0000032604falseCommon Stock of $0.50 par value per shareEMRCHX00000326042024-08-072024-08-070000032604exch:XNYSemr:CommonStockof0.50parvaluepershareMember2024-08-072024-08-070000032604exch:XNYSemr:A1.250Notesdue2025Member2024-08-072024-08-070000032604exch:XNYSemr:A2.000Notesdue2029Member2024-08-072024-08-070000032604emr:CommonStockof0.50parvaluepershareMemberexch:XCHI2024-08-072024-08-07

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event
reported): August 7, 2024
Emerson Electric Co.
-------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Missouri1-27843-0259330
---------------------------------
(State or Other Jurisdiction of Incorporation)
-------------------
(Commission
---------------------------
(I.R.S. Employer Identification Number)
File Number)
8000 West Florissant Avenue 
St. Louis,Missouri63136
------------------------------------------------
(Address of Principal Executive Offices)
------------------
(Zip Code)
Registrant’s telephone number, including area code:
(314) 553-2000
------------------------------------------
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s)Name of each exchange on which registered
Common Stock of $0.50 par value per share EMRNew York Stock Exchange
NYSE Chicago
1.250% Notes due 2025EMR 25ANew York Stock Exchange
2.000% Notes due 2029EMR 29New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    



Item 2.02 Results of Operations and Financial Condition
 
Quarterly Results Press Release
 
On Wednesday, August 7, 2024, a press release was issued regarding the third quarter results of Emerson Electric Co. (the “Company”). A copy of this press release is furnished with this Current Report on Form 8-K as Exhibit 99.1.

References to underlying orders in the press release refer to the Company's trailing three-month average orders growth versus the prior year, excluding currency, and significant acquisitions and divestitures.

Non-GAAP Financial Measures
 
The press release contains non-GAAP financial measures as such term is defined in Regulation G under the rules of the Securities and Exchange Commission. While the Company believes these non-GAAP financial measures are useful in evaluating the Company, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Further, these non-GAAP financial measures may differ from similarly titled measures presented by other companies. The reasons management believes that these non-GAAP financial measures provide useful information are set forth in the Company’s most recent Form 10-K filed with the Securities and Exchange Commission and in the press release furnished with this Form 8-K.

Forward-Looking and Cautionary Statements

Statements in the 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 expectations for its consolidated results, other than as noted herein.

Item 9.01 Financial Statements and Exhibits
 
(d) Exhibits.
 
Exhibit Number  Description of Exhibits
   
99.1 
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
 



SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 EMERSON ELECTRIC CO.
(Registrant)
  
Date:
August 7, 2024
By:/s/ John A. Sperino
  
John A. Sperino
Vice President and
Assistant Secretary

  

Exhibit 99.1
emrprlogo2a.jpg
Emerson Reports Third Quarter 2024 Results; Updates 2024 Outlook
ST. LOUIS (August 7, 2024) - Emerson (NYSE: EMR) today reported results1 for its third quarter ended June 30, 2024 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 September 10, 2024 to stockholders of record on August 16, 2024.
(dollars in millions, except per share)2023 Q32024 Q3Change
Underlying Orders2
3%
Net Sales$3,946$4,38011%
Underlying Sales3
3%
Pretax Earnings$822$455
Margin20.8%10.4%(1040) bps
Adjusted Segment EBITA4
$1,060$1,189
Margin26.9%27.1%20 bps
GAAP Earnings Per Share$1.12$0.60(46)%
Adjusted Earnings Per Share5
$1.29$1.4311%
Operating Cash Flow$842$1,06727%
Free Cash Flow$769$97527%
Management Commentary
“Emerson delivered another strong quarter, with solid underlying orders growth and with profitability and cash flow both exceeding expectations,” said Emerson President and Chief Executive Officer Lal Karsanbhai. “Demand in process and hybrid markets, led by a constructive capex cycle, continues to meet expectations. Our operating leverage performance demonstrates the benefits of our highly differentiated technology and world-class Emerson Management System, giving us the confidence to execute on our plan for 2024."

