Software and technology company Emerson Electric Co (NYSE: EMR) reported their Q1 2024 financial results today before US markets opened.
It also updated its full year outlook for fiscal 2024. Emerson also declared a quarterly cash dividend of $0.525 per share of common stock payable June 10, 2024 to stockholders of record on May 17th.
The results
Net sales were up 17% year-on-year (YoY) from $3.75 billion to $4.37 billion for the quarter.
Pre-tax earnings were also up, from $639 million the previous year to $652 million.
Earnings per share increase by a significant 25%, from $1.09 per ordinary share to $1.36.
The company’s EBITDA also increased healthily, from $924 million to $1.13 billion year-on-year. Margin was also up by 140 basis points to 26%, from 24.6%.
2024 outlook
The company also provided an updated forecast for the rest of 2024:
- Net sales growth: 15-16% for the year, 11-12.5% for Q3
- Earnings per share: $2.98-$3.08 for the year, $0.92-$0.96 for Q3
- Underlying sales growth: 5.5%-6.5% for the year, 3-4.5% for Q3
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