Stock Analysis on Net
Stock Analysis on Net

Emerson Electric Co. (NYSE:EMR)

$22.49

This company has been moved to the archive! The financial data has not been updated since April 24, 2020.

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Emerson Electric Co., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Gain on sale of business
Goodwill impairment
Other deductions, net
Earnings from continuing operations before interest and income taxes
Interest income
Interest expense
Interest expense, net of interest income
Earnings from continuing operations before income taxes
Income taxes
Earnings from continuing operations
Discontinued operations, net of tax
Net earnings
Noncontrolling interests in earnings of subsidiaries
Net earnings common stockholders

Based on: 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-K (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31).

Net Sales
Net sales demonstrated fluctuations over the period analyzed, with an initial increase from $5,606 million in December 2013 to a peak around mid-2014, followed by a notable decline in late 2014 and early 2015. Sales dipped significantly in late 2015 and early 2016 before partially recovering through 2017 and 2018. The most recent quarters in 2019 and early 2020 show some instability, with sales around the $4,100 to $4,700 million range.
Cost of Sales
Cost of sales showed a similar pattern to net sales, starting at $3,370 million and increasing through mid-2014, before retreating considerably in late 2015. Costs followed a recovery trend that somewhat mirrors sales figures through 2018 but exhibited slight volatility toward the end of the period, remaining relatively high compared to earlier years.
Gross Profit
Gross profit mirrored the trends in sales and cost of sales. It increased through mid-2014, then decreased notably in late 2015 correlating with lower sales volumes. Signs of recovery were visible until around 2018-2019, when gross profit stabilized but did not regain the earlier peak levels. The margin pressure is evident given the consistent costs in recent periods.
Selling, General, and Administrative Expenses (SG&A)
SG&A expenses decreased slightly from 2013 to 2015, indicating cost controls; however, they increased again between 2016 and 2018, showing less consistent expense management. Toward 2019 and early 2020, SG&A expenses remain relatively stable but high in absolute terms, highlighting ongoing operational expenditures.
Gain on Sale of Business
A significant one-time gain is realized around early 2015, providing a notable temporary boost to earnings before interest and taxes. This gain is an outlier and does not reflect ongoing operational performance.
Goodwill Impairment
A substantial goodwill impairment was recorded in September 2014, which negatively impacted profitability during that quarter, indicating the reassessment of asset values resulting in a write-down.
Other Deductions, Net
Other deductions fluctuated over the period, with some significant spikes in late 2014 and 2015, and again in 2019, contributing to downward pressure on earnings in those periods.
Earnings from Continuing Operations Before Interest and Income Taxes
Operating earnings exhibited volatility, with growth through early 2014, a significant peak in early 2015 largely attributable to the gain on sale, and declines thereafter. Earnings showed moderate recovery phases but did not return to previous higher levels consistently, suggesting operational challenges and market pressures.
Interest Expense and Income
Interest expense remained relatively stable around $50 million per quarter, while interest income was minimal. Consequently, net interest expense had a minor negative impact on earnings throughout the period.
Earnings from Continuing Operations Before Income Taxes
Pre-tax earnings reflect the impact of fluctuating operating earnings and stable interest expenses. Peaks in early 2015 coincide with extraordinary gains, while other periods reveal variability prone to operational performance and cost structures. Late 2019 does show some improved earnings before taxes, possibly due to recovery in sales and controlled expenses.
Income Taxes
Income tax expenses varied widely, with spikes evident in early 2015 coinciding with higher earnings pre-tax, and reductions observed in quarters with lower pre-tax earnings. The tax expense pattern mirrors the volatility in earnings and contributes to fluctuations in net earnings across the quarters.
Earnings from Continuing Operations
Net earnings from continuing operations follow the overall earnings trends. The sharp increase in early 2015 corresponds to the gain on sale and reduced cost impacts, followed by a period of volatility and partial recovery. Earnings fell to lower levels in late 2017 and early 2018 but improved near the end of the period examined.
Discontinued Operations, Net of Tax
Discontinued operations had some impact in late 2015 through 2017, with negative values indicating losses in certain quarters, which negatively affected total net earnings in those periods.
Net Earnings
Net earnings exhibited considerable fluctuations, with significant gains in early 2015 related to exceptional items, modest recovery periods through 2017-2019, and weakening again in parts of 2019 and early 2020. Overall, earnings reflect underlying volatility in sales and costs, as well as the effects of one-time items such as asset sales and impairments.
Noncontrolling Interests in Earnings of Subsidiaries
Noncontrolling interests were minor relative to total earnings but showed some variability. The impact on net earnings attributable to common stockholders was limited though consistently negative, slightly reducing reported earnings throughout the periods examined.
Net Earnings Common Stockholders
Net earnings attributable to common stockholders followed the general pattern of net earnings, with the most pronounced increase occurring in early 2015 due to non-recurring gains. Earnings exhibited fluctuations in other periods with periods of recovery and decline, reflecting operational and market conditions as well as non-operating factors.