Industrial technology company Emerson Electric 's disappointing quarterly results Wednesday highlighted management's inability to execute on a consistent basis, forcing us to downgrade our rating on the stock and lower our price target. Revenue for the three months ended Sept. 30 increased 5% year-over-year, to $4.09 billion, but missed analysts' forecasts of $4.19 billion, according to LSEG. Adjusted earnings-per-share jumped 21% on an annual basis, to $1.
Sales at the measurement and analytical subsegment of the intelligent devices unit was the only bright spot. At the same time, EBITA came in belter than expected on the back of roughly 80 basis points of margin expansion, while EPS still came in below Wall Street's estimates. Cash flow was better than expected but not enough to offset the weakness elsewhere. Moreover, guidance was mixed at best — even though Emerson exited its fiscal 2023 with a $6.
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »
Source: AP - 🏆 728. / 51 Read more »
Source: MarketWatch - 🏆 3. / 97 Read more »