Emerson Electric Boosts FY24 Outlook; Declares Dividend - Update

(RTTNews) - While reporting financial results for the second quarter on Wednesday, technology and software company Emerson Electric Co. (EMR) raised its adjusted earnings and net sales growth guidance for the full-year 2024. The company also provided outlook for the third quarter.

The company said the 2024 outlook assumes approximately $500 million returned to shareholders through share repurchases and approximately $1.2 billion of dividend payments.

For the third quarter, the company expects earnings in a range of $0.92 to $0.96 per share and adjusted earnings in a range of $1.38 to $1.42 per share on a net sales growth of 11.0 to 12.5 percent, with underlying sales growth of 3.0 to 4.5 percent.

On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $1.44 per share on revenues of $4.50 billion for the quarter. Analysts' estimates usually exclude special items.

For fiscal 2024, the company now projects earnings in a range of $2.98 to $3.08 per share and adjusted earnings in a 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.

Previously, the company expected earnings in the range of $2.80 to $2.95 per share and adjusted earnings in the range of $5.30 to $5.45 per share on a net sales growth of 14.5 to 17.0 percent, with underlying sales growth of 4.5 to 6.5 percent.

The Street is looking for earnings of $5.39 per share on revenue growth of 16.0 percent to $17.60 billion for the year.

The company's board of directors also declared the regular quarterly cash dividend of $0.525 per share of common stock, payable on June 10, 2024 to stockholders of record on May 17, 2024.

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