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    Breaking News

    Emerson Reports 1Q 2019 Results

    The company reported that net sales were $4.1 billion, up 9% or 4.5% on an underlying basis.

    Emerson Reports 1Q 2019 Results
    02.06.19
    Emerson reported results for the first quarter ended Dec. 31, 2018.
     
    First quarter net sales were $4.1 billion, up 9%, with underlying sales up 4.5% excluding unfavorable currency of 1.5% and a positive impact from acquisitions of 6%. Underlying growth reflected broad-based demand in global industrial markets, steady growth in North American air conditioning markets and favorable trends in global cold chain and professional tools markets.
     
    Emerson’s trailing three-month underlying orders growth remained in the 5 to 10% range throughout the quarter, with December three-month underlying orders up 7%. Emerson returned $1.1 billion to shareholders, including $0.8 billion share repurchases.
     
    First quarter gross profit margin of 42.5% improved 20 basis points compared with the prior year, driven by the benefit of cost reduction actions and leverage on higher sales. Pretax margin of 14.2% and EBIT margin of 15.3% improved 100 basis points and 110 basis points, respectively, reflecting lower incentive compensation expense and prior year acquisition accounting charges, partially offset by dilution from recent acquisitions. GAAP earnings per share were $0.74 in the quarter, up 21% compared with the prior year.
     
    First quarter operating cash flow was down $124 million to $323 million, due mainly to timing of accounts payable and accruals, which is expected to reverse this fiscal year. Free cash flow was $168 million, down $183 million.
     
    “Our results in the first quarter provide a solid start to 2019 and confirmed our view of the global macroeconomic backdrop we laid out during our November earnings conference call, including our 4 to 7% underlying sales guidance. Importantly, we continue to see strength across our global industrial end markets and demand for our technology, products and expertise. We’re also pleased to have completed $0.8 billion in share repurchases in the quarter and $1 billion through January to reach our full-year target,” said Chairman and Chief Executive Officer David N. Farr.
     
    “Full-year orders, underlying sales, profitability and cash flow are on track to deliver a strong 2019,” Farr said. 
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