Emerson Reports First Quarter 2025 Results; Updates 2025 Outlook
ST. LOUIS, Feb. 5, 2025 /PRNewswire/ -- Emerson (NYSE: EMR) today reported results1 for its first quarter ended December 31, 2024 and updated its full year outlook for fiscal 2025. Emerson also declared a quarterly cash dividend of $0.5275 per share of common stock payable March 10, 2025 to stockholders of record on February 14, 2025.
(dollars in millions, except per share) | 2024 Q1 | 2025 Q1 | Change |
Underlying Orders2 | 1 % | ||
Net Sales | $4,117 | $4,175 | 1 % |
Underlying Sales3 | 2 % | ||
Pretax Earnings | $175 | $775 | |
Margin | 4.2 % | 18.6 % | 1440 bps |
Adjusted Segment EBITA4 | $1,014 | $1,169 | |
Margin | 24.6 % | 28.0 % | 340 bps |
GAAP Earnings Per Share | $0.29 | $1.02 | 252 % |
Adjusted Earnings Per Share5 | $1.22 | $1.38 | 13 % |
Operating Cash Flow | $444 | $777 | 75 % |
Free Cash Flow | $367 | $694 | 89 % |
Management Commentary
"Emerson began the fiscal year on a strong note, exceeding first quarter expectations for incremental operating margins and earnings per share with strong cash flow generation," said Emerson President and Chief Executive Officer Lal Karsanbhai. "Our record gross profit margin and adjusted segment EBITA margin reflect the strength of our transformed industrial technology portfolio and Emerson Management System, as well as the talent and dedication of our world-class team."
Karsanbhai continued, "We reiterate our guide for underlying sales, earnings per share and cash flow driven by resilient demand in process and hybrid markets, expected second half discrete recovery and our proven ability to execute. Our team remains energized, and we look forward to continuing the positive momentum across our business, including progressing in the final phase of our portfolio transformation."
2025 Outlook
The following tables summarize the fiscal year 2025 guidance framework and does not include any impact from the recently announced portfolio transactions6 related to AspenTech and Safety & Productivity. The 2025 outlook assumes returning approximately $3.2 billion to shareholders through approximately $2.0 billion of share repurchases and approximately $1.2 billion of dividend payments. Guidance figures are approximate.
2025 Q2 | 2025 | |
Net Sales Growth | (0.5%) - 0.5% | 1.5% - 3.5% |
Underlying Sales Growth | 1% - 2% | 3% - 5% |
Earnings Per Share | $1.01 - $1.05 | $4.42 - $4.62 |
Amortization of Intangibles | ~$0.31 | ~$1.21 |
Restructuring / Related Costs | ~$0.04 | ~$0.14 |
Acquisition / Divestiture Fees and Related Costs | ~$0.02 | ~$0.08 |
Adjusted Earnings Per Share | $1.38 - $1.42 | $5.85 - $6.05 |
Operating Cash Flow | $3.6B - $3.7B | |
Free Cash Flow | $3.2B - $3.3B |
1 Results are presented on a continuing operations basis. |
2 Underlying orders do not include AspenTech. |
3 Underlying sales excludes the impact of currency translation, and significant acquisitions and divestitures. |
4 Adjusted segment EBITA represents segment earnings excluding restructuring and intangibles amortization expense. |
5 Adjusted EPS excludes intangibles amortization expense, restructuring and related costs, the amortization of acquisition-related inventory step-up, acquisition/divestiture gains, losses, fees and related costs, and discrete taxes. |
6 Guidance includes Safety & Productivity and assumes AspenTech at our current ownership of ~57% outstanding shares. |
Conference Call
Today, beginning at 7:30 a.m. Central Time / 8:30 a.m. Eastern Time, Emerson management will discuss the first quarter results during an investor conference call. Participants can access a live webcast available at www.emerson.com/investors at the time of the call. A replay of the call will be available for 90 days. Conference call slides will be posted in advance of the call on the company website.
About Emerson
Emerson (NYSE:EMR) is a global technology and software company providing innovative solutions for the world's essential industries. Through its leading automation portfolio, including its majority stake in AspenTech, Emerson helps hybrid, process and discrete manufacturers optimize operations, protect personnel, reduce emissions and achieve their sustainability goals. For more information, visit Emerson.com.