Karsanbhai continued, “In the quarter, we also took another important step to simplify our portfolio and enhance our focus as a global leader in automation with the definitive agreement to completely exit the Copeland business. Emerson is creating value for our shareholders as we execute with our higher growth and higher margin automation portfolio.”
2024 Outlook
The following tables summarize the fiscal year 2024 guidance framework for continuing operations6. The 2024 outlook assumes approximately $300 million returned to shareholders through share repurchases and approximately $1.2 billion of dividend payments. Guidance figures are approximate.
2024
Net Sales Growth~15%
Underlying Sales Growth~6%
Earnings Per Share$2.82 - $2.87
Amortization of Intangibles~$1.42
Restructuring and Related Costs~$0.34
Loss on Copeland Note Receivable $0.38
Amortization of Acquisition-related Inventory Step-up$0.38
Acquisition / Divestiture Fees and Related Costs~$0.24
Divestiture Loss / (Gain), net($0.03)
Discrete Tax Benefits($0.10)
Adjusted Earnings Per Share$5.45 - $5.50
Operating Cash Flow~$3.2B
Free Cash Flow~$2.8B
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.


Page 2
5 Adjusted EPS excludes intangibles amortization expense, restructuring and related costs, the amortization of acquisition-related inventory step-up, acquisition/divestiture gains, losses, fees and related costs, discrete tax benefits, an AspenTech Micromine purchase price hedge and write-offs associated with Emerson's Russia exit.
6 With the June 6, 2024 definitive agreement to completely exit its remaining interests in the Copeland joint venture, Emerson will report financial results for the Copeland equity ownership as discontinued operations for all periods presented, beginning in Q3 2024. The earnings from discontinued operations for 2024 are expected to be $0.55 to $0.60 per share, including the after-tax gain on the equity stake in Copeland. The Copeland Note Receivable interest income through June 6, 2024 remains in continuing operations. The pretax loss on the sale of the note receivable, $279M ($217M after-tax), is also reported in continuing operations but excluded from adjusted earnings per share, ($0.38).

Copeland Transaction Update
As of August 2, 2024, Emerson has completed the previously announced sale of the Copeland Note Receivable to Copeland with pretax cash proceeds of $1.9 billion. The sale of the 40% equity stake to private equity funds managed by Blackstone, with pretax cash proceeds of $1.5 billion, is expected to close by the end of August. Emerson intends to use the approximately $2.9 billion after-tax cash proceeds from both transactions to pay down its existing debt obligations. Both transactions are expected to result in a net pretax gain of approximately $0.2 billion.
Conference Call
Today, beginning at 8:00 a.m. Central Time / 9:00 a.m. Eastern Time, Emerson management will discuss the third 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 MettlerJoseph Sala / Greg Klassen
(314) 553-2197Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449




(tables attached)


Page 3
Table 1
EMERSON AND SUBSIDIARIES
CONSOLIDATED OPERATING RESULTS
(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)
Quarter Ended
June 30,
Nine Months Ended June 30,
2023202420232024
Net sales$3,946 $4,380 $11,075 $12,873 
     Cost of sales1,952 2,066 5,660 6,359 
     SG&A expenses1,042 1,254 3,072 3,827 
     Gain on subordinated interest— — — (79)
     Loss on Copeland note receivable— 279 — 279 
     Other deductions, net130 294 359 1,075 
     Interest expense, net10 56 111 157 
     Interest income from related party1
(10)(24)(10)(86)
Earnings from continuing operations before income taxes822 455 1,883 1,341 
Income taxes168 88 400 266 
Earnings from continuing operations654 367 1,483 1,075 
Discontinued operations, net of tax8,712 (15)10,979 (88)
Net earnings9,366 352 12,462 987 
Less: Noncontrolling interests in subsidiaries14 23 (13)15 
Net earnings common stockholders$9,352 $329 $12,475 $972 
Earnings common stockholders
Earnings from continuing operations$643 $344 $1,502 $1,060 
Discontinued operations8,709 (15)10,973 (88)
Net earnings common stockholders$9,352 $329 $12,475 $972 
Diluted avg. shares outstanding574.0 574.8 578.1 574.1 
Diluted earnings per share common stockholders
Earnings from continuing operations$1.12 $0.60 $2.60 $1.84 
Discontinued operations15.16 (0.03)18.96 (0.15)
Diluted earnings per common share$16.28 $0.57 $21.56 $1.69 
Quarter Ended
June 30,
Nine Months Ended June 30,
2023202420232024
Other deductions, net
     Amortization of intangibles$120 $264 $357 $811 
     Restructuring costs12 57 41 170 
     Other(2)(27)(39)94 
          Total$130 $294 $359 $1,075 
1 Represents interest on the Copeland note receivable through June 6, 2024.


