(Adds Outlook)
Emerson Electric Co. (EMR) reported a profit for fourth quarter that decreased from last year and missed the Street estimates.
The company's bottom line totaled $670 million, or $1.11 per share. This compares with $740M, or $1.24 per share, in last year's fourth quarter.
Excluding items, Emerson Electric Co. reported adjusted earnings of $1.32 per share for the period.
Analysts on average had expected the company to earn $1.38 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 7.6% to $4.95 billion from $5.36 billion last year.
Outlook:
Looking forward to the first quarter od 2023, the company expects adjusted EPS from continuing operations after the Climate Technologies divestiture to be in the range of $0.85 - $0.89. This compares with $0.79 in the first quarter of 2022.
On average, 12 analyst polled by Thomson-Reuters expect the company to report earnings of $1.21 per share.
For the first quarter, sales growth is expected to be in the range of 6%-8%.
For the full year 2023, adjusted EPS from continuing operations are expected between $4.00 and $4.15 vs $3.64 in 2022. The consensus estimate stands at $5.45.
The company sees sales growth from continuing operations of 7% - 9% for the full year. Analysts see sales increase of 5.2% for the year.
Emerson Electric Co. earnings at a glance (GAAP) :
-Earnings (Q4): $670 Mln. vs. $740M. last year.-EPS (Q4): $1.11 vs. $1.24 last year.-Analyst Estimates: $1.38 -Revenue (Q4): $4.95 Bln vs. $5.36 Bln last year.
-Guidance:Next quarter EPS guidance: $0.85 - $0.89
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