Forward-Looking and Cautionary Statements
Statements in this press release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties, and Emerson undertakes no obligation to update any such statements to reflect later developments. These risks and uncertainties include the scope, duration and ultimate impacts of the Russia-Ukraine and other global conflicts, as well as economic and currency conditions, market demand, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, inflation, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the SEC. The outlook contained herein represents the Company's expectation for its consolidated results, other than as noted herein.
Emerson uses our Investor Relations website, www.Emerson.com/investors, as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, webcasts and social media. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
Investors: | Media: |
Colleen Mettler | Joseph Sala / Greg Klassen |
(314) 553-2197 | Joele Frank, Wilkinson Brimmer Katcher |
(212) 355-4449 |
(tables attached)
Table 1 | |||
EMERSON AND SUBSIDIARIES | |||
CONSOLIDATED OPERATING RESULTS | |||
(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED) | |||
Quarter Ended Dec 31 | |||
2023 | 2024 | ||
Net sales | $ 4,117 | $ 4,175 | |
Cost and expenses | |||
Cost of sales | 2,201 | 1,940 | |
SG&A expenses | 1,277 | 1,224 | |
Other deductions, net | 451 | 228 | |
Interest expense, net | 44 | 8 | |
Interest income from related party1 | (31) | — | |
Earnings from continuing operations before income taxes | 175 | 775 | |
Income taxes | 16 | 182 | |
Earnings from continuing operations | 159 | 593 | |
Discontinued operations, net of tax | (27) | — | |
Net earnings | 132 | 593 | |
Less: Noncontrolling interests in subsidiaries | (10) | 8 | |
Net earnings common stockholders | $ 142 | $ 585 | |
Earnings common stockholders | |||
Earnings from continuing operations | $ 169 | $ 585 | |
Discontinued operations | (27) | — | |
Net earnings common stockholders | $ 142 | $ 585 | |
Diluted avg. shares outstanding | 573.3 | 571.1 | |
Diluted earnings per share common stockholders | |||
Earnings from continuing operations | $ 0.29 | $ 1.02 | |
Discontinued operations | (0.04) | — | |
Diluted earnings per common share | $ 0.25 | $ 1.02 | |
Quarter Ended Dec 31 | |||
2023 | 2024 | ||
Other deductions, net | |||
Amortization of intangibles | $ 274 | $ 229 | |
Restructuring costs | 83 | 11 | |
Other | 94 | (12) | |
Total | $ 451 | $ 228 | |
1 Represents interest on the Copeland note receivable | |||
Table 2 | |||
EMERSON AND SUBSIDIARIES | |||
CONSOLIDATED BALANCE SHEETS | |||
(DOLLARS IN MILLIONS, UNAUDITED) | |||
Sept 30, 2024 | Dec 31, 2024 | ||
Assets | |||
Cash and equivalents | $ 3,588 | $ 2,834 | |
Receivables, net | 2,927 | 2,694 | |
Inventories | 2,180 | 2,200 | |
Other current assets | 1,497 | 1,466 | |
Total current assets | 10,192 | 9,194 | |
Property, plant & equipment, net | 2,807 | 2,743 | |
Goodwill | 18,067 | 17,906 | |
Other Intangibles | 10,436 | 10,025 | |
Other | 2,744 | 2,742 | |
Total assets | $ 44,246 | $ 42,610 | |
Liabilities and equity | |||
Short-term borrowings and current maturities of long-term debt | $ 532 | $ 1,066 | |
Accounts payable | 1,335 | 1,260 | |
Accrued expenses | 3,875 | 3,632 | |
Total current liabilities | 5,742 | 5,958 | |
Long-term debt | 7,155 | 6,557 | |
Other liabilities | 3,840 | 3,716 | |
Equity | |||
Common stockholders' equity | 21,636 | 20,490 | |
Noncontrolling interests in subsidiaries | 5,873 | 5,889 | |