Page 4
Table 2
EMERSON AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN MILLIONS, UNAUDITED)
Sept 30, 2023June 30, 2024
Assets
     Cash and equivalents$8,051 $2,298 
     Receivables, net2,518 2,761 
     Inventories2,006 2,303 
     Other current assets1,244 1,458 
Total current assets13,819 8,820 
     Property, plant & equipment, net2,363 2,688 
     Goodwill14,480 17,936 
     Other intangible assets6,263 10,627 
     Copeland note receivable and equity investment held-for-sale3,255 2,908 
     Other2,566 2,606 
Total assets$42,746 $45,585 
Liabilities and equity
     Short-term borrowings and current maturities of long-term debt$547 $2,991 
     Accounts payable1,275 1,251 
     Accrued expenses3,210 3,350 
Total current liabilities5,032 7,592 
     Long-term debt7,610 7,111 
     Other liabilities3,506 4,194 
Equity
     Common stockholders' equity 20,689 20,799 
     Noncontrolling interests in subsidiaries5,909 5,889 
Total equity26,598 26,688 
Total liabilities and equity$42,746 $45,585 


Page 5
Table 3
EMERSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN MILLIONS, UNAUDITED)
Nine Months Ended June 30,
 20232024
Operating activities  
Net earnings$12,462 $987 
Earnings from discontinued operations, net of tax(10,979)88 
Adjustments to reconcile net earnings to net cash provided by operating activities:
        Depreciation and amortization780 1,263 
        Stock compensation198 203 
        Amortization of acquisition-related inventory step-up— 231 
        Gain on subordinated interest— (79)
        Loss on Copeland note receivable— 279 
        Changes in operating working capital(359)(176)
        Other, net(383)(552)
            Cash from continuing operations1,719 2,244 
            Cash from discontinued operations(439)
            Cash provided by operating activities1,280 2,248 
Investing activities
Capital expenditures(194)(251)
Purchases of businesses, net of cash and equivalents acquired— (8,342)
Proceeds from subordinated interest15 79 
Proceeds from related party note receivable918 — 
Other, net(124)(86)
    Cash from continuing operations615 (8,600)
    Cash from discontinued operations12,485 36 
    Cash provided by (used in) investing activities13,100 (8,564)
Financing activities
Net increase (decrease) in short-term borrowings(1,476)2,229 
Proceeds from short-term borrowings greater than three months395 322 
Payments of short-term borrowings greater than three months(400)(100)
Payments of long-term debt(744)(547)
Dividends paid(900)(901)
Purchases of common stock(2,000)(175)
AspenTech purchases of common stock(100)(188)
Payment of related party note payable(918)— 
Other, net(159)(57)
    Cash provided by (used in) financing activities(6,302)583 
Effect of exchange rate changes on cash and equivalents75 (20)
Increase (decrease) in cash and equivalents8,153 (5,753)
Beginning cash and equivalents1,804 8,051 
Ending cash and equivalents$9,957 $2,298 


Page 6
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 June 30,
20232024ReportedUnderlying
Sales
Final Control$1,035 $1,046 %%
Measurement & Analytical913 982 %%
Discrete Automation668 618 (8)%(6)%
Safety & Productivity363 351 (3)%(3)%
Intelligent Devices$2,979 $2,997 1 %2 %
Control Systems & Software663 700 %%
Test & Measurement— 355 
AspenTech320 343 %%
Software and Control$983 $1,398 42 %7 %
Eliminations(16)(15)
Total$3,946 $4,380 11 %3 %



Sales Growth by Geography
Quarter Ended June 30,
Americas%
Europe %
Asia, Middle East & Africa%













