Emerson reports EPS in-line, beats on revs; raises FY17 guidance (59.61)
- Reports Q3 (Jun) earnings of $0.68 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.68; revenues rose 9.9% year/year to $4.04 bln vs the $3.99 bln Capital IQ Consensus.
- Pretax margin of 15.4 percent and EBIT margin of 16.3 percent decreased 240 and 280 basis points, respectively, driven by dilution from the Valves & Controls acquisition. Excluding Valves & Controls, total segment margin increased 80 basis points to 20.9 percent.
- Co raises guidance for FY17, sees EPS of $2.58-2.62 (Prior $2.50-2.60), excluding non-recurring items, vs. $2.60 Capital IQ Consensus Estimate; Full-year net sales are expected to be up approximately 5 percent, with underlying sales up 1 percent excluding an impact from acquisitions of 4 percent.