EMR - Emerson's stock rises on improved profit guidance

2023-05-03 09:18:23 ET

Emerson Electric ( NYSE: EMR ) advanced in premarket trading after the manufacturer reported quarterly results and raised its profit guidance for the year. Shares rose 3.7% by 8:45 a.m. ET.

The company reported a Q2 profit of $770 million, or $1.38 a share, up from $675 million, or $1.13 a share, a year earlier.

Earnings from continuing operations climbed to $505 million, or $0.92 a share, from $429 million, or $0.72 a share, in the comparable period for 2022.

Earnings adjusted for one-time items were $1.09 a share, beating the estimate of $0.97 a share.

Sales increased 14% to $3.76 billion, beating the consensus estimate of $3.64 billion.

Emerson ( EMR ) now estimates full-year sales will rise by 9% to 10.5% on underlying sales growth of 8.5% to 10%. It had forecast in February an increase in sales of 8% to 10% on underlying sales growth of 6.5% to 8.5%.

Emerson ( EMR ) provided a more concise forecast for full-year earnings from continuing operations of $3.58 a share to $3.68 a share, as compared with the previous estimate for $3.55 a share to $3.70 a share.

It also estimated adjusted earnings of $4.15 a share to $4.25 a share, up from $4 a share to $4.15 a share, previously.

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