Emerson Electric — Nov 5, 2024 release
Fiscal 2024 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000950103-24-015969
Showing in the filing
Capital expenditures
“~(0.4)”
Period
FY2025
Measure
Company-defined measure
Source
Guidance table
All guidance in this release · 22
Quarterly cash dividend increase for FY2024
“$0.5275 per share”
Quarterly Cash Dividend
“$0.5275 per share of common stock payable December 10, 2024”
Dividend payments assumption for FY2025
“approximately $1.2 billion”
Net Sales Growth for Q1 FY2025
“2.5% - 3.5%”
Net Sales Growth for FY2025
“3.5% - 5.5%”
Underlying Sales Growth for Q1 FY2025
“2% - 3%”
Underlying Sales Growth for FY2025
“3% - 5%”
Earnings Per Share for Q1 FY2025
“$0.89 - $0.94”
Earnings Per Share for FY2025
“$4.42 - $4.62”
Amortization of Intangibles for Q1 FY2025
“~$0.31”
Amortization of Intangibles for FY2025
“~$1.23”
Acquisition / Divestiture Fees and Related C… for FY2025
“~$0.04”
Restructuring / Related Costs for Q1 FY2025
“~$0.04”
Restructuring / Related Costs for FY2025
“~$0.16”
Acquisition / Divestiture Fees and Related C… for Q1 FY2025
“~$0.01”
Adjusted Earnings Per Share for Q1 FY2025
“$1.25 - $1.30”
Adjusted Earnings Per Share for FY2025
“$5.85 - $6.05”
Operating cash flow for FY2025
“$3.6B - $3.7B”
Free cash flow for FY2025
“$3.2B - $3.3B”
Share Repurchase for Q1 FY2025
“~$1.0B”
Share Repurchase for FY2025
“~$2.0B”
Capital expenditures for FY2025
“~(0.4)”
Exhibit 99.1 · the passage around this item
… earlier in the release
Q4 FY24 Underlying Sales Change
Reported
(Favorable)
/ Unfavorable FX
(Acquisitions)
/ Divestitures
Underlying
Final Control
8 %
(1 )%
— %
7 %
Measurement & Analytical
7 %
— %
— %
7 %
Discrete Automation
(3 )%
(1 )%
— %
(4 )%
Safety
& Productivity
(1 )%
— %
— %
(1 )%
Intelligent
Devices
4 %
— %
4 %
Control Systems & Software
9 %
— %
— %
9 %
Test & Measurement
AspenTech
(13 )%
— %
— %
(13 )%
Software
and Control
41 %
— %
(38 )%
3 %
Emerson
13 %
— %
(9 )%
4 %
Year Ended Sept 30, 2024 Underlying Sales
Change
Reported
(Favorable)
/ Unfavorable FX
(Acquisitions)
/ Divestitures
Underlying
Final Control
6 %
— %
— %
6 %
Measurement & Analytical
13 %
— %
1 %
14 %
Discrete Automation
(5 )%
— %
— %
(5 )%
Safety
& Productivity
— %
— %
— %
— %
Intelligent
Devices
5 %
— %
— %
5 %
Control Systems & Software
9 %
— %
1 %
10 %
Test & Measurement
AspenTech
5 %
— %
— %
5 %
Software
and Control
48 %
— %
(40 )%
8 %
Emerson
15 %
— %
(9 )%
6 %
Underlying
Growth Guidance
2025
Q1 Guidance
2025 Guidance
Reported (GAAP)
2.5%
- 3.5%
3.5%
- 5.5%
(Favorable) / Unfavorable FX
~(0.5)
pts
~(0.5)
pts
(Acquisitions)
/ Divestitures
-
-
Underlying
(non-GAAP)
2%
- 3%
3%
- 5%
Page 20
2023 Q4 Adjusted Segment EBITA
EBIT
EBIT
Margin
Amortization of
Intangibles
Restructuring
and Related Costs
Adjusted
Segment EBITA
Adjusted
Segment EBITA Margin
Final Control
$ 247
22.9 %
$ 22
$ 16
$ 285
26.4 %
Measurement & Analytical
275
26.3 %
12
11
298
28.4 %
Discrete Automation
131
19.7 %
7
7
145
21.8 %
Safety
& Productivity
78
21.9 %
6
(1 )
83
23.5 %
Intelligent
Devices
$ 731
23.2 %
$ 47
$ 33
$ 811
25.8 %
Control Systems & Software
151
21.1 %
5
2
158
22.2 %
Test & Measurement
