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Emerson Reports First Quarter 2024 Results; Updates 2024 Outlook

ST. LOUIS, Feb. 7, 2024 /PRNewswire/ -- Emerson (NYSE: EMR) today reported results1 for its first quarter ended December 31, 2023 and updated its full year outlook for fiscal 2024. Emerson also declared a quarterly cash dividend of $0.525 per share of common stock payable March 11, 2024 to stockholders of record on February 16, 2024.

Emerson (PRNewsfoto/Emerson)
Emerson (PRNewsfoto/Emerson)

(dollars in millions, except per share)

2023 Q1

2024 Q1

Change

Underlying Orders2



4 %

Net Sales

$3,373

$4,117

22 %

Underlying Sales3



10 %

Pretax Earnings

$422

$139


Margin

12.5 %

3.4 %

(910) bps

Adjusted Segment EBITA4

$765

$1,014


Margin

22.7 %

24.6 %

190 bps

GAAP Earnings Per Share

$0.56

$0.25

(55) %

Adjusted Earnings Per Share5

$0.78

$1.22

56 %

Operating Cash Flow

$302

$444

47 %

Free Cash Flow

$243

$367

51 %

 

Management Commentary

"Emerson's first quarter results exceeded expectations in key financial metrics including underlying sales, operating leverage and adjusted earnings per share," said Emerson President and Chief Executive Officer Lal Karsanbhai. "Our strong start to the year, continued focus on execution, and resilient process and hybrid demand provide the confidence to update our 2024 outlook."

Karsanbhai continued, "NI, now referred to as Test & Measurement, started the year strong delivering robust sales and margins. We have increased and accelerated our synergy plan in Test & Measurement and remain focused on creating value."

2024 Outlook

The following tables summarize the fiscal year 2024 guidance framework. The 2024 outlook assumes approximately $500 million returned to shareholders through share repurchases and approximately $1.2 billion of dividend payments. Guidance figures are approximate.


2024 Q2

2024

Net Sales Growth

12.5% - 14.5%

14.5% - 17.0%

Underlying Sales Growth

3.5% - 5.5%

4.5% - 6.5%

Earnings Per Share

$0.68 - $0.72

$2.80 - $2.95

Amortization of Intangibles

~$0.35

~$1.42

Restructuring and Related Costs

~$0.09

~$0.34

Loss on Copeland Equity Method Investment

~$0.06

~$0.20

Amortization of Acquisition-related Inventory Step-up

---

$0.38

Acquisition / Divestiture Fees and Related Costs

~$0.04

~$0.26

Discrete Tax Benefits

---

($0.10)

Adjusted Earnings Per Share

$1.22 - $1.26

$5.30 - $5.45

Operating Cash Flow


$3.0B - $3.1B

Free Cash Flow


$2.6B - $2.7B



1

Results are presented on a continuing operations basis.

2

Underlying orders does not include AspenTech.

3

Underlying sales excludes the impact of currency translation, and significant acquisitions and divestitures.

4

Adjusted segment EBITA represents segment earnings less restructuring and intangibles amortization expense.

5

Adjusted EPS excludes intangibles amortization expense, restructuring and related costs, the income/loss of Emerson's 40% share of Copeland, the amortization of acquisition-related inventory step-up, acquisition/divestiture fees and related costs, discrete tax benefits, an AspenTech Micromine purchase price hedge, and write-offs associated with Emerson's Russia exit.

 

Conference Call

Today, beginning at 8:00 a.m. Central Time / 9:00 a.m. Eastern Time, Emerson management will discuss the first quarter results during an investor conference call. Participants can access a live webcast available at www.emerson.com/investors at the time of the call. A replay of the call will be available for 90 days. Conference call slides will be posted in advance of the call on the company website.

About Emerson

Emerson (NYSE: EMR) is a global technology and software company providing innovative solutions for the world's essential industries. Through its leading automation portfolio, including its majority stake in AspenTech, Emerson helps hybrid, process and discrete manufacturers optimize operations, protect personnel, reduce emissions and achieve their sustainability goals. For more information, visit Emerson.com.

