emr-20231231

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

______________________

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from ____________________ to __________________

Commission file number 1-278

EMERSON ELECTRIC CO.

(Exact name of registrant as specified in its charter)


Missouri		43-0259330
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

8000 W. Florissant Ave.
P.O. Box 4100
St. Louis,	Missouri	63136
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (314) 553-2000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock of $0.50 par value per share	EMR	New York Stock Exchange
		NYSE Chicago
0.375% Notes due 2024	EMR 24	New York Stock Exchange
1.250% Notes due 2025	EMR 25A	New York Stock Exchange
2.000% Notes due 2029	EMR 29	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Common stock of $0.50 par value per share outstanding at December 31, 2023: 571.7 million shares.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Consolidated Statements of Earnings

EMERSON ELECTRIC CO. & SUBSIDIARIES

Three months ended December 31, 2022 and 2023

(Dollars in millions, except per share amounts; unaudited)


	Three Months Ended December 31,
		2022		2023
Net sales		$	3,373	4,117

Cost of sales		1,753		2,201
Selling, general and administrative expenses		1,030		1,277
Other deductions, net		120		487
Interest expense (net of interest income of $20 and $40, respectively)		48		44
Interest income from related party		—		(31)

Earnings from continuing operations before income taxes		422		139

Income taxes		98		7

Earnings from continuing operations		324		132

Discontinued operations, net of tax of $966 and $—, respectively		2,002		—

Net earnings		2,326		132

Less: Noncontrolling interests in subsidiaries		(5)		(10)

Net earnings common stockholders		$	2,331	142

Earnings common stockholders:
Earnings from continuing operations		$	329	142
Discontinued operations		2,002		—
Net earnings common stockholders		$	2,331	142

Basic earnings per share common stockholders:
Earnings from continuing operations		$	0.56	0.25
Discontinued operations		3.43		—
Basic earnings per common share		$	3.99	0.25

Diluted earnings per share common stockholders:
Earnings from continuing operations		$	0.56	0.25
Discontinued operations		3.41		—
Diluted earnings per common share		$	3.97	0.25

Weighted average outstanding shares:
Basic		583.6		570.8
Diluted		586.7		573.3

See accompanying Notes to Consolidated Financial Statements.

Consolidated Statements of Comprehensive Income

EMERSON ELECTRIC CO. & SUBSIDIARIES

Three months ended December 31, 2022 and 2023

(Dollars in millions; unaudited)


	Three Months Ended December 31,
	2022		2023
Net earnings	$	2,326	132

Other comprehensive income (loss), net of tax:
Foreign currency translation	241		174
Pension and postretirement	(16)		(12)
Cash flow hedges	10		3
Total other comprehensive income (loss)	235		165

Comprehensive income	2,561		297

Less: Noncontrolling interests in subsidiaries	—		(8)
Comprehensive income common stockholders	$	2,561	305

See accompanying Notes to Consolidated Financial Statements.

Consolidated Balance Sheets

EMERSON ELECTRIC CO. & SUBSIDIARIES

(Dollars and shares in millions, except per share amounts; unaudited)


	Sept 30, 2023		Dec 31, 2023
ASSETS
Current assets
Cash and equivalents	$	8,051	2,076
Receivables, less allowances of $100 and $112, respectively	2,518		2,759
Inventories	2,006		2,432
Other current assets	1,244		1,399
Total current assets	13,819		8,666

Property, plant and equipment, net	2,363		2,701
Other assets
Goodwill	14,480		17,983
Other intangible assets	6,263		11,270
Copeland note receivable and equity investment	3,255		3,253
Other	2,566		2,640
Total other assets	26,564		35,146
Total assets	$	42,746	46,513

LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings and current maturities of long-term debt	$	547	3,227
Accounts payable	1,275		1,234
Accrued expenses	3,210		3,304
Total current liabilities	5,032		7,765

Long-term debt	7,610		7,632

Other liabilities	3,506		4,561

Equity
Common stock, $0.50 par value; authorized, 1,200.0 shares; issued, <

SEC Form 10-Q filed by Emerson Electric Company