Emerson Electric misses estimates for fourth-quarter sales
Technology
Emerson Electric misses estimates for fourth-quarter sales
(Reuters) - US industrial conglomerate Emerson Electric Co (EMR.N) on Tuesday reported fourth-quarter sales and profit below Wall Street estimates, hit by supply chain disruptions.
Shares of the company were down 8.3% in early trade.
Higher costs of raw materials and supply chain disruptions have impacted companies across sectors by hitting their ability to produce enough.
St. Louis, Missouri-based Emerson has also streamlined itself over the past few years with moves that included executing a string of deals to cash in on the red-hot demand for industrial automation.
Net sales rose about 5% to $4.09 billion in the quarter that ended Sept. 30 but fell short of LSEG estimates of $4.19 billion.
On an adjusted basis, the company earned $1.29 per share, compared with analysts' estimates of $1.31 per share.
The company also forecast full-year 2024 adjusted earnings per share between $5.15 and $5.35, the mid-point of which was below estimates of $5.27 per share.