Forward-Looking and Cautionary Statements

Statements in this press release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties, and Emerson undertakes no obligation to update any such statements to reflect later developments. These risks and uncertainties include the scope, duration and ultimate impacts of the Russia-Ukraine and other global conflicts, as well as economic and currency conditions, market demand, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, inflation, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the SEC. The outlook contained herein represents the Company's expectation for its consolidated results, other than as noted herein.

Emerson uses our Investor Relations website, www.Emerson.com/investors, as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, webcasts and social media. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

Investors:

Media:

Colleen Mettler

Joseph Sala / Greg Klassen

(314) 553-2197

Joele Frank, Wilkinson Brimmer Katcher


(212) 355-4449

(tables attached)

 




Table 1

EMERSON AND SUBSIDIARIES

CONSOLIDATED OPERATING RESULTS

(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)






Quarter Ended Dec 31


2022


2023





Net sales

$           3,373


$           4,117

Cost and expenses




     Cost of sales

1,753


2,201

     SG&A expenses

1,030


1,277

     Other deductions, net

120


487

     Interest expense, net

48


44

     Interest income from related party1


(31)

Earnings from continuing operations before income taxes

422


139

Income taxes

98


7

Earnings from continuing operations

324


132

Discontinued operations, net of tax

2,002


Net earnings

2,326


132

Less: Noncontrolling interests in subsidiaries

(5)


(10)

Net earnings common stockholders

$           2,331


$              142





Earnings common stockholders




Earnings from continuing operations

$              329


$              142

Discontinued operations

2,002


Net earnings common stockholders

$           2,331


$              142





Diluted avg. shares outstanding

586.7


573.3





Diluted earnings per share common stockholders




Earnings from continuing operations

$             0.56


$             0.25

Discontinued operations

3.41


Diluted earnings per common share

$             3.97


$             0.25










Quarter Ended Dec 31


2022


2023

Other deductions, net




Amortization of intangibles

$              118


$              274

Restructuring costs

10


83

Other

(8)


130

Total

$              120


$              487





1 Represents interest on the Copeland note receivable

 




Table 2

EMERSON AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(DOLLARS IN MILLIONS, UNAUDITED)










Sept 30, 2023


Dec 31, 2023

Assets




     Cash and equivalents

$           8,051


$           2,076

     Receivables, net

2,518


2,759

     Inventories

2,006


2,432

     Other current assets

1,244


1,399

Total current assets

13,819


8,666

     Property, plant & equipment, net

2,363


2,701

     Goodwill

14,480


17,983

     Other intangible assets

6,263


11,270

     Copeland note receivable and equity investment

3,255


3,253

     Other

2,566


2,640

Total assets

$         42,746


$         46,513





Liabilities and equity




     Short-term borrowings and current maturities of long-term debt

$              547


$           3,227

     Accounts payable

1,275


1,234

     Accrued expenses

3,210


3,304

Total current liabilities

5,032


7,765

     Long-term debt

7,610


7,632

     Other liabilities

3,506


4,561

Equity




     Common stockholders' equity

20,689


20,674

     Noncontrolling interests in subsidiaries

5,909


5,881

Total equity

26,598


26,555

Total liabilities and equity

$         42,746


$         46,513

 





Table 3

EMERSON AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(DOLLARS IN MILLIONS, UNAUDITED)







Three Months Ended Dec 31



2022


2023

Operating activities





Net earnings


$            2,326


$              132

Earnings from discontinued operations, net of tax


(2,002)


Adjustments to reconcile net earnings to net cash provided by operating activities:





        Depreciation and amortization


260


422

        Stock compensation


102


74

        Amortization of acquisition-related inventory step-up



231

        Changes in operating working capital


(289)


(247)

        Other, net


(95)


(168)

            Cash from continuing operations


302


444

            Cash from discontinued operations


116


(29)

            Cash provided by operating activities


418


415






Investing activities





Capital expenditures


(59)


(77)

Purchases of businesses, net of cash and equivalents acquired



(8,339)

Proceeds from subordinated interest


15


Other, net


(23)


(37)

    Cash from continuing operations


(67)


(8,453)

    Cash from discontinued operations


2,953


1

    Cash provided by (used in) investing activities


2,886


(8,452)






Financing activities





Net increase (decrease) in short-term borrowings


(539)


2,647

Payments of long-term debt


(9)


Dividends paid


(306)


(300)

