Emerson Electric Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Emerson Electric Co. has filed its Q2 2024 10-Q report, detailing financial performance and operational status.</b>

AI Summary

EMERSON ELECTRIC CO (EMR) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Emerson Electric Co. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the fiscal second quarter of 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 filing provides investors with the latest financial data and insights into Emerson's performance for the quarter. Understanding the details within this 10-Q is crucial for assessing the company's current financial health and future prospects.

Risk Assessment

Risk Level: low — EMERSON ELECTRIC CO shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical reporting.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to identify any emerging trends or specific areas of strength or weakness.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-08 — Filing Date (FILED AS OF DATE)
• 0930 — Fiscal Year End (FISCAL YEAR END)
• 3600 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• EMERSON ELECTRIC CO (company) — FILER
• EMR (company) — tk
• 10-Q (filing) — ft
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-08 (date) — FILED AS OF DATE
• MO (location) — STATE OF INCORPORATION
• 3145532000 (phone) — BUSINESS PHONE
• AspenTech (company) — emr:AspenTechMember

FAQ

Industry Context

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

Regulatory Implications

As a publicly traded company, Emerson Electric is subject to SEC regulations and reporting requirements, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the consolidated balance sheets for changes in assets, liabilities, and equity.
2. Review the consolidated statements of operations for revenue trends and profitability.
3. Examine the consolidated statements of cash flows for operating, investing, and financing activities.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending March 31, 2024, following the previous 10-Q for the period ending December 31, 2023.

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-20240331.htm (10-Q) — 1676KB
• q2fy24exhibit31.htm (EX-31) — 16KB
• q2fy24exhibit32.htm (EX-32) — 11KB
• emr-20240331_g1.jpg (GRAPHIC) — 206KB
• 0000032604-24-000024.txt (&nbsp;) — 9547KB
• emr-20240331.xsd (EX-101.SCH) — 48KB
• emr-20240331_cal.xml (EX-101.CAL) — 95KB
• emr-20240331_def.xml (EX-101.DEF) — 331KB
• emr-20240331_lab.xml (EX-101.LAB) — 631KB
• emr-20240331_pre.xml (EX-101.PRE) — 508KB
• emr-20240331_htm.xml (XML) — 1693KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Statements of Earnings EMERSON ELECTRIC CO. & SUBSIDIARIES Three and six months ended March 31, 2023 and 2024 (Dollars in millions, except per share amounts; unaudited) Three Months Ended March 31, Six Months Ended March 31, 2023 2024 2023 2024 Net sales $ 3,756 4,376 $ 7,129 8,493 Cost of sales 1,955 2,092 3,708 4,293 Selling, general and administrative expenses 1,000 1,296 2,030 2,573 Gain on subordinated interest — ( 79 ) — ( 79 ) Other deductions, net 109 389 229 876 Interest expense (net of interest income of $ 18 , $ 33 , $ 38 and $ 73 , respectively) 53 57 101 101 Interest income from related party — ( 31 ) — ( 62 ) Earnings from continuing operations before income taxes 639 652 1,061 791 Income taxes 134 149 232 156 Earnings from continuing operations 505 503 829 635 Discontinued operations, net of tax of $ 39 , $ — , $ 1,005 and $ — , respectively 265 — 2,267 — Net earnings 770 503 3,096 635 Less: Noncontrolling interests in subsidiaries ( 22 ) 2 ( 27 ) ( 8 ) Net earnings common stockholders $ 792 501 $ 3,123 643 Earnings common stockholders: Earnings from continuing operations 530 501 $ 859 643 Discontinued operations 262 — 2,264 — Net earnings common stockholders $ 792 501 $ 3,123 643 Basic earnings per share common stockholders: Earnings from continuing operations $ 0.93 0.87 $ 1.49 1.12 Discontinued operations 0.46 — 3.92 — Basic earnings per common share $ 1.39 0.87 $ 5.41 1.12 Diluted earnings per share common stockholders: Earnings from continuing operations $ 0.92 0.87 $ 1.48 1.12 Discontinued operations 0.46 — 3.90 — Diluted earnings per common share $ 1.38 0.87 $ 5.38 1.12 Weighted average outstanding shares: Basic 570.9 571.4 577.2 571.1 Diluted 573.6 574.1 580.1 573.7 See accompanying Notes to Consolidated Financial Statements. 1 Consolidated Statements of Comprehensive Income EMERSON ELECTRIC CO. & SUBSIDIARIES Three and six months ended March

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 Mar 31, 2024 Unbilled receivables (contract assets) $ 1,453 1,480 Customer advances (contract liabilities) ( 897 ) ( 1,187 ) Net contract assets (liabilities) $ 556 293 The majority of the Company's contract balances relate t

View Full Filing

View this 10-Q filing on SEC EDGAR