{"id":32451,"date":"2023-05-03T12:07:48","date_gmt":"2023-05-03T12:07:48","guid":{"rendered":"https:\/\/lynettelockhart.com\/client\/emerson-electric-raises-fiscal\/"},"modified":"2023-05-03T12:10:30","modified_gmt":"2023-05-03T12:10:30","slug":"emerson-electric-raises-fiscal","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/emerson-electric-raises-fiscal\/","title":{"rendered":"Emerson Electric raises fiscal 2023 outlook on strong demand"},"content":{"rendered":"

(Reuters) – U.S. engineering and industrial software firm Emerson Electric Co on Wednesday raised its fiscal 2023 outlook and reported better-than-expected quarterly earnings, on the back of strong demand for its automation systems in a tight labor market.<\/p>\n

Shares of the company were up 2.1% in premarket trading. <\/p>\n

The firm has benefited from companies worldwide looking to automate their assembly lines to help meet rising demand for goods amid a shortage of workers.<\/p>\n

Emerson now expects fiscal 2023 net sales growth between 9% and 10.5%, up from its previous guidance of between 8% and 10%. It also expects adjusted earnings per share to be between $4.15 and $4.25, up from the previous forecast of $4.00 to $4.15. <\/p>\n

The St. Louis, Missouri-based company has been streamlining its operations over the past few years, including executing a string of deals, to capitalize on upbeat demand for industrial automation.<\/p>\n

“Emerson’s outstanding second-quarter results were driven by strong end-market demand,” CEO Lal Karsanbhai said. <\/p>\n

The industrial conglomerate reported adjusted earnings per share, excluding the contribution from Emerson’s software units merged with Aspen Technology, of $1.05 per share for the quarter ended March 31, beating analysts’ expectation of 97 cents per share. <\/p>\n

Revenue for the quarter was $3.75 billion, compared with analysts’ expectation of $3.65 billion.<\/p>\n

Separately, Emerson said on Wednesday vice president Mike Baughman has been promoted to chief financial officer effective May 10, succeeding Frank Dellaquila who will be retiring.<\/p>\n

\n

(Reporting by Kannaki Deka in Bengaluru; Editing by Krishna Chandra Eluri)<\/p>\n

\"tagreuters.com2023binary_LYNXMPEJ420GG-VIEWIMAGE\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) – U.S. engineering and industrial software firm Emerson Electric Co on Wednesday raised its fiscal 2023 outlook and reported better-than-expected quarterly earnings, on the back of strong demand for its automation systems in a tight labor market. Shares of the company were up 2.1% in premarket trading. The firm has benefited from companies worldwide […]<\/p>\n","protected":false},"author":8,"featured_media":32452,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-32451","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ420GG-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/32451","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=32451"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/32451\/revisions"}],"predecessor-version":[{"id":32453,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/32451\/revisions\/32453"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/32452"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=32451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=32451"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=32451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}