Purchases of common stock


(2,000)


(175)

AspenTech purchases of common stock



(72)

Other, net


(41)


(45)

    Cash provided by (used in) financing activities


(2,895)


2,055






Effect of exchange rate changes on cash and equivalents


58


7

Increase (decrease) in cash and equivalents


467


(5,975)

Beginning cash and equivalents


1,804


8,051

Ending cash and equivalents


$            2,271


$           2,076






 




Table 4

EMERSON AND SUBSIDIARIES

SEGMENT SALES AND EARNINGS

(DOLLARS IN MILLIONS, UNAUDITED)


The following tables show results for the Company's segments on an adjusted segment EBITA basis and are intended to supplement the Company's results of operations, including its segment earnings which are defined as earnings before interest and taxes. The Company defines adjusted segment and total segment EBITA as segment earnings excluding intangibles amortization expense, and restructuring and related expense. Adjusted segment and total segment EBITA, and adjusted segment and total segment EBITA margin are measures used by management and may be useful for investors to evaluate the Company's segments' operational performance.



Quarter Ended Dec 31



2022


2023


Reported


Underlying


Sales









Final Control

$              862


$              940


9 %


9 %


Measurement & Analytical

749


947


26 %


28 %


Discrete Automation

618


613


(1) %


(2) %


Safety & Productivity

310


322


4 %


3 %


Intelligent Devices

$           2,539


$           2,822


11 %


11 %











Control Systems & Software

606


675


11 %


11 %


Test & Measurement


382


— %


— %


AspenTech

243


257


6 %


6 %


Software and Control

$              849


$           1,314


55 %


9 %











Eliminations

(15)


(19)






Total

$           3,373


$           4,117


22 %


10 %


 

Sales Growth by Geography







Quarter Ended
Dec 31





Americas

8 %






Europe

10 %






Asia, Middle East & Africa

15 %






 




Table 4 cont.






Quarter Ended Dec 31


Quarter Ended Dec 31


2022


2023


As Reported
(GAAP)


Adjusted EBITA
(Non-GAAP)


As Reported
(GAAP)


Adjusted EBITA
(Non-GAAP)

Earnings








Final Control

$          158


$          184


$          194


$          223

 Margins

18.4 %


21.4 %


20.6 %


23.6 %

Measurement & Analytical

175


181


235


258

 Margins

23.4 %


24.1 %


24.9 %


27.3 %

Discrete Automation

121


129


97


116

 Margins

19.6 %


21.0 %


15.8 %


18.9 %

Safety & Productivity

63


69


68


74

 Margins

20.4 %


22.4 %


21.1 %


23.1 %

Intelligent Devices

$          517


$          563


$          594


$          671

 Margins

20.4 %


22.2 %


21.0 %


23.8 %









Control Systems & Software

107


114


149


155

 Margins

17.6 %


18.7 %


22.1 %


23.1 %

Test & Measurement



(78)


101

 Margins

— %


— %


(20.4) %


26.5 %

AspenTech

(33)


88


(35)


87

 Margins

(13.6) %


36.6 %


(13.7) %


33.6 %

Software and Control

$            74


$          202


$            36


$          343

 Margins

8.7 %


23.8 %


2.8 %


26.1 %









Corporate items and interest expense, net:








Stock compensation

(102)


(102)


(74)


(44)

Unallocated pension and postretirement costs

45


45


31


31

Corporate and other

(64)


(44)


(399)


(38)

Loss on Copeland equity method investment



(36)


Interest expense, net

(48)



(44)


Interest income from related party1



31










Pretax Earnings / Adjusted EBITA

$          422


$          664


$          139


$          963

 Margins

12.5 %


19.7 %


3.4 %


23.4 %









Supplemental Total Segment Earnings:








Adjusted Total Segment EBITA



$          765




$        1,014

 Margins



22.7 %




24.6 %









1 Represents interest on the Copeland note receivable.

 





Table 4 cont.



