While reporting financial results for the third quarter on Wednesday, technology and software company Emerson Electric Co. (EMR) raised its adjusted earnings guidance for the full-year 2024.
The company said the 2024 outlook assumes approximately $300 million returned to shareholders through share repurchases and approximately $1.2 billion of dividend payments.
For fiscal 2024, the company now projects earnings in a range of $2.82 to $2.87 per share and adjusted earnings in a range of $5.45 to $5.50 per share on a net sales growth of about 15.0 percent, with underlying sales growth of almost 6.0 percent.
Previously, the company expected earnings in the range of $2.98 to $3.08 per share and adjusted earnings in the range of $5.40 to $5.50 per share on a net sales growth of 15.0 to 16.0 percent, with underlying sales growth of 5.5 to 6.5 percent.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $5.47 per share on revenue growth of 15.8 percent to $17.56 billion for the quarter. Analysts' estimates usually exclude special items.
The company's board of directors also declared the regular quarterly cash dividend of $0.525 per share of common stock, payable on September 10, 2024 to stockholders of record on August 16, 2024.
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