Page 7

Table 4 cont.
Nine Months Ended June 30,
20232024ReportedUnderlying
Sales
Final Control$2,889 $3,037 %%
Measurement & Analytical2,550 2,942 15 %17 %
Discrete Automation1,969 1,863 (5)%(5)%
Safety & Productivity1,034 1,038 — %— %
Intelligent Devices$8,442 $8,880 5 %6 %
Control Systems & Software1,892 2,062 %10 %
Test & Measurement— 1,104 
AspenTech793 878 11 %11 %
Software and Control$2,685 $4,044 51 %10 %
Eliminations(52)(51)
Total$11,075 $12,873 16 %7 %


Sales Growth by Geography
Nine Months Ended June 30,
Americas%
Europe %
Asia, Middle East & Africa%


Page 8
Table 4 cont.
Quarter Ended June 30,Quarter Ended June 30,
20232024
As Reported (GAAP)Adjusted EBITA
(Non-GAAP)
As Reported (GAAP)Adjusted EBITA
(Non-GAAP)
Earnings
Final Control$245$266$253$279
 Margins23.7 %25.7 %24.2 %26.8 %
Measurement & Analytical257263252266
 Margins28.1 %28.7 %25.6 %27.0 %
Discrete Automation124144109134
 Margins18.5 %21.4 %17.6 %21.5 %
Safety & Productivity82887986
 Margins22.7 %24.3 %22.5 %24.7 %
Intelligent Devices$708$761$693$765
 Margins23.7 %25.5 %23.1 %25.5 %
Control Systems & Software144151168178
 Margins21.8 %22.8 %23.9 %25.2 %
Test & Measurement(88)76
 Margins(24.7)%21.4 %
AspenTech2714849170
 Margins8.2 %46.1 %14.5 %50.0 %
Software and Control$171$299$129$424
 Margins17.4 %30.4 %9.2 %30.3 %
Corporate items and interest expense, net:
Stock compensation(56)(56)(56)(47)
Unallocated pension and postretirement costs42423838
Corporate and other(43)(19)(38)(24)
Gain on subordinated interest
Loss on Copeland note receivable(279)
Interest expense, net(10)(56)
Interest income from related party1
1024
Pretax Earnings / Adjusted EBITA$822$1,027$455$1,156
 Margins20.8 %26.0 %10.4 %26.4 %
Supplemental Total Segment Earnings:
Adjusted Total Segment EBITA$1,060$1,189
 Margins26.9 %27.1 %
1 Represents interest on the Copeland note receivable through June 6, 2024.


Page 9
Table 4 cont.

Quarter Ended June 30,Quarter Ended June 30,
20232024
Amortization of
Intangibles1
Restructuring
and
Related Costs2
Amortization of
Intangibles1
Restructuring
and
Related Costs2
Final Control$22 $(1)$21 $
Measurement & Analytical11 
Discrete Automation12 16 
Safety & Productivity(1)
Intelligent Devices$42 $11 $47 $25 
Control Systems & Software
Test & Measurement— — 139 25 
AspenTech121 — 121 — 
Software and Control$127 $1 $266 $29 
Corporate— — 3
Total$169 $13 $313 $60 
1 Amortization of intangibles includes $49 and $49 reported in cost of sales for the three months ended June 30, 2023 and 2024, respectively.
2 Restructuring and related costs includes $1 and $3 reported in cost of sales and selling, general and administrative expenses for the three months ended June 30, 2023 and 2024, respectively.
3 Corporate restructuring of $6 for the three months ended June 30, 2024 includes $5 related to integration-related stock compensation expense attributable to NI.
Quarter Ended June 30,
Depreciation and Amortization20232024
Final Control$39 $41 
Measurement & Analytical26 32 
Discrete Automation20 22 
Safety & Productivity15 14 
Intelligent Devices100 109 
Control Systems & Software22 26 
Test & Measurement— 150 
AspenTech123 122 
Software and Control145 298 
Corporate12 10 
Total$257 $417 






Page 10
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 June 30,
20232024
 Stock compensation (GAAP)$(56)$(56)
 Integration-related stock compensation expense91
 Adjusted stock compensation (non-GAAP)$(56)$(47)
Quarter Ended June 30,
20232024
 Corporate and other (GAAP)$(43)$(38)
 Corporate restructuring and related costs11
 Acquisition / divestiture costs3813 
 National Instruments investment gain(12)— 
 AspenTech Micromine purchase price hedge(3)
 Adjusted corporate and other (non-GAAP)$(19)$(24)
1 Integration-related stock compensation expense relates to NI and includes $5 reported as restructuring costs.




Page 11
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, 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, 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 June 30,
20232024
Pretax earnings $822$455
Percent of sales20.8 %10.4 %
Interest expense, net10 56 
Interest income from related party1
(10)(24)
Amortization of intangibles169 313 
Restructuring and related costs13 60 
Acquisition/divestiture fees and related costs38 17 
National Instruments investment gain(12)— 
AspenTech Micromine purchase price hedge(3)— 
Loss on Copeland note receivable— 279 
Adjusted EBITA$1,027$1,156
Percent of sales26.0 %26.4 %
Quarter Ended June 30,
20232024
GAAP earnings from continuing operations per share$1.12$0.60
Amortization of intangibles0.150.35
Restructuring and related costs0.020.08
Acquisition/divestiture fees and related costs0.070.02
National Instruments investment gain(0.02)
Interest income on undeployed proceeds from Copeland transaction(0.05)
Loss on Copeland note receivable0.38
Adjusted earnings from continuing operations per share$1.29$1.43
Less: AspenTech contribution to adjusted earnings per share(0.11)(0.14)
Adjusted earnings per share excluding AspenTech contribution$1.18$1.29
1 Represents interest on the Copeland note receivable through June 6, 2024.


Page 12
Table 6 cont.
Quarter Ended June 30, 2024
Pretax
Earnings
Income
Taxes
Earnings from
Cont.
Ops.
Non-Controlling
Interests3
Net
Earnings
Common
Stockholders
Diluted
Earnings
Per
Share
As reported (GAAP)$455 $88 $367 $23 $344 $0.60 
Amortization of intangibles313 174 239 40 199 0.35 
Restructuring and related costs60 214 46 — 46 0.08 
Acquisition/divestiture fees and related costs17 15 — 15 0.02 
Loss on Copeland note receivable279 62 217 — 217 0.38 
Adjusted (non-GAAP)$1,124 $240 $884 $63 $821 $1.43 
Interest expense, net56 
Interest income from related party4
(24)
Adjusted EBITA (non-GAAP)$1,156 
1 Amortization of intangibles includes $49 reported in cost of sales.
2 Restructuring and related costs includes $3 reported in cost of sales and selling, general and administrative expenses.
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 through June 6, 2024.





Page 13
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 June 30, 2024
Pretax
Earnings
Income
Taxes
(Benefit)
Earnings from
Cont.
Ops.
Non-Controlling
Interests4
Net
Earnings
Common
Stockholders
Diluted
Earnings
Per
Share
Standalone reporting (GAAP)$53 1$8 $45 
 Other(1)(5)
Reported in Emerson consolidation (GAAP)52 3 49 21 28 $0.05 
Adjustments:
Amortization of intangibles121 227 

94 40 54 0.09 
Adjusted (Non-GAAP)$173 $30 $143 $61 $82 $0.14 
 Interest income(14)3
 Stock compensation11 3
Adjusted segment EBITA (non-GAAP)$170 
Reconciliation to Segment EBIT
Pre-tax earnings$52 
Interest income(14)3
Stock compensation11 3
Segment EBIT (GAAP)$49 
Amortization of intangibles121 2
Adjusted segment EBITA (non-GAAP)$170 
1 Amount reflects AspenTech's pretax earnings for the three months ended June 30, 2024 as reported in its quarterly earnings release 8-K.
2 Amortization of intangibles includes $48 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.


Page 14
Reconciliations of Non-GAAP Financial Measures & OtherTable 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 Q3 Underlying Sales ChangeReported(Favorable) / Unfavorable FX(Acquisitions) /
Divestitures
Underlying
Final Control%%— %%
Measurement & Analytical%%— %%
Discrete Automation(8)%%— %(6)%
Safety & Productivity(3)%— %— %(3)%
Intelligent Devices1 %1 % %2 %
Control Systems & Software%%— %%
Test & Measurement
AspenTech%— %— %%
Software and Control42 %1 %(36)%7 %
Emerson11 %1 %(9)%3 %
Nine Months Ended June 30, 2024 Underlying Sales ChangeReported(Favorable) / Unfavorable FX(Acquisitions) /
Divestitures
Underlying
Final Control%%— %%
Measurement & Analytical15 %%%17 %
Discrete Automation(5)%— %— %(5)%
Safety & Productivity— %— %— %— %
Intelligent Devices5 %1 % %6 %
Control Systems & Software%— %%10 %
Test & Measurement
AspenTech11 %— %— %11 %
Software and Control51 % %(41)%10 %
Emerson16 %1 %(10)%7 %
Underlying Growth Guidance2024
Guidance
Reported (GAAP)~15%
(Favorable) / Unfavorable FX~0.5 pts
(Acquisitions) / Divestitures~(9.5) pts
Underlying (non-GAAP)~6%



Page 15
2023 Q3 Adjusted Segment EBITAEBITEBIT
Margin
Amortization
of
Intangibles
Restructuring and Related CostsAdjusted Segment EBITAAdjusted Segment EBITA Margin
Final Control$245 23.7 %$22 $(1)$266 25.7 %
Measurement & Analytical257 28.1 %263 28.7 %
Discrete Automation124 18.5 %12 144 21.4 %
Safety & Productivity82 22.7 %(1)88 24.3 %
Intelligent Devices$708 23.7 %$42 $11 $761 25.5 %
Control Systems & Software144 21.8 %151 22.8 %
Test & Measurement— — %— — — — %
AspenTech27 8.2 %121 — 148 46.1 %
Software and Control$171 17.4 %$127 $1 $299 30.4 %
2024 Q3 Adjusted Segment EBITAEBITEBIT
Margin
Amortization
of
Intangibles
Restructuring and Related CostsAdjusted Segment EBITAAdjusted Segment EBITA Margin
Final Control$253 24.2 %$21 $$279 26.8 %
Measurement & Analytical252 25.6 %11 266 27.0 %
Discrete Automation109 17.6 %16 134 21.5 %
Safety & Productivity79 22.5 %86 24.7 %
Intelligent Devices$693 23.1 %$47 $25 $765 25.5 %
Control Systems & Software168 23.9 %178 25.2 %
Test & Measurement(88)(24.7)%139 25 76 21.4 %
AspenTech49 14.5 %121 — 170 50.0 %
Software and Control$129 9.2 %$266 $29 $424 30.3 %

Total Adjusted Segment EBITA2023 Q32024 Q3
Pretax earnings (GAAP)$822$455
Margin20.8 %10.4 %
Corporate items and interest expense, net57 367 
Amortization of intangibles169 313 
Restructuring and related costs12 54 
Adjusted segment EBITA (non-GAAP)$1,060$1,189
Margin26.9 %27.1 %


Free Cash Flow2023 Q32024 Q32024E
($ in billions)
Operating cash flow (GAAP)$842 $1,067  ~$3.2
Capital expenditures(73)(92)~(0.4)
Free cash flow (non-GAAP)$769 $975 ~$2.8

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.

v3.24.2.u1
Cover Page
Aug. 07, 2024
Entity Information [Line Items]  
Entity Central Index Key 0000032604
Amendment Flag false
Document Type 8-K
Document Period End Date Aug. 07, 2024
Entity Registrant Name Emerson Electric Co.
Entity Incorporation, State or Country Code MO
Entity File Number 1-278
Entity Tax Identification Number 43-0259330
Entity Address, Address Line One 8000 West Florissant Avenue
Entity Address, City or Town St. Louis,
Entity Address, State or Province MO
Entity Address, Postal Zip Code 63136
City Area Code 314
Local Phone Number 553-2000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
NEW YORK STOCK EXCHANGE, INC. [Member] | Common Stock of $0.50 par value per share [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock of $0.50 par value per share
Trading Symbol EMR
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. [Member] | 1.250% Notes due 2025 [Member]  
Entity Information [Line Items]  
Title of 12(b) Security 1.250% Notes due 2025
Trading Symbol EMR 25A
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. [Member] | 2.000% Notes due 2029 [Member]  
Entity Information [Line Items]  
Title of 12(b) Security 2.000% Notes due 2029
Trading Symbol EMR 29
Security Exchange Name NYSE
CHICAGO STOCK EXCHANGE, INC [Member] | Common Stock of $0.50 par value per share [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock of $0.50 par value per share
Trading Symbol EMR
Security Exchange Name CHX

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