Emerson Reports Increased Fourth Quarter Earnings, Record Full-Year Free Cash Flow Performance; 47th Straight Year Of Dividend Increase Expected.Business Editor & News Director ST. LOUIS--(BUSINESS WIRE)--Nov. 5, 2002 Emerson (NYSE NYSE See: New York Stock Exchange :EMR (ElectroMagnetic Radiation) The emanation of energy from everything in the universe. Although the EMR from electrical and electronic devices is typically measured for practical, every-day situations, every object, including humans, emanates energy. ) announced today that for the fourth quarter of fiscal 2002, ended September September: see month. 30, the company achieved sales of $3.5 billion, earnings of $249 million, and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.59. This represents the first year-over-year quarterly earnings increase since March 2001. Fourth-quarter sales in fiscal 2001 were $3.6 billion with earnings of $245 million and diluted earnings per share of $0.58, excluding last year's $377 million incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. fourth quarter rationalization rationalization, in psychology: see defense mechanism. charge. Reported fourth-quarter 2001 earnings were a loss of $0.03 per share. For fiscal year 2002, the company achieved sales of $13.8 billion, earnings of $1.1 billion, and diluted earnings per share of $2.52, excluding the non-cash accounting change related to the adoption of FAS 142 during the year. Reported net earnings including the accounting change were $122 million and $0.29 per share for 2002. Detailed comparisons of the fourth quarter and fiscal year 2001 and 2002 showing earnings before and after the accounting change, and the 2001 rationalization charge, are shown in tables 1 and 2 attached. Fourth-quarter fiscal 2002 gains from divestitures were down significantly and ongoing restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). stayed at elevated levels. The run-rate earnings per share is in-line In-line Used in the context of general equities. (1) An order or market in a specific security within the inside market; 2) any announcement (earnings) that adheres closely to Wall Street analysts' expectations. with the third quarter of 2002 despite lower sales as shown below:
(SALES IN MILLIONS EXCEPT PER SHARE AMOUNTS)
3rd Quarter 2002 4th Quarter 2002
Net Sales $3,570 $3,538
Net earnings Diluted EPS Net earnings Diluted EPS
As Reported $281 $0.67 $249 $0.59
Divestiture Gains $(25) $(0.06) $(4) $(0.01)
Restructuring and Other $40 $0.09 $49 $0.12
As Adjusted - run rate $296 $0.70 $294 $0.70
Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. for the year increased 6 percent to $1.8 billion and free cash flow increased 24 percent to a record $1.4 billion, over 135 percent of earnings, reflecting improved operating cash flow and lower capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. . "Everyone in the company has done a great job to drive the operating and free cash flow improvements," said David N. Farr FARR Find and Run Robot FARR Friedreich Ataxia with Retained Reflexes FARR Forward Area Alerting Radar Receiver FARR Focused Area Risk Reduction (Air Force) FARR Forward Area Refueling and Rearming , Emerson's chief executive officer. "This is the second year in a row that free cash flow has exceeded earnings, demonstrating the company's focus on improving working capital performance and the benefits we are experiencing from our lean manufacturing Lean manufacturing is the production of goods using less of everything compared to mass production: less human effort, less manufacturing space, less investment in tools, and less engineering time to develop a new product. initiatives. "Despite challenging industry conditions, we made significant progress in reshaping our business mix in 2002 to concentrate on markets with attractive growth characteristics and businesses that can create shareholder value. During the year we continued our investment in technology and global expansion, improving our competitive position. At the same time, we recognized early in fiscal 2002 that significant downturns in commercial, industrial, and telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. markets would require continuing the cost actions we initiated the year before. Those actions continued throughout fiscal 2002 and will remain in place until demand improves. "Entering fiscal 2003, we are encouraged by recent stability and positive order trends and believe we have repositioned our portfolio of businesses for long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth and profit improvement." Operating Highlights Discussing segment results for fiscal 2002, Farr said, "Broad economic declines in the first half led to sales decreases across all business segments except process control, which achieved modest underlying sales gains, excluding the impact of currency, acquisitions and divestitures, in a down market. Despite this environment, we have strengthened our position relative to our competition and continued to gain market share in process control, electronics and telecommunications, and heating, ventilating ventilating Natural or mechanically induced movement of fresh air into or through an enclosed space. The hazards of poor ventilation were not clearly understood until the early 20th century. Expired air may be laden with odors, heat, gases, or dust. , and air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. businesses. "In addition we have expanded our presence in Asia, particularly in China, where sales and goods produced for fiscal year 2002 reached nearly $1 billion and we have approximately 14,000 employees. We have a long history of operating in China and we will continue to invest and expand in the region to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the enormous market opportunities and further improve our cost position. "The process business achieved sales of $3.4 billion, in line with its strong performance in 2001, despite the divestitures of Xomox and