Emerson Electric Co.’s stock
EMR,
fell 4.7% in premarket trading Tuesday after the industrial automation company’s fiscal fourth-quarter earnings fell short of analyst estimates. Emerson Electric’s fourth-quarter earnings for the three months ended Sept. 30 rose by about 33% to $904 million, or $1.22 a share, from $603 million, or 82 cents a share, in the year-ago quarter. Fourth-quarter adjusted earnings rose to $1.29 a share, from $1.07 a share. The latest figure fell 2 cents short of the FactSet consensus estimate of $1.31 a share. Revenue rose 5% to just under $4.1 billion, but missed the analyst estimate of $4.2 billion. For the first quarter, Emerson Electric said it expects adjusted earnings of $1 to $1.05 a share, compared to the analyst estimate of $1.02 a share. For 2024, it’s expecting adjusted earnings of $5.15 a share to $5.35 a share, ahead of the analyst estimate of $4.93 a share. Emerson Electric also plans to buy back $500 million of stock in 2024.
