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Emerson Electric Co (NYSE:EMR) posted better-than-expected results for its second quarter.
Emerson Electric reported second-quarter FY24 net sales growth of 17% Y/Y to $4.38 billion, beating the consensus of $4.29 billion. Adjusted EPS improved 25% Y/Y to $1.36, beating the consensus of $1.25, according to data from Benzinga Pro.
Emerson declared a quarterly cash dividend per share of $0.525, payable on June 10 to stockholders of record on May 17.
“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.”
For the third quarter, Emerson Electric expects net sales growth of 11%-12.5%, with underlying sales growth of 3%-4.5% and adjusted EPS of $1.38-$1.42 versus the consensus of $1.44.
For FY24, Emerson Electric revised its net sales growth outlook to 15% – 16% (prior: 14.5% -17%), with underlying sales growth to 5.5%-6.5% (from 4.5%-6.5% earlier) and adjusted EPS to $5.40-$5.50 (from $5.30-$5.45) vs. consensus $5.39.
Emerson Electric shares gained 4.9% to close at $112.65 on Wednesday.
These analysts made changes to their price targets on Emerson Electric following earnings announcement.
Posted In: EMR