Daniel Daniel, book of the Bible Daniel, book of the Bible. It combines "court" tales, perhaps originating from the 6th cent. B.C., and a series of apocalyptic visions arising from the time of the Maccabean emergency (167–164 B.C. Valve valve, device for controlling the flow of fluids (liquids and gases). Valves vary in construction and size depending upon their function. Some are classified according to their method of operation or design, e.g. . Emerson Process Control has established a global organization and technology leadership position in systems and field devices to provide customers the support and product innovations they need anywhere in the world. Systems and Solutions businesses had a breakthrough year, reflected in $286 million of large project wins that include PlantWeb(R), DeltaV For other uses, see Delta-v (disambiguation). The DeltaV digital process control system and distributed control system is widely used in many industries around the world. (R), and solutions and engineering services. These projects included Shell Deer Park Deer Park. 1 Uninc. village (1990 pop. 28,840), Babylon town, Suffolk co., SE N.Y., a primarily residential suburb on Long Island. 2 City (1990 pop. 27,652), Harris co., SE Tex. ($30 million), IDEC IDEC Instituto Brasileiro de Defesa do Consumidor (Portugese: Brazilian Consumer Protection Agency) IDEC Information Design & End-User Computing IDEC Interior Design Educators Council, Inc. Pharmaceutical ($14 million), Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. D.C. and Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. water and wastewater facilities ($40 million), BASF BASF Bar Association of San Francisco (since 1872; San Francisco, California) BASF Badische Anilin und Soda Fabrik (German chemical products company) BASF Builders Association of South Florida China chemical ($25 million), and being chosen as 'top vendor' for process automation solutions at Sasol Sasol (originally Suid Afrikaanse Steenkool en Olie - South African Coal and Oil) is a South African company involved in mining, energy, chemicals and synfuels. In particular, they produce petrol and diesel profitably from coal and natural gas using Fischer-Tropsch Chemical Industries Ltd. Recent project activity has been strong, with nearly a third of these wins occurring in the last three months. "These unique long-cycle wins signal the growing market acceptance of PlantWeb (www.EmersonProcess.com/PlantWeb) and DeltaV as the process automation system of choice. Sales like these are driven by project returns, total system capabilities and supplier expertise rather than short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. economic factors. With Emerson's solutions and services offerings, we are uniquely positioned in the market to expand the value we provide to our customers. "An overall reduction in short-cycle general maintenance and repair activity offset the double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. growth in solutions. This temporary slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. , affecting our measurement and control devices, was driven by the reduction in capital expenditures across the industrial base. "In the electronics and telecommunications business, sales fell 31 percent during the year to $2.5 billion. Emerson responded by restructuring operations while continuing to invest in engineering and technology and expanding our international presence. As a result, unlike many of our competitors, we never lost money in any quarter and have improved profit margins by 300 basis points from the second to the fourth quarter. Our customers have recognized our financial stability and ability to invest in new product development even during this unprecedented downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. and are rewarding us with significant new business. "In October October: see month. 2001 we acquired Avansys, the power business of Huawei Huawei Technologies Co. Ltd. (Chinese: 华为技术有限公司; Pinyin: Huáwei Jíshu Yǒuxiàn Gōngsī Technologies in China, which we renamed Emerson Network Power China. This key acquisition provides access to the China market, a base for low-cost manufacturing, and tremendous engineering resources. It will help drive top-line growth, reduce manufacturing and development costs, and expand new product development. "Sales in the heating, ventilating, and air conditioning business were $2.4 billion, down 2 percent from the prior year, with decreases in the commercial and industrial markets mostly offset by increases in the unitary unitary pertaining to a single object or individual. air conditioning market. Sales softened soft·en v. soft·ened, soft·en·ing, soft·ens v.tr. 1. To make soft or softer. 2. To undermine or reduce the strength, morale, or resistance of. 3. in the first quarter as customers reduced inventory levels, but gained momentum throughout the year as the late summer heat in the U.S. drove unitary sales. "The growth of Copeland Copeland may refer to: Places
"The demand for scroll compressors will benefit from legislation in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. that will raise residential energy efficiency ratings by 20 percent in 2006. Additionally, the phase-out of refrigerants Chemical refrigerants are assigned an R number(sometimes the label replaces it with the word Freon) which is determined systematically according to molecular structure. The following is a list of refrigerants with their R numbers, IUPAC chemical name, molecular formula, and CAS number. containing chlorine chlorine (klōr`ēn, klôr`–) [Gr.,=green], gaseous chemical element; symbol Cl; at. no. 17; at. wt. 35.453; m.p. −100.98°C;; b.p. −34.6°C;; density 3.2 grams per liter at STP; valence −1, +1, +3, +5, +7. is under way in the United States, with a 2010 deadline for equipment manufacturers to adopt environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] refrigerants. These regulatory changes play into the strengths and benefits that Copeland