Emerson Electric, the St. Louis-based industrial manufacturer, experienced a decline in its shares as its fiscal fourth-quarter earnings and revenue fell short of analyst projections. The stock saw a 9% drop, trading at $83.42 in early trading. Overall, the shares have gone down by 13% since the beginning of the year.
Q4 Financial Results
For the quarter ended on September 30, Emerson Electric reported a profit of $744 million, showing a slight increase from $740 million in the same quarter of the previous year. Earnings from continuing operations showed growth as well, with $1.22 a share compared to 82 cents a share last year.
Adjusted Earnings Fall Short
After eliminating one-time items, adjusted earnings stood at $1.29 a share. However, this still fell below the expectations of analysts. According to FactSet, experts had predicted adjusted earnings of $1.31 a share.
Revenue Misses Analyst Projections
Emerson Electric’s sales for the quarter rose by 5%, reaching $4.09 billion. However, this figure fell short of the analysts’ projections of $4.2 billion.
Forecast for Fiscal Year
Emerson Electric has projected adjusted earnings of $5.15 to $5.35 a share for the fiscal year that commenced on October 1. Additionally, the company expects annual sales to rise between 13% and 15.5%.
