Emerson Electric Files Q3 2024 10-Q

TL;DR

EMR's Q3 10-Q is in - check financials for latest performance.

AI Summary

Emerson Electric Co. filed its 10-Q for the period ending June 30, 2024. The filing covers the third quarter and the first nine months of fiscal year 2024. Key financial details and operational updates are provided, reflecting the company's performance and financial position during this period.

Why It Matters

This filing provides investors with a detailed look at Emerson Electric's financial health and operational performance for the latest quarter, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

• EMERSON ELECTRIC CO (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240807 (date) — Date of filing

FAQ

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-20240630.htm (10-Q) — 1699KB
• q3fy24exhibit31.htm (EX-31) — 16KB
• q3fy24exhibit32.htm (EX-32) — 11KB
• emr-20240630_g1.jpg (GRAPHIC) — 206KB
• 0000032604-24-000036.txt ( ) — 9849KB
• emr-20240630.xsd (EX-101.SCH) — 49KB
• emr-20240630_cal.xml (EX-101.CAL) — 97KB
• emr-20240630_def.xml (EX-101.DEF) — 352KB
• emr-20240630_lab.xml (EX-101.LAB) — 662KB
• emr-20240630_pre.xml (EX-101.PRE) — 538KB
• emr-20240630_htm.xml (XML) — 1704KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Statements of Earnings EMERSON ELECTRIC CO. & SUBSIDIARIES Three and nine months ended June 30, 2023 and 2024 (Dollars in millions, except per share amounts; unaudited) Three Months Ended June 30, Nine Months Ended June 30, 2023 2024 2023 2024 Net sales $ 3,946 4,380 11,075 12,873 Cost of sales 1,952 2,066 5,660 6,359 Selling, general and administrative expenses 1,042 1,254 3,072 3,827 Gain on subordinated interest — — — ( 79 ) Loss on Copeland note receivable — 279 — 279 Other deductions, net 130 294 359 1,075 Interest expense (net of interest income of $ 58 , $ 32 , $ 96 and $ 105 , respectively) 10 56 111 157 Interest income from related party ( 10 ) ( 24 ) ( 10 ) ( 86 ) Earnings from continuing operations before income taxes 822 455 1,883 1,341 Income taxes 168 88 400 266 Earnings from continuing operations 654 367 1,483 1,075 Discontinued operations, net of tax of $ 2,004 , $ 5 , $ 3,009 and $ 27 , respectively 8,712 ( 15 ) 10,979 ( 88 ) Net earnings 9,366 352 12,462 987 Less: Noncontrolling interests in subsidiaries 14 23 ( 13 ) 15 Net earnings common stockholders $ 9,352 329 12,475 972 Earnings common stockholders: Earnings from continuing operations 643 344 1,502 1,060 Discontinued operations 8,709 ( 15 ) 10,973 ( 88 ) Net earnings common stockholders $ 9,352 329 12,475 972 Basic earnings per share common stockholders: Earnings from continuing operations $ 1.12 0.60 2.61 1.85 Discontinued operations 15.24 ( 0.02 ) 19.06 ( 0.15 ) Basic earnings per common share $ 16.36 0.58 21.67 1.70 Diluted earnings per share common stockholders: Earnings from continuing operations $ 1.12 0.60 2.60 1.84 Discontinued operations 15.16 ( 0.03 ) 18.96 ( 0.15 ) Diluted earnings per common share $ 16.28 0.57 21.56 1.69 Weighted average outstanding shares: Basic 570.9 571.9 575.1 571.4 Diluted 574.0 574.8 578.1 574.1 See accompanying Notes to Consolidated Financial Statements. 1 Con

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. Certain prior year amounts have been reclassified to conform to the current year presentation. On June 6, 2024, the Company entered into definitive agreements to sell its 40 percent non-controlling common equity interest in Copeland to private equity funds managed by Blackstone for $ 1.5 billion and its note receivable to Copeland for $ 1.9 billion. As a result of the definitive agreements, the equity interest and note receivable are reported as held-for-sale, and the equity method losses related to the Company's non-controlling common equity interest in Copeland, which were reported since May 2023 in Other deductions, net, have been reclassified and are now reported as discontinued operations for all periods presented (see Notes 5 and 10). (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

View Full Filing

View this 10-Q filing on SEC EDGAR