Quarter Ended Dec 31


Quarter Ended Dec 31



2022


2023



Amortization of

Intangibles1


Restructuring

and

Related Costs2


Amortization of

Intangibles1


Restructuring

and

Related Costs2


Final Control

$                   22


$                     4


$                   22


$                     7


Measurement & Analytical

5


1


20


3


Discrete Automation

7


1


9


10


Safety & Productivity

6



6



Intelligent Devices

$                   40


$                     6


$                   57


...$                   20











Control Systems & Software

6


1


5


1


Test & Measurement



139


40


AspenTech

121



122



Software and Control

$                 127


$                     1


$                 266


$                   41











Corporate


8



26

3

Total

$                 167


$                   15


$                 323


$                   87











1 Amortization of intangibles includes $49 and $49 reported in cost of sales for the three months ended December 31, 2022 and 2023, respectively.

2 Restructuring and related costs includes $5 and $4 reported in cost of sales for the three months ended December 31, 2022 and 2023, respectively.

3 Corporate restructuring of $26 for the three months ended December 31, 2023 is comprised entirely of integration-related stock compensation expense attributable to NI.

 






Quarter Ended Dec 31

Depreciation and Amortization

2022


2023

Final Control

$                45


$                40

Measurement & Analytical

30


40

Discrete Automation

21


22

Safety & Productivity

14


14

Intelligent Devices

110


116





Control Systems & Software

21


21

Test & Measurement


151

AspenTech

123


123

Software and Control

144


295





Corporate

6


11

Total

$              260


$              422

 






Table 5


EMERSON AND SUBSIDIARIES

ADJUSTED CORPORATE AND OTHER SUPPLEMENTAL

(DOLLARS IN MILLIONS, UNAUDITED)


The following table shows the Company's stock compensation and corporate and other expenses on an adjusted basis. The Company's definition of adjusted stock compensation excludes integration-related stock compensation expense. The Company's definition of adjusted corporate and other excludes corporate restructuring and related costs, first year purchase accounting related items and transaction fees, and certain gains, losses or impairments. This metric is useful for reconciling from total adjusted segment EBITA to the Company's consolidated adjusted EBITA.

 






Quarter Ended Dec 31







2022


2023


 Stock compensation (GAAP)





$                (102)


$                  (74)


 Integration-related stock compensation expense






30

1

 Adjusted stock compensation (non-GAAP)





$                (102)


$                  (44)







Quarter Ended Dec 31






2022


2023

 Corporate and other (GAAP)





$                  (64)


$                (399)

 Corporate restructuring and related costs





8


 Acquisition / divestiture costs






130

 Amortization of acquisition-related inventory step-up






231

 Russia business exit





47


 AspenTech Micromine purchase price hedge





(35)


 Adjusted corporate and other (non-GAAP)





$                  (44)


$                  (38)









1 Integration-related stock compensation expense relates to NI and includes $26 reported as restructuring costs.

 




Table 6

EMERSON AND SUBSIDIARIES

ADJUSTED EBITA & EPS SUPPLEMENTAL

(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)


The following tables, which show results on an adjusted EBITA basis and diluted earnings per share on an adjusted basis, are intended to supplement the Company's discussion of its results of operations herein. The Company defines adjusted EBITA as earnings excluding interest expense, net, income taxes, intangibles amortization expense, restructuring expense, first year purchase accounting related items and transaction fees, gains or losses on the Copeland equity method investment, and certain gains, losses or impairments. Adjusted earnings per share excludes intangibles amortization expense, restructuring expense, first year purchase accounting related items and transaction-related costs, gains or losses on the Copeland equity method investment, and certain gains, losses or impairments. Adjusted EBITA, adjusted EBITA margin, and adjusted earnings per share are measures used by management and may be useful for investors to evaluate the Company's operational performance.



Quarter Ended Dec 31


2022


2023

Pretax earnings

$             422


$             139

Percent of sales

12.5 %


3.4 %

Interest expense, net

48


44

Interest income from related party1


(31)

Amortization of intangibles

167


323

Restructuring and related costs

15


87

Acquisition/divestiture fees and related costs


134

Amortization of acquisition-related inventory step-up


231

Loss on Copeland equity method investment


36

Russia business exit

47


AspenTech Micromine purchase price hedge

(35)


Adjusted EBITA

$             664


$             963

Percent of sales

19.7 %


23.4 %






Quarter Ended Dec 31


2022


2023

GAAP earnings from continuing operations per share

$            0.56


$            0.25

Amortization of intangibles

0.15


0.36

Restructuring and related costs

0.02


0.12

Acquisition/divestiture fees and related costs


0.17

Amortization of acquisition-related inventory step-up


0.38

Loss on Copeland equity method investment


0.04

Discrete taxes


(0.10)

Russia business exit

0.08


AspenTech Micromine purchase price hedge

(0.03)


Adjusted earnings from continuing operations per share

$            0.78


$            1.22

Less: AspenTech contribution to adjusted earnings per share



(0.07)

Adjusted earnings per share excluding AspenTech contribution



$            1.15





1 Represents interest on the Copeland note receivable

 

Table 6 cont.