Total equity | 27,509 | 26,379 | |
Total liabilities and equity | $ 44,246 | $ 42,610 | |
Table 3 | ||||
EMERSON AND SUBSIDIARIES | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
(DOLLARS IN MILLIONS, UNAUDITED) | ||||
Three Months Ended Dec 31 | ||||
2023 | 2024 | |||
Operating activities | ||||
Net earnings | $ 132 | $ 593 | ||
Earnings from discontinued operations, net of tax | 27 | — | ||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Depreciation and amortization | 422 | 383 | ||
Stock compensation | 74 | 68 | ||
Amortization of acquisition-related inventory step-up | 231 | — | ||
Changes in operating working capital | (238) | (154) | ||
Other, net | (204) | (113) | ||
Cash from continuing operations | 444 | 777 | ||
Cash from discontinued operations | (29) | — | ||
Cash provided by operating activities | 415 | 777 | ||
Investing activities | ||||
Capital expenditures | (77) | (83) | ||
Purchases of businesses, net of cash and equivalents acquired | (8,339) | (37) | ||
Other, net | (37) | (22) | ||
Cash from continuing operations | (8,453) | (142) | ||
Cash from discontinued operations | 1 | — | ||
Cash used in investing activities | (8,452) | (142) | ||
Financing activities | ||||
Net increase in short-term borrowings | 2,647 | 2 | ||
Payments of long-term debt | — | (2) | ||
Dividends paid | (300) | (301) | ||
Purchases of common stock | (175) | (899) | ||
AspenTech purchases of common stock | (72) | — | ||
Other, net | (45) | (91) | ||
Cash provided by (used in) financing activities | 2,055 | (1,291) | ||
Effect of exchange rate changes on cash and equivalents | 7 | (98) | ||
Decrease in cash and equivalents | (5,975) | (754) | ||
Beginning cash and equivalents | 8,051 | 3,588 | ||
Ending cash and equivalents | $ 2,076 | $ 2,834 | ||
Table 4 | |||
EMERSON AND SUBSIDIARIES | |||
SEGMENT SALES AND EARNINGS | |||
(DOLLARS IN MILLIONS, UNAUDITED) | |||
The following tables show results for the Company's segments on an adjusted segment EBITA basis and are intended | |||
Quarter Ended Dec 31 | ||||||||
2023 | 2024 | Reported | Underlying | |||||
Sales | ||||||||
Final Control | $ 940 | $ 976 | 4 % | 5 % | ||||
Measurement & Analytical | 947 | 975 | 3 % | 4 % | ||||
Discrete Automation | 613 | 580 | (5) % | (4) % | ||||
Safety & Productivity | 322 | 312 | (3) % | (3) % | ||||
Intelligent Devices | $ 2,822 | $ 2,843 | 1 % | 2 % | ||||
Control Systems & Software | 675 | 690 | 2 % | 3 % | ||||
Test & Measurement | 382 | 359 | (6) % | (5) % | ||||
AspenTech | 257 | 303 | 18 % | 18 % | ||||
Software and Control | $ 1,314 | $ 1,352 | 3 % | 4 % | ||||
Eliminations | (19) | (20) | ||||||
Total | $ 4,117 | $ 4,175 | 1 % | 2 % | ||||
Sales Growth by Geography | ||||||
Quarter Ended | ||||||
Americas | 3 % | |||||
Europe | (2) % | |||||
Asia, Middle East & Africa | 4 % | |||||
Table 4 cont. | |||||||
Quarter Ended Dec 31 | Quarter Ended Dec 31 | ||||||
2023 | 2024 | ||||||
As Reported | Adjusted | As | Adjusted | ||||
Earnings | |||||||
Final Control | $ 194 | $ 223 | $ 236 | $ 260 | |||
Margins | 20.6 % | 23.6 % | 24.2 % | 26.6 % | |||
Measurement & Analytical | 235 | 258 | 285 | 296 | |||
Margins | 24.9 % | 27.3 % | 29.2 % | 30.4 % | |||
Discrete Automation | 97 | 116 | 98 | 112 | |||
Margins | 15.8 % | 18.9 % | 16.9 % | 19.3 % | |||
Safety & Productivity | 68 | 74 | 67 | 73 | |||
Margins | 21.1 % | 23.1 % | 21.6 % | 23.8 % | |||
Intelligent Devices | $ 594 | $ 671 | $ 686 | $ 741 | |||
Margins | 21.0 % | 23.8 % | 24.1 % | 26.1 % | |||
