Emerson Electric Company (EMR) Annual 10-K Report

The report was filed on November 12, 2024

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Emerson Electric Company (EMR-2.58%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.

The filing reports net sales of $17.5 billion, a 15% increase from the previous year, driven by the acquisition of National Instruments Corporation and growth in the Intelligent Devices and Software and Control segments.

Emerson's net earnings from continuing operations attributable to common stockholders were $1.6 billion, a decrease of 29% compared to the prior year, largely due to acquisition-related costs and the loss on the sale of the Copeland note receivable.

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The company completed the acquisition of National Instruments Corporation for $8.2 billion, expanding its Test & Measurement segment within the Software and Control business group.

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Emerson divested its remaining 40% interest in Copeland for $1.5 billion and a note receivable for $1.9 billion, recognizing a gain of $539 million from the sale.

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Operating cash flow from continuing operations was $3.3 billion, reflecting a 22% increase due to higher earnings adjusted for non-cash acquisition impacts.

Emerson's total debt was reduced to $7.7 billion, with repayments including €500 million of euro notes. The company maintains a $3.5 billion revolving credit facility.

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Research and development expenses increased to $781 million, representing 4.5% of sales, as the company continues to invest in innovation and growth initiatives.

Emerson's backlog was reported at $8.4 billion, with 75% expected to be recognized as revenue over the next 12 months.

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The company announced a proposal to acquire the remaining shares of AspenTech (AZPN+0.35%) for $240 per share, aiming to consolidate its ownership and further expand its software capabilities.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Emerson Electric Company annual 10-K report dated November 12, 2024. To report an error, please email earnings@qz.com.