Quarter Ended December 31, 2023


Pretax
Earnings


Income
Taxes


Earnings
from

Cont.
Ops.


Non-Controlling

Interests3


Net
Earnings
Common
Stockholders


Diluted
Earnings
Per
Share

As reported (GAAP)

$         139


$             7


$         132


$         (10)


$            142


$        0.25

Amortization of intangibles

323

1

74


249


41


208


0.36

Restructuring and related costs

87

2

18


69



69


0.12

Acquisition/divestiture fees and related costs

134


38


96



96


0.17

Amortization of acquisition-related inventory step-up

231


14


217



217


0.38

Loss on Copeland equity method investment

36


9


27



27


0.04

Discrete taxes


57


(57)



(57)


(0.10)

Adjusted (non-GAAP)

$         950


$         217


$         733


$           31


$            702


$        1.22

Interest expense, net

44











Interest income from related party4

(31)











Adjusted EBITA (non-GAAP)

$         963























1 Amortization of intangibles includes $49 reported in cost of sales.

2 Restructuring and related costs includes $4 reported in cost of sales.

3 Represents the non-controlling interest in AspenTech applied to AspenTech's share of each adjustment presented herein and eliminated from Emerson's consolidated results.

4 Represents interest on the Copeland note receivable.

 

Table 7

EMERSON AND SUBSIDIARIES

ASPENTECH CONTRIBUTION TO EMERSON RESULTS SUPPLEMENTAL

(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)


The following tables reconcile the financial results of AspenTech reported to its shareholders with the amounts included in Emerson's consolidated financial results. Emerson currently owns approximately 57 percent of the common shares outstanding of AspenTech, a separately traded public company (NASDAQ: AZPN), and consolidates AspenTech in its financial results. The 43 percent non-controlling interest in AspenTech is removed from Emerson's net earnings common stockholders through the non-controlling interest line item. AspenTech is also one of Emerson's segments and its GAAP segment earnings is reconciled below to its consolidated impact to clarify that certain items are reported outside of its segment earnings within Emerson corporate, including interest income and stock compensation. 


Quarter Ended December 31, 2023


Pretax
Earnings


Income
Taxes
(Benefit)


Earnings
from

Cont.
Ops.


Non-Controlling

Interests4


Net
Earnings
Common
Stockholders


Diluted
Earnings
Per
Share

Standalone reporting (GAAP)

$         (37)

1

$         (15)


$         (22)







 Other

(2)



(2)







Reported in Emerson consolidation (GAAP)

(39)


(15)


(24)


(10)


(14)


$      (0.02)

Adjustments:












Amortization of intangibles

122

2

27


95


41


54


0.09

Adjusted (Non-GAAP)

$           83


$           12


$           71


$           31


$             40


$        0.07

 Interest income

(12)

3










 Stock compensation

16

3










Adjusted segment EBITA (non-GAAP)

$           87























Reconciliation to Segment EBIT

Pre-tax earnings

$         (39)











Interest income

(12)

3










Stock compensation

16

3










Segment EBIT (GAAP)

$         (35)











Amortization of intangibles

122

2










Adjusted segment EBITA (non-GAAP)

$           87























1 Amount reflects AspenTech's pretax earnings for the three months ended December 31, 2023 as reported in its quarterly earnings release 8-K.

2 Amortization of intangibles includes $49 reported in cost of sales.

3 Reported in Emerson corporate line items.

4 Represents the non-controlling interest in AspenTech applied to each adjustment presented herein and eliminated from Emerson's consolidated results.

