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Mar 31, 2021
Emerson Q2 2021 Earnings Report
Reported second quarter results and raised 2021 outlook.
Key Takeaways
Emerson reported strong second quarter results with net sales up 6 percent and EPS up 11 percent. The company also raised its 2021 outlook, expecting continued improvement in industrial and commercial demand.
Q2 Net Sales of $4.4 billion, up 6 percent from the year prior.
Q2 EPS was $0.93, up 11 percent from the year prior.
Operating Cash Flow of $807 million, up 37 percent.
Free Cash Flow (FCF) was $707 million, up 48 percent.
Forward Guidance
Emerson expects overall continued improvement in industrial and commercial demand over the remainder of 2021. Residential demand will remain robust, but begin to taper in the second half.
Positive Outlook
- Net Sales Growth 6% - 9%
- Automation Solutions 3% - 5%
- Commercial & Residential Solutions 14% - 16%
- Underlying Sales Growth 3% - 6%
- Commercial & Residential Solutions 12% - 14%
Challenges Ahead
- Capital Spend ~$600M
- Share Repurchase / M&A (excl. OSI) $500M - $1.0B
- Tax Rate ~22%
- Restructuring Actions ~$200M
- GAAP EPS $3.60 +/- $.05
Historical Earnings Impact
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Avg. Return Before/After Earnings
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