Control Systems & Software | 149 | 155 | 193 | 200 | |||
Margins | 22.1 % | 23.1 % | 27.9 % | 28.8 % | |||
Test & Measurement | (78) | 101 | (13) | 91 | |||
Margins | (20.4) % | 26.5 % | (3.6) % | 25.5 % | |||
AspenTech | (35) | 87 | 15 | 137 | |||
Margins | (13.7) % | 33.6 % | 4.8 % | 45.1 % | |||
Software and Control | $ 36 | $ 343 | $ 195 | $ 428 | |||
Margins | 2.8 % | 26.1 % | 14.4 % | 31.6 % | |||
Corporate items and interest expense, net: | |||||||
Stock compensation | (74) | (44) | (68) | (66) | |||
Unallocated pension and postretirement costs | 31 | 31 | 27 | 27 | |||
Corporate and other | (399) | (38) | (57) | (34) | |||
Interest expense, net | (44) | — | (8) | — | |||
Interest income from related party1 | 31 | — | — | — | |||
Pretax Earnings / Adjusted EBITA | $ 175 | $ 963 | $ 775 | $ 1,096 | |||
Margins | 4.2 % | 23.4 % | 18.6 % | 26.3 % | |||
Supplemental Total Segment Earnings: | |||||||
Adjusted Total Segment EBITA | $ 1,014 | $ 1,169 | |||||
Margins | 24.6 % | 28.0 % | |||||
1 Represents interest on the Copeland note receivable. | |||||||
Table 4 cont. | ||||||||
Quarter Ended Dec 31 | Quarter Ended Dec 31 | |||||||
2023 | 2024 | |||||||
Amortization of Intangibles1 | Restructuring and Related Costs2 | Amortization of Intangibles1 | Restructuring and Related Costs2 | |||||
Final Control | $ 22 | $ 7 | $ 22 | $ 2 | ||||
Measurement & Analytical | 20 | 3 | 10 | 1 | ||||
Discrete Automation | 9 | 10 | 8 | 6 | ||||
Safety & Productivity | 6 | — | 6 | — | ||||
Intelligent Devices | $ 57 | $ 20 | $ 46 | $ 9 | ||||
Control Systems & Software | 5 | 1 | 5 | 2 | ||||
Test & Measurement | 139 | 40 | 105 | (1) | ||||
AspenTech | 122 | — | 122 | — | ||||
Software and Control | $ 266 | $ 41 | $ 232 | $ 1 | ||||
Corporate | — | 26 | 3 | — | 3 | |||
Total | $ 323 | $ 87 | $ 278 | $ 13 | ||||
1 Amortization of intangibles includes $49 and $49 reported in cost of sales for the three months ended December 31, 2023 and 2024, respectively. | ||||||||
2 Restructuring and related costs includes $4 reported in cost of sales for the three months ended December 31, 2023. The three months ended December 31, 2024 | ||||||||
3 Corporate restructuring of $26 for the three months ended December 31, 2023 is comprised entirely of integration-related stock compensation expense attributable to NI. | ||||||||
Quarter Ended Dec 31 | |||
Depreciation and Amortization | 2023 | 2024 | |
Final Control | $ 40 | $ 40 | |
Measurement & Analytical | 40 | 31 | |
Discrete Automation | 22 | 21 | |
Safety & Productivity | 14 | 15 | |
Intelligent Devices | 116 | 107 | |
Control Systems & Software | 21 | 23 | |
Test & Measurement | 151 | 118 | |
AspenTech | 123 | 124 | |
Software and Control | 295 | 265 | |
Corporate | 11 | 11 | |
Total | $ 422 | $ 383 | |
Table 5 | ||||||||
EMERSON AND SUBSIDIARIES | ||||||||
The following table shows the Company's stock compensation and corporate and other expenses on an adjusted basis. | ||||||||
Quarter Ended Dec 31 | ||||||||
2023 | 2024 | |||||||
Stock compensation (GAAP) | $ (74) | $ (68) | ||||||
Integration-related stock compensation expense1 | 30 | 2 | ||||||
Adjusted stock compensation (non-GAAP) | $ (44) | $ (66) | ||||||
Quarter Ended Dec 31 | ||||||||
2023 | 2024 | |||||||
Corporate and other (GAAP) | $ (399) | $ (57) | ||||||
Corporate restructuring and related costs | — | 3 | ||||||
Acquisition / divestiture costs | 130 | 20 | ||||||
Amortization of acquisition-related inventory step-up | 231 | — | ||||||
