Emerson Electric Co. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Emerson Electric Co. filed its Q1 2024 10-Q report, detailing financial performance for the quarter ending December 31, 2023.</b>

AI Summary

EMERSON ELECTRIC CO (EMR) filed a Quarterly Report (10-Q) with the SEC on February 7, 2024. Emerson Electric Co. filed a 10-Q report for the period ending December 31, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 30th. Emerson Electric Co. is incorporated in Missouri. The company's primary SIC code is 3600 - Electronic & Other Electrical Equipment.

Why It Matters

For investors and stakeholders tracking EMERSON ELECTRIC CO, this filing contains several important signals. This 10-Q filing provides crucial insights into Emerson Electric's financial health and operational performance during the first quarter of its fiscal year 2024, enabling investors to assess recent trends and make informed decisions. The detailed financial information within this report is essential for stakeholders to understand the company's revenue, expenses, and overall financial position, which can impact investment strategies and valuations.

Risk Assessment

Risk Level: medium — EMERSON ELECTRIC CO shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains routine financial information, but the absence of specific financial performance data in the provided text limits a more precise risk assessment.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management discussion, and risk factors to understand Emerson Electric's performance and outlook.

Key Numbers

• 2023-12-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-02-07 — Filing Date (Filed as of date)
• 09/30 — Fiscal Year End (Fiscal year end)
• 3600 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• EMERSON ELECTRIC CO (company) — Filer name
• EMR (company) — Ticker symbol
• 20231231 (date) — Conformed period of report
• 20240207 (date) — Filed as of date
• MO (location) — State of incorporation
• 3145532000 (phone) — Business phone
• AspenTech (company) — Mentioned in relation to Additional Paid In Capital

FAQ

Industry Context

Emerson Electric operates within the industrial automation and technology sector, providing solutions for process control, fluid management, and climate technologies.

Regulatory Implications

The filing adheres to SEC regulations for quarterly reporting (Form 10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue, net income, and cash flow.
2. Review the Management's Discussion and Analysis (MD&A) section for narrative explanations of financial performance and strategic outlook.
3. Examine the risk factors section for any new or updated risks that could impact the company.

Year-Over-Year Comparison

This is a 10-Q filing for the period ending December 31, 2023, representing a standard quarterly update.

Key Financial Figures

• $0.50 — ge on which registered Common Stock of $0.50 par value per share EMR New York Stock

Filing Documents

• emr-20231231.htm (10-Q) — 1116KB
• q1fy24exhibit102.htm (EX-10.2) — 10KB
• q1fy24exhibit103.htm (EX-10.3) — 11KB
• q1fy24exhibit31.htm (EX-31) — 16KB
• q1fy24exhibit32.htm (EX-32) — 11KB
• emr-20231231_g1.jpg (GRAPHIC) — 206KB
• 0000032604-24-000008.txt (&nbsp;) — 8138KB
• emr-20231231.xsd (EX-101.SCH) — 48KB
• emr-20231231_cal.xml (EX-101.CAL) — 92KB
• emr-20231231_def.xml (EX-101.DEF) — 328KB
• emr-20231231_lab.xml (EX-101.LAB) — 697KB
• emr-20231231_pre.xml (EX-101.PRE) — 507KB
• emr-20231231_htm.xml (XML) — 1186KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Statements of Earnings EMERSON ELECTRIC CO. & SUBSIDIARIES Three months ended December 31, 2022 and 2023 (Dollars in millions, except per share amounts; unaudited) Three Months Ended December 31, 2022 2023 Net sales $ 3,373 4,117 Cost of sales 1,753 2,201 Selling, general and administrative expenses 1,030 1,277 Other deductions, net 120 487 Interest expense (net of interest income of $ 20 and $ 40 , respectively) 48 44 Interest income from related party — ( 31 ) Earnings from continuing operations before income taxes 422 139 Income taxes 98 7 Earnings from continuing operations 324 132 Discontinued operations, net of tax of $ 966 and $ — , respectively 2,002 — Net earnings 2,326 132 Less: Noncontrolling interests in subsidiaries ( 5 ) ( 10 ) Net earnings common stockholders $ 2,331 142 Earnings common stockholders: Earnings from continuing operations $ 329 142 Discontinued operations 2,002 — Net earnings common stockholders $ 2,331 142 Basic earnings per share common stockholders: Earnings from continuing operations $ 0.56 0.25 Discontinued operations 3.43 — Basic earnings per common share $ 3.99 0.25 Diluted earnings per share common stockholders: Earnings from continuing operations $ 0.56 0.25 Discontinued operations 3.41 — Diluted earnings per common share $ 3.97 0.25 Weighted average outstanding shares: Basic 583.6 570.8 Diluted 586.7 573.3 See accompanying Notes to Consolidated Financial Statements. 1 Consolidated Statements of Comprehensive Income EMERSON ELECTRIC CO. & SUBSIDIARIES Three months ended December 31, 2022 and 2023 (Dollars in millions; unaudited) Three Months Ended December 31, 2022 2023 Net earnings $ 2,326 132 Other comprehensive income (loss), net of tax: Foreign currency translation 241 174 Pension and postretirement ( 16 ) ( 12 ) Cash flow hedges 10 3 Total other comprehensive income (loss) 235 165 Comprehensive income 2,561 297

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements EMERSON ELECTRIC CO. & SUBSIDIARIES (Dollars and shares in millions, except per share amounts or where noted) (1) BASIS OF PRESENTATION In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary for a fair presentation of operating results for the interim periods presented. Adjustments consist of normal and recurring accruals. The consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all disclosures required for annual financial statements presented in conformity with U.S. generally accepted accounting principles (GAAP). For further information, refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2023. (2) REVENUE RECOGNITION Emerson is a global manufacturer that designs and manufactures products and delivers services that bring technology and engineering together to provide innovative solutions for its customers. The majority of the Company's revenues relate to a broad offering of manufactured products and software which are recognized at the point in time when control transfers, while a smaller portion is recognized over time or relates to sales arrangements with multiple performance obligations. See Note 14 for additional information about the Company's revenues. The following table summarizes the balances of the Company's unbilled receivables (contract assets), which are reported in Other assets (current and noncurrent), and its customer advances (contract liabilities), which are reported in Accrued expenses and Other liabilities. Sept 30, 2023 Dec 31, 2023 Unbilled receivables (contract assets) $ 1,453 1,502 Customer advances (contract liabilities) ( 897 ) ( 1,225 ) Net contract assets (liabilities) $ 556 277 The majority of the Company's contract balances relate t

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View this 10-Q filing on SEC EDGAR