Scroll compressors offer and will stimulate increased market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" and accelerated growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. . "Another significant accomplishment by Emerson Climate Technologies was the performance of its Retail Services organization. In fiscal 2002 this group signed major contracts to improve energy efficiency and provide site-monitoring services to Tesco PLC, the largest food retailer in the United Kingdom, and to the Great Atlantic & Pacific Tea Company. Emerson is rapidly developing a strong position as a provider of service and solutions to the commercial refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. market. "Sales for industrial automation fell to $2.5 billion in 2002 from $3.0 billion last year. This segment has felt the impact of reduced capital expenditures and excess capacity across the industrial sector in the United States and Europe, but saw demand stabilize stabilize See peg. at lower operating levels as the year progressed. Segment revenues have also been affected by the 2002 divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of Chromalox industrial heating solutions and the contribution of Camco into a joint venture in 2001. "The appliance A stand-alone hardware device or software environment dedicated to a specific task. See hardware appliance and software appliance. and tools segment sales decreased 2 percent to $3.4 billion, with strong sales growth in housing-related consumer businesses offset by broad declines in the commercial and industrial tools and motor businesses. Sales in the first half of the year decreased 6 percent compared to the prior year but gained momentum and turned positive in the second half. Residential storage grew at a strong pace throughout the year, reflecting expanded customer offerings, innovative Web-enabled design and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services , and favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. market conditions. Financial Highlights "Our strong operating cash flow and record free cash flow performance reflect Emerson's earnings quality and solid balance sheet. Inventory and accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying decreased by $273 million and $38 million, respectively, from September 2001, lowering operating working capital and driving cash flow performance. Average trade working capital improved from 23.5 percent of sales in fiscal 2001 to 22.8 percent of sales in fiscal 2002. The reduction in capital expenditures from $554 million to $384 million in 2002 was also an important driver of free cash flow. "Net debt to net capital was 42 percent at the end of the year, and operating cash flow to total debt improved from 36 percent in 2001 to 40 percent. The interest coverage ratio increased from 6.2 times in 2001 to 7.3 times in 2002. Additionally, we reduced total debt and further strengthened liquidity. Between October 2001 and 2002, we issued $1 billion of long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. , taking advantage of the low interest rate environment. "Divestitures reduced Emerson's annual sales by approximately $300 million and contributed $231 million in gains during the fiscal year. Rationalization of operations for fiscal 2002 was $207 million. These costs are provided by business segment for the fourth quarter and fiscal year 2002 in tables 5 and 6 attached. "Management has always understood the value of our dividend to shareholders and is recommending to the board today an increase in the annual dividend from $1.55 to $1.57 per share. This would represent the 47th consecutive year of increases - a record we are proud of. Outlook for Fiscal 2003 "While there continues to be global economic uncertainty as we enter fiscal 2003, recent stability and positive order trends, along with benefits from our aggressive cost actions, should deliver improved profitability levels and increased earnings for the year. "We anticipate returning to a lower level of cost actions during the year as market conditions allow, and are targeting capital spending of approximately 3 percent of sales for the year. In fiscal 2003 we expect lower gains from divestitures compared to fiscal 2002. Although the picture for fiscal 2003 is not clear, based on our view today we expect to continue to generate solid earnings and cash in this uncertain environment." Forward-Looking and Cautionary Statements Statements in this release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties. These include economic and currency conditions, market demand, pricing, and competitive and technological factors, among others, as set forth in the company's SEC filings. Conference Call and Audio Webcast Emerson's fourth-quarter investor conference call is scheduled to begin at 2:30 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. , today. The audio webcast will be provided through the Investor Relations Investor relations The process by which the corporation communicates with its investors. area of the corporate Web site, www.gotoemerson.com.
TABLE I
EMERSON AND SUBSIDIARIES
CONSOLIDATED OPERATING RESULTS
(DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS)
Quarter Ended September 30, Percent
2001 2002 Change
Net sales $3,552 $3,538 (0.4%)
Less: Costs and expenses
Cost of sales 2,394 2,303
SG&A expenses 787 733
Interest expense, net 64 53
Other deductions, net 311 78
Total costs and expenses 3,556 3,167
Income before income taxes (4) 371
Income taxes 11 122
Net earnings $(15) $249
Diluted earnings per common share $(0.03) $0.59
Operating earnings per
common share(1) $0.58 $0.59
Quarter Ended September 30,
2001 2002
Other deductions, net
Gains from divestitures $21 $7
Amortization of intangibles (48) (7)
Rationalization of operations (21) (49)
Repositioning (237) --
Other (26) (29)
Total $(311) $(78)
(1) 2001 operating earnings per common share excludes incremental
rationalization charges in Cost of sales, SG&A expenses and
Other