Emerson Electric earnings for its fiscal second quarter of the year have EMR stock falling on Tuesday.
Emerson Electric (NYSE:EMR) starts off its earnings report for its fiscal second quarter of 2019 with revenue of $4.57 billion. This is an increase over the company’s revenue of $4.25 billion reported in its fiscal second quarter of 2018. This was bad news for EMR stock by missing Wall Street’s revenue estimate of $4.64 billion for the period.
Emerson Electric notes that it saw softer performance is some of its businesses that hurt its revenue growth for the quarter. This includes weaker than expected performance in global discrete manufacturing end markets. It also saw slower recovery from its Commercial & Residential Solutions Asia, Middle East & Africa than it was expecting.
More bad news from the most recent Emerson Electric earnings report is its guidance for fiscal 2019. The company says it is now expecting earnings per share for the year to range from $3.60 to $3.70. It was previously expecting earnings per share between $3.65 and $3.75. Wall Street is looking for earnings per share of $3.69 for the year.
The Emerson Electric earnings report also sees the company bringing in earnings per share of 84 cents. This is better than the company’s earnings per share of 76 cents from its fiscal second quarter of the previous year. It also matches analysts’earnings per share estimate for the quarter, but couldn’t keep EMR stock from dropping today.
Net income reported in the Emerson Electric earnings report for its fiscal second quarter of the year comes in at $520 million. The company’s net income from the same period of the year prior was $482 million.
EMR stock was down 4% as of Tuesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.