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Emerson Electric Boosts FY23 Sales Growth Outlook; Declares Dividend - Update
(RTTNews) - While reporting financial results for the first quarter on Wednesday, Emerson Electric Co. (EMR) raised its net sales growth guidance for the full-year 2022, while affirming adjusted earnings guidance. The company also provided outlook for the second quarter.
The outlook is for continuing operations after the Climate Technologies divestiture, which is assumed to close March 31, 2023 for the purposes of guidance.
For fiscal 2023, the company now projects earnings in a range of $3.55 to $3.70 per share and adjusted earnings in a range of $4.00 to $4.15 per share on a net sales growth of 8 to 10 percent and underlying sales growth of 6.5 to 8.5 percent.
Previously, the company expected earnings in the range of $3.51 to $3.66 per share and adjusted earnings in the range of $4.00 to $4.15 per share on a net sales growth of 7 to 9 percent and underlying sales growth of 6.5 to 8.5 percent.
For the second quarter, the company expects earnings in a range of $0.75 to $0.80 per share and adjusted earnings in a range of $0.95 to $1.00 per share on a net sales growth of 10.5 to 12.5 percent and underlying sales growth of 8 to 10 percent.
The company's board of directors also declared the regular quarterly cash dividend of $0.52 per share of common stock, payable on March 10, 2023 to stockholders of record on February 17, 2023.
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