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Why is Emerson Electric Co (EMR) Stock down?
We've noticed a 7.65% decline in Emerson Electric Co (EMR) stock during the 2024-08-07 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
07 Nov, 2023:
Shares of Emerson Electric Company (EMR) dropped by 7.41% from $91.74 to $84.94 in the trading on Tuesday, November 7, 2023. The reason why EMR down is due to mixed quarterly results:
- Earnings Miss: EMR reported Q4 fiscal 2023 adjusted earnings of $1.29 per share, falling short of the $1.30 estimated by Zacks Consensus.
- Revenue Miss: The company's net sales of $4,090 million missed the consensus estimate of $4,204 million. However, it represented a 5% YoY increase.
- Segment Performance: EMR now reports under two segments: Intelligent Devices: Net sales of $3,146 million (up 6% YoY). Software and Control Automation Solutions: Net sales of $963 million (up 3% YoY).
- Margin Improvement: While the cost of sales increased slightly, EMR saw a significant improvement in pretax earnings margin (22.1%) and adjusted EBITA margin (25.5%).
- Balance Sheet and Cash Flow: Cash and cash equivalents grew to $8,051 million. Long-term debt decreased to $7,610 million, with the company repaying $741 million in debt. Operating cash flow decreased by 78.2%, and capital expenditure increased. Dividends paid out amounted to $1,198 million, and common stocks worth $2,000 million were repurchased.
- Outlook: For Q1 fiscal 2024, EMR forecasts net sales growth of 14-17.5%, with underlying sales growth of 6.5-8.5%. Earnings per share are expected to be $0.45-$0.50, with adjusted earnings per share of $1.00-$1.05, slightly below the Zacks Consensus Estimate.
- FY24 Expectations: EMR anticipates net sales growth of 13-15.5%, with underlying sales rising 4-6%. Earnings per share for fiscal 2024 are projected at $3.82-$4.02, with adjusted earnings per share estimated to be $5.15-$5.35. Investors reacted negatively to the earnings miss and cautious fiscal 2024 outlook, leading to the stock's decline.
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