AspenTech
(47 )
(18.7 )%
122
1
76
30.2 %
Software
and Control
$ 104
10.8 %
$ 127
$ 3
$ 234
24.3 %
2024 Q4 Adjusted Segment EBITA
EBIT
EBIT
Margin
Amortization
of Intangibles
Restructuring
and Related Costs
Adjusted
Segment EBITA
Adjusted
Segment EBITA Margin
Final Control
$ 271
23.2 %
$ 22
$ 12
$ 305
26.1 %
Measurement & Analytical
295
26.4 %
12
19
326
29.2 %
Discrete Automation
144
22.3 %
8
2
154
23.9 %
Safety
& Productivity
78
22.2 %
7
5
90
25.4 %
Intelligent
Devices
$ 788
24.0 %
$ 49
$ 38
$ 875
26.6 %
Control Systems & Software
177
22.7 %
4
7
188
24.3 %
Test & Measurement
(45 )
(12.4 )%
141
—
96
26.7 %
AspenTech
(79 )
(36.7 )%
122
8
51
23.2 %
Software
and Control
$ 53
3.9 %
$ 267
$ 15
$ 335
24.7 %
Total Adjusted Segment EBITA
2023 Q4
2024 Q4
Pretax earnings (GAAP)
$ 1,020
$ 679
Margin
24.9 %
14.7 %
Corporate items and interest expense, net
(185 )
162
Amortization of intangibles
174
316
Restructuring
and related costs
36
53
Adjusted segment EBITA (non-GAAP)
$ 1,045
$ 1,210
Margin
25.5 %
26.2 %
Page 21
2023 Adjusted Segment EBITA
EBIT
EBIT
Margin
Amortization of
Intangibles
Restructuring
and Related Costs
Adjusted
Segment EBITA
Adjusted
Segment EBITA Margin
Final Control
$ 865
21.8 %
$ 88
$ 28
$ 981
24.7 %
Measurement & Analytical
936
26.0 %
27
13
976
27.1 %
Discrete Automation
509
19.3 %
29
27
565
21.4 %
Safety
& Productivity
306
22.0 %
26
—
332
23.9 %
Intelligent
Devices
$ 2,616
22.6 %
$ 170
$ 68
$ 2,854
24.6 %
Control Systems & Software
529
20.3 %
22
9
560
21.5 %
Test & Measurement
AspenTech
(107 )
(10.3 )%
486
1
380
36.4 %
Software
and Control
$ 422
11.6 %
$ 508
$ 10
$ 940
25.8 %
2024 Adjusted Segment EBITA
EBIT
EBIT Margin
Amortization
of Intangibles
Restructuring
and Related Costs
Adjusted
Segment EBITA
Adjusted
Segment EBITA Margin
Final Control
$ 977
23.2 %
$ 87
$ 17
$ 1,081
25.7 %
Measurement & Analytical
1,056
26.0 %
55
26
1,137
28.0 %
Discrete Automation
466
18.6 %
34
35
535
21.3 %
Safety
& Productivity
308
22.2 %
26
7
341
24.5 %
Intelligent
Devices
$ 2,807
23.1 %
$ 202
$ 85
$ 3,094
25.4 %
Control Systems & Software
645
22.7 %
26
15
686
24.1 %
Test & Measurement
(290 )
(19.8 )%
560
81
351
24.0 %
AspenTech
(73 )
(6.7 )%
486
8
421
38.5 %
Software
and Control
$ 282
5.2 %
$ 1,072
$ 104
$ 1,458
27.0 %
Total Adjusted Segment EBITA
2023
2024
Pretax earnings (GAAP)
$ 2,903
$ 2,020
Margin
19.1 %
11.5 %
Corporate items and interest expense, net
135
1,069
Amortization of intangibles
678
1,274
Restructuring
and related costs
78
189
Adjusted segment EBITA (non-GAAP)
$ 3,794
$ 4,552
Margin
25.0 %
26.0 %
Free Cash Flow
2023 Q4
2024 Q4
Operating cash flow (GAAP)
$ 991
$ 1,073
Capital
expenditures
(169 )
(168 )
Free
cash flow (non-GAAP)
$ 822
$ 905
Free Cash Flow
FY23
FY24
2025E ($
in billions)
Operating cash flow (GAAP)
$ 2,710
$ 3,317
$3.6 - $3.7
Capital
expenditures
(363 )
(419 )
~(0.4)
Free
cash flow (non-GAAP)
$ 2,347
$ 2,898
$3.2
- $3.3
Note 1: Underlying sales and orders
exclude the impact of currency translation and significant acquisitions and divestitures.
Note 2: All fiscal year 2025E figures are approximate,
except where range is given.
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.