Adjusted corporate and other (non-GAAP) | $ (38) | $ (34) | ||||||
1 Integration-related stock compensation expense relates to NI and includes $26 and $— reported as restructuring costs for the three months ended December 31, |
Table 6 | |||
EMERSON AND SUBSIDIARIES | |||
The following tables, which show results on an adjusted EBITA basis and diluted earnings per share on an adjusted basis, | |||
Quarter Ended Dec 31 | |||
2023 | 2024 | ||
Pretax earnings | $ 175 | $ 775 | |
Percent of sales | 4.2 % | 18.6 % | |
Interest expense, net | 44 | 8 | |
Interest income from related party1 | (31) | — | |
Amortization of intangibles | 323 | 278 | |
Restructuring and related costs | 87 | 13 | |
Acquisition/divestiture fees and related costs | 134 | 22 | |
Amortization of acquisition-related inventory step-up | 231 | — | |
Adjusted EBITA | $ 963 | $ 1,096 | |
Percent of sales | 23.4 % | 26.3 % | |
Quarter Ended Dec 31 | |||
2023 | 2024 | ||
GAAP earnings from continuing operations per share | $ 0.29 | $ 1.02 | |
Amortization of intangibles | 0.36 | 0.31 | |
Restructuring and related costs | 0.12 | 0.02 | |
Acquisition/divestiture fees and related costs | 0.17 | 0.03 | |
Amortization of acquisition-related inventory step-up | 0.38 | — | |
Discrete taxes | (0.10) | — | |
Adjusted earnings from continuing operations per share | $ 1.22 | $ 1.38 | |
1 Represents interest on the Copeland note receivable | |||
Table 6 cont. | |||||||||||
Quarter Ended December 31, 2024 | |||||||||||
Pretax | Income | Earnings from | Non- Interests3 | Net | Diluted | ||||||
As reported (GAAP) | $ 775 | $ 182 | $ 593 | $ 8 | $ 585 | $ 1.02 | |||||
Amortization of intangibles | 278 | 1 | 62 | 216 | 41 | 175 | 0.31 | ||||
Restructuring and related costs | 13 | 2 | — | 13 | — | 13 | 0.02 | ||||
Acquisition/divestiture fees and related costs | 22 | 5 | 17 | — | 17 | 0.03 | |||||
Adjusted (non-GAAP) | $ 1,088 | $ 249 | $ 839 | $ 49 | $ 790 | $ 1.38 | |||||
Interest expense, net | 8 | ||||||||||
Adjusted EBITA (non-GAAP) | $ 1,096 | ||||||||||
1 Amortization of intangibles includes $49 reported in cost of sales. |
2 Restructuring and related costs includes $2 reported in selling, general and administrative expenses. |
3 Represents the non-controlling interest in AspenTech applied to AspenTech's share of each adjustment presented herein and eliminated from Emerson's consolidated results. |
Table 7 | |||||||||||
EMERSON AND SUBSIDIARIES | |||||||||||
The following tables reconcile the financial results of AspenTech reported to its shareholders with the amounts included in | |||||||||||
Quarter Ended December 31, 2024 | |||||||||||
Pretax | Income | Earnings | Non- | Net | Diluted | ||||||
Standalone reporting (GAAP) | $ 17 | 1 | $ (3) | $ 20 | |||||||
Other | — | 2 | (2) | ||||||||
Reported in Emerson | 17 | (1) | 18 | 8 | 10 | $ 0.02 | |||||
Adjustments: | |||||||||||
Amortization of intangibles | 122 | 2 | 26 | 96 | 41 | 55 | 0.09 | ||||
Adjusted (Non-GAAP) | $ 139 | $ 25 | $ 114 | $ 49 | $ 65 | $ 0.11 | |||||
Interest income | (17) | 3 | |||||||||
Stock compensation | 15 | 3 | |||||||||
Adjusted segment EBITA (non- | $ 137 | ||||||||||
Reconciliation to Segment EBIT | |||||||||||
Pre-tax earnings | $ 17 | ||||||||||
Interest income | (17) | 3 | |||||||||
Stock compensation | 15 | 3 | |||||||||
Segment EBIT (GAAP) | $ 15 | ||||||||||
Amortization of intangibles | 122 | 2 | |||||||||
Adjusted segment EBITA (non- | $ 137 | ||||||||||
1 Amount reflects AspenTech's pretax earnings for the three months ended December 31, 2024 as reported in its quarterly earnings release 8-K. |
