
The management lowered its revenues guidance to 7% - 8% for the fiscal year 2022

On August 9, 2022, Emerson Electric reported Q3 revenues of $5.0 billion (a growth of 6.6% year-over-year) on adjusted earnings per share (EPS) of $1.38.

Summary: Emerson Electric’s Q3 2022 revenues grew by 6.6% as compared to the same period in 2021. Emerson Electric reports its revenues across three segments: Automation Solutions, Commercial & Residential Solutions, and AspenTech.

Automation Solutions segment’s sales grew by 0.2% (underlying sales up 4%) vs 2021 due to increased sales in the Americas which was offset by declining sales in Europe, Asia, Middle East & Africa, and China
Commercial & Residential Solutions segment’s sales grew by 8.3% vs 2021 (underlying sales up 13%) owing to increased sales in the Americas, Europe, and Asia, Middle East & Africa which was offset by declining sales in China.
AspenTech segment’s sales grew by 191.5% vs 2021.

The company reported earnings before interest and tax (EBIT) of $1,245 million during Q3 2022, resulting in EBIT margins of 24.9%. On the bottom line, the company reported a GAAP EPS of $1.54, whereas the adjusted earnings came to $1.38 per share.

Guidance: For the fiscal year 2022 the management has guided to:

Net sales guidance is reduced to a range of 7% - 8% and underlying sales guidance is narrowed to a range of 9% - 10%
Earnings per share guidance is increased to $5.25 - $5.35 and adjusted earnings per share guidance is increased to $5.05 - $5.15
Operating cash flow is now expected to be $3.0 billion due to higher working capital from increased sales

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