Summary
Emerson Electric Co. (EMR) filed an 8-K on April 12, 2023, primarily to reaffirm its previously issued guidance for the second quarter of fiscal year 2023 in the context of its pending acquisition of National Instruments Corporation (NATI). The company expects underlying sales growth to be between 8% and 10% on a non-GAAP basis, after adjusting for foreign currency fluctuations and the impact of acquisitions and divestitures. This reaffirms the February guidance range of 10.5% to 12.5% reported sales growth, which includes approximately 3% favorable FX impact and a 5.5% reduction from divestitures. Furthermore, Emerson reiterated its second quarter 2023 adjusted Earnings Per Share (EPS) guidance to be in the range of $0.95 to $1.00. This non-GAAP figure is derived from a GAAP EPS estimate of $0.75 to $0.80, with adjustments for amortization of intangibles and restructuring costs. Investors should note that these are preliminary estimates and are subject to change as the financial close process concludes. The filing also includes important information and disclaimers regarding the NATI acquisition, urging investors to consult SEC filings for detailed information and potential risks.
Key Highlights
- 1Emerson reaffirmed its Q2 FY23 underlying sales growth guidance to be between 8% and 10% (non-GAAP).
- 2Reported sales growth for Q2 FY23 is expected to be between 10.5% and 12.5% (GAAP), influenced by FX and divestitures.
- 3Reaffirmed Q2 FY23 adjusted EPS guidance is $0.95 to $1.00 (non-GAAP).
- 4GAAP EPS for Q2 FY23 is projected to be between $0.75 and $0.80.
- 5The guidance reaffirmation is made in the context of the pending acquisition of National Instruments Corporation (NATI).
- 6The company cautions that these are preliminary estimates and subject to change.
- 7The filing includes detailed forward-looking statements and risk factors related to the NATI acquisition.