© Reuters. Emerson Electric (EMR) weighs on S&P 500 after results miss expectations
Emerson Electric (NYSE:) shares declined Tuesday after it released results for the fourth quarter and issued guidance. Despite some positives, the overall report was viewed as a disappointment.
Emerson Electric reported fourth quarter earnings per share of $1.29, below the average analyst estimate of $1.31. Revenue also missed consensus, coming in at $4.09 billion versus the consensus estimate of $4.19 billion.
Emerson Electric said it sees earnings per share of $1.00 to $1.05 in the first quarter, below the consensus of $1.12. Sales were expected to grow 14% to 17.5% over the same period. For the full year, the company said it sees EPS of $5.15-$5.35, versus the consensus of $5.25, and sales growth of 13% to 15.5%.
Cowen analysts noted that the full year sales guidance implies sales of $17.14 billion to $17.52 billion, below Street’s $17.86 billion.
“Underlying execution & project funnel are strong, but expectations may have been higher into the F24 & Q1 guide,” the analysts wrote.
Shares of Emerson Electric declined by 8.7% shortly after its results were published, the most since March of 2020. It was the second worst performing stock in the .
