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Dec 31, 2022
Emerson Q1 2023 Earnings Report
Reported first quarter 2023 results and updated 2023 outlook.
Key Takeaways
Emerson reported a 7% increase in net sales to $3.4 billion, with underlying sales up 6%. GAAP EPS was $0.56, and adjusted EPS was $0.78, which included a $0.09 unfavorable impact from stock compensation. The company completed $2 billion of share repurchases and updated its full-year net sales and GAAP EPS outlook.
Net sales were $3.4 billion, up 7 percent from the year prior; underlying sales were up 6 percent.
GAAP EPS was $0.56; adjusted EPS was $0.78, including $0.09 unfavorable impact from stock compensation.
Completed $2 billion of share repurchase in the first quarter.
Updated 2023 full year net sales and GAAP EPS outlook; maintained underlying sales and adjusted EPS outlook despite stock compensation headwind.
Revenue by Segment
Forward Guidance
Emerson updated its full year net sales and GAAP EPS outlook but maintained its underlying sales and adjusted EPS outlook despite stock compensation headwinds.
Positive Outlook
- Net Sales Growth: 8% - 10%
- Underlying Sales Growth: 6.5% - 8.5%
- Earnings Per Share: $3.55 - $3.70
- Adjusted Earnings Per Share: $4.00 - $4.15
- Returned $2 billion to shareholders through share repurchases completed in the first quarter and approximately $1.2 billion of dividend payments
Challenges Ahead
- Amortization of Intangibles: ~$0.60
- Restructuring / Related Costs: ~$0.12
- Russia Exit Costs: $0.08
- AspenTech Micromine Purchase Price Hedge: ~($0.03)
- Interest on Note Receivable From Climate Technologies: ~($0.09)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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