Emerson Electric Co. EMR has made a strategic investment in Frugal Technologies, a Danish company offering fuel optimization technologies that help lower energy use and emissions in shipping fleets. The investment advances EMR’s focus on fuel management and propulsion control and optimization expertise in its marine systems and solutions business.???It facilitates sustainability in shipping.
Frugal develops optimal engine models for ships through its cloud-based propulsion optimization software that uses AI technology to collect data related to weather, cargo load and propulsion. The company estimates that its propulsion solutions generate savings of up to 15% in fuel consumption, thus reducing carbon footprint.
Frugal’s propulsion solution reduces fuel costs and helps ship owners meet emission targets. Its fuel optimization technology complements Emerson’s marine expertise and automation portfolio.
Emerson Electric Co. Price
Emerson Electric Co. price | Emerson Electric Co. Quote
Emerson’s group president, Jon Stokes, said, “Frugal Technologies’ mission aligns very well with our commitment to drive innovation that supports our customers in their sustainability journey.”
Emerson is thriving on the back of strength in the process and hybrid end markets, improving supply chains and acquired assets.
In October 2023, Emerson completed the acquisition of National Instruments for $8.2 billion. The buyout strengthens EMR’s global automation foothold, helping the company expand into high-growth end markets, including semiconductor and electronics, transportation and electric vehicles and aerospace and defense.
Zacks Rank & Other Stocks to Consider
Emerson presently sports a Zacks Rank #1 (Strong Buy).
Below, we discuss some other top-ranked stocks:
A. O. Smith Corporation AOS presently carries a Zacks Rank #2 (Buy). The company delivered a trailing four-quarter earnings surprise of 14%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
A. O. Smith has an estimated earnings growth rate of 20.1% and 6.1% for 2023 and 2024, respectively. Shares of the company have gained 32.6% in the year-to-date period.
ITT ITT presently carries a Zacks Rank #2. The company pulled off a trailing four-quarter earnings surprise of 8%, on average.
ITT has an estimated earnings growth rate of 16.7% and 11.2% for 2023 and 2024, respectively. Shares of the company have gained 30.8% in the past six months.
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