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Emerson Reports 3Q 2021 Results

Net sales were $4.7 billion, up 20% from the year prior; free cash flow was $977 million, up 32%.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Emerson reported results for the third fiscal quarter ended June 30, 2021.

Third quarter net sales were $4.7 billion, up 20%, and underlying sales were up 15%, excluding favorable currency of 4% and an impact of 1% from acquisitions. Revenue for the quarter came in ahead of expectations driven by strength across commercial and residential markets, as well as a sharp recovery in core North American process automation markets. By geography, the Americas grew 18%, Europe grew 13%, and Asia, Middle East & Africa grew 11%. China grew 7%.

Third quarter gross profit margin of 42.2% was up 90 basis points from the previous year primarily due to cost reductions and leverage across the enterprise. Operating cash flow was $1.1 billion for the quarter, up 31%, and $2.7 billion year-to-date, up 47%. Free cash flow was $977 million, up 32%, and $2.4 billion year-to-date, up 55%.
          
“We are pleased with our results this quarter, as accelerating sales growth in key end markets combined with strong execution by operations helped us deliver exceptional financial results,” said Lal Karsanbhai, Emerson president and CEO. “In particular, we saw ongoing strength in our residential businesses and rapid improvement in both commercial and industrial end markets. Cash flow performance was strong as a result of earnings growth and effective working capital management. This gives us optionality with regard to capital allocation in 2022 and beyond.”

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