Emerson Electric (NYSE:EMR) Co on Tuesday announced fourth-quarter 2023 adjusted earnings per share (EPS) of $1.29, just shy of the $1.30 analyst consensus forecast provided by Zacks Equity Research.
The maker of process controls systems, valves and analytical instruments generated revenue of $4.09 billion during the period, which also missed Wall Street expectations of $4.2 billion.
Shares of Emerson Electric (NYSE:EMR) fell 9% to $83.74 in early trading on Tuesday.
"Emerson completed an exceptional fiscal 2023 with double-digit sales growth, strong operating leverage and robust adjusted earnings per share growth," Emerson Electric CEO Lal Karsanbhai said in a statement.
"This momentum and our continued focus on execution, leading technology and resilient end-markets provides confidence in our guidance for fiscal 2024," he added.
Looking ahead, the company said it expects 1Q adjusted EPS of between $1 to $1.05, less than the consensus estimate of $1.19, on net sales growth of 14% to 17.5%.
Shares of Emerson Electric have fallen 13% year to date.
Contact Sean at sean@proactiveinvestors.com