2024-02-20 13:04:05 ET
Emerson Electric Co. (EMR)
Citi’s 2024 Global Industrial Tech and Mobility Conference
February 20, 2024 09:40 AM ET
Company Participants
Lal Karsanbhai - President and CEO
Mike Baughman - EVP and CFO
Colleen Mettler - VP of Investor Relations
Conference Call Participants
Andy Kaplowitz - Citigroup
Presentation
Andy Kaplowitz
All right. We're going to get started again. Thank you for joining us. We are really excited to have Emerson with us today. We've got Lal Karsanbhai, who is the President and CEO. Lal started in 1995 in Emerson. Mike Baughman, who's the EVP and CFO. Mike joined the company in 2017. And then, we have Colleen Mettler, who is the VP of Investor Relations.
So Lal, I'm going to come over to you. And while I do, I'm going to ask you about your vision when you took over Emerson a few years ago. Can you talk about where Emerson is now versus that initial vision? What would you say has gone better than expected? And then maybe what are one or two things that have been more challenged than you expected? And what's your confidence level at this point versus the Investor Day you hosted in late '22 that Emerson could deliver 4% to 7% due to cycle growth?
A - Lal Karsanbhai
Thanks, Andy. Great to be here. Good morning to everybody. Certainly, we set out on a very intentional journey to execute on a vision that, at least from an external perspective, involved a significant shift in our portfolio. And it was a design -- the design that we aim for, was to create a company that had exposure to macro secular drivers that would yield growth that created a portfolio that had diversification of market exposure and a portfolio that had higher profitability opportunities.
It was a long three years. Obviously, as many of you we probably executed a little quicker than we actually thought originally, but we did a lot of work over three years, $36 billion of transactions over the three years, both the disposals, most notably InSinkErator, Climate being the two; and on the M&A side, of course, with the majority stake in AspenTech and National Instruments. But today, we find ourselves in a place which is entirely aligned with the design that we set out to create. And we feel really good about the opportunity that we now have to execute and to deliver differentiated results with this portfolio of companies....
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Emerson Electric Co. (EMR) Citi's 2024 Global Industrial Tech and Mobility Conference (Transcript)