2 Amortization of intangibles includes $49 reported in cost of sales. |
3 Reported in Emerson corporate line items. |
4 Represents the non-controlling interest in AspenTech applied to each adjustment presented herein and eliminated from Emerson's consolidated results. |
Reconciliations of Non-GAAP Financial Measures & Other | Table 8 | ||||||
Reconciliations of Non-GAAP measures with the most directly comparable GAAP measure (dollars in millions, | |||||||
2025 Q1 Underlying Sales Change | Reported | (Favorable) / | (Acquisitions) / | Underlying |
Final Control | 4 % | 1 % | — % | 5 % |
Measurement & Analytical | 3 % | 1 % | — % | 4 % |
Discrete Automation | (5) % | 1 % | — % | (4) % |
Safety & Productivity | (3) % | — % | — % | (3) % |
Intelligent Devices | 1 % | 1 % | — % | 2 % |
Control Systems & Software | 2 % | 1 % | — % | 3 % |
Test & Measurement | (6) % | 1 % | — % | (5) % |
AspenTech | 18 % | — % | — % | 18 % |
Software and Control | 3 % | 1 % | — % | 4 % |
Emerson | 1 % | 1 % | — % | 2 % |
Underlying Growth Guidance | 2025 Q2 | 2025 |
Reported (GAAP) | (0.5%) - 0.5% | 1.5% - 3.5% |
(Favorable) / Unfavorable FX | ~1.5 pts | ~1.5 pts |
(Acquisitions) / Divestitures | - | - |
Underlying (non-GAAP) | 1% - 2% | 3% - 5% |
2024 Q1 Adjusted Segment EBITA | EBIT | EBIT | Amortization | Restructuring | Adjusted | Adjusted |
Final Control | $ 194 | 20.6 % | $ 22 | $ 7 | $ 223 | 23.6 % |
Measurement & Analytical | 235 | 24.9 % | 20 | 3 | 258 | 27.3 % |
Discrete Automation | 97 | 15.8 % | 9 | 10 | 116 | 18.9 % |
Safety & Productivity | 68 | 21.1 % | 6 | — | 74 | 23.1 % |
Intelligent Devices | $ 594 | 21.0 % | $ 57 | $ 20 | $ 671 | 23.8 % |
Control Systems & Software | 149 | 22.1 % | 5 | 1 | 155 | 23.1 % |
Test & Measurement | (78) | (20.4) % | 139 | 40 | 101 | 26.5 % |
AspenTech | (35) | (13.7) % | 122 | — | 87 | 33.6 % |
Software and Control | $ 36 | 2.8 % | $ 266 | $ 41 | $ 343 | 26.1 % |
2025 Q1 Adjusted Segment EBITA | EBIT | EBIT | Amortization | Restructuring | Adjusted | Adjusted |
Final Control | $ 236 | 24.2 % | $ 22 | $ 2 | $ 260 | 26.6 % |
Measurement & Analytical | 285 | 29.2 % | 10 | 1 | 296 | 30.4 % |
Discrete Automation | 98 | 16.9 % | 8 | 6 | 112 | 19.3 % |
Safety & Productivity | 67 | 21.6 % | 6 | — | 73 | 23.8 % |
Intelligent Devices | $ 686 | 24.1 % | $ 46 | $ 9 | $ 741 | 26.1 % |
Control Systems & Software | 193 | 27.9 % | 5 | 2 | 200 | 28.8 % |
Test & Measurement | (13) | (3.6) % | 105 | (1) | 91 | 25.5 % |
AspenTech | 15 | 4.8 % | 122 | — | 137 | 45.1 % |
Software and Control | $ 195 | 14.4 % | $ 232 | $ 1 | $ 428 | 31.6 % |
Total Adjusted Segment EBITA | 2024 Q1 | 2025 Q1 | |
Pretax earnings (GAAP) | $ 175 | $ 775 | |
Margin | 4.2 % | 18.6 % | |
Corporate items and interest expense, net | 455 | 106 | |
Amortization of intangibles | 323 | 278 | |
Restructuring and related costs | 61 | 10 | |
Adjusted segment EBITA (non-GAAP) | $ 1,014 | $ 1,169 | |
Margin | 24.6 % | 28.0 % |
Free Cash Flow | 2024 Q1 | 2025 Q1 | 2025E | |||
Operating cash flow (GAAP) | $ 444 | $ 777 | $3.6 - $3.7 | |||
Capital expenditures | (77) | (83) | ~(0.4) | |||
Free cash flow (non-GAAP) | $ 367 | $ 694 | $3.2 - $3.3 | |||
Note 1: Underlying sales and orders exclude the impact of currency translation and significant acquisitions and divestitures. |
Note 2: All fiscal year 2025E figures are approximate, except where range is given. |
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SOURCE Emerson