 

Reconciliations of Non-GAAP Financial Measures & Other

Table 8










Reconciliations of Non-GAAP measures with the most directly comparable GAAP measure (dollars in millions, except per share amounts). See tables 4 through 7 for additional non-GAAP reconciliations.










2024 Q1 Underlying Sales Change

Reported

(Favorable) /
Unfavorable FX

(Acquisitions)

Divestitures

Underlying

Final Control

9 %

(1) %

— %

1 %

9 %

Measurement & Analytical

26 %

— %

— %

2 %

28 %

Discrete Automation

(1) %

(1) %

— %

— %

(2) %

Safety & Productivity

4 %

(1) %

— %

— %

3 %

Intelligent Devices

11 %

(1) %

— %

1 %

11 %

Control Systems & Software

11 %

(1) %

— %

1 %

11 %

Test & Measurement

— %

— %

— %

— %

— %

AspenTech

6 %

— %

— %

— %

6 %

Software and Control

55 %

(1) %

(46) %

1 %

9 %

Emerson

22 %

(1) %

(12) %

1 %

10 %

 

Underlying Growth Guidance

2024 Q2
Guidance

2024

Guidance

Reported (GAAP)

12.5% - 14.5%

14.5% - 17%

(Favorable) / Unfavorable FX

~- pts

~- pts

(Acquisitions)

~(9) pts

(10.0) - (10.5) pts

Divestitures

~- pts

~- pts

Underlying (non-GAAP)

3.5% - 5.5%

4.5% - 6.5%

 

2023 Q1 Adjusted Segment EBITA

EBIT

EBIT

Margin

Amortization

of

Intangibles

Restructuring
and Related
Costs

Adjusted
Segment
EBITA

Adjusted
Segment
EBITA
Margin

Final Control

$               158

18.4 %

$                 22

$                     4

$               184

21.4 %

Measurement & Analytical

175

23.4 %

5

1

181

24.1 %

Discrete Automation

121

19.6 %

7

1

129

21.0 %

Safety & Productivity

63

20.4 %

6

69

22.4 %

Intelligent Devices

$               517

20.4 %

$                 40

$                     6

$               563

22.2 %

Control Systems & Software

107

17.6 %

6

1

114

18.7 %

Test & Measurement

— %

— %

AspenTech

(33)

(13.6) %

121

88

36.6 %

Software and Control

$                 74

8.7 %

$               127

$                     1

$               202

23.8 %

 

2024 Q1 Adjusted Segment EBITA

EBIT

EBIT

Margin

Amortization
of
 Intangibles

Restructuring
and Related
Costs

Adjusted
Segment
EBITA

Adjusted
Segment
EBITA
Margin

Final Control

$               194

20.6 %

$                 22

$                     7

$               223

23.6 %

Measurement & Analytical

235

24.9 %

20

3

258

27.3 %

Discrete Automation

97

15.8 %

9

10

116

18.9 %

Safety & Productivity

68

21.1 %

6

74

23.1 %

Intelligent Devices

$               594

21.0 %

$                 57

$                  20

$               671

23.8 %

Control Systems & Software

149

22.1 %

5

1

155

23.1 %

Test & Measurement

(78)

(20.4) %

139

40

101

26.5 %

AspenTech

(35)

(13.7) %

122

87

33.6 %

Software and Control

$                 36

2.8 %

$               266

$                  41

$               343

26.1 %

 

Total Adjusted Segment EBITA


2023 Q1

2024 Q1

Pretax earnings (GAAP)


$                 422

$                 139

Margin


12.5 %

3.4 %

Corporate items and interest expense, net


169

491

Amortization of intangibles


167

323

Restructuring and related costs


7

61

Adjusted segment EBITA (non-GAAP)


$                 765

$              1,014

Margin


22.7 %

24.6 %

 

Free Cash Flow


2023 Q1

2024 Q1


2024E

($ in billions)


Operating cash flow (GAAP)


$                 302

$                 444


$3.0 - $3.1


Capital expenditures


(59)

(77)


~(0.4)


Free cash flow (non-GAAP)


$                 243

$                 367


$2.6 - $2.7









Note 1: Underlying sales and orders exclude the impact of currency translation and significant acquisitions and divestitures.

Note 2: All fiscal year 2024E figures are approximate, except where range is given.

 

Cision
Cision

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SOURCE Emerson

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