By Dean Seal
Emerson Electric shares dropped after the company’s fiscal fourth-quarter earnings and revenue fell short of analyst projections.
The stock fell 9% to $83.42 in early trading. Shares are down 13% since the start of the year.
The St. Louis-based industrial manufacturer posted a profit of $744 million for the quarter ended Sept. 30, up from $740 million in the same quarter a year ago. Earnings from continuing operations were $1.22 a share, up from 82 cents a share last year.
Stripping out one-time items, adjusted earnings were $1.29 a share. Analysts polled by FactSet had been looking for $1.31 a share.
Sales rose 5% to $4.09 billion, missing analyst projections for $4.2 billion, according to FactSet.
Emerson is guiding for adjusted earnings of $5.15 to $5.35 a share for the fiscal year that started Oct. 1, with annual sales projected to rise 13% to 15.5%.
Write to Dean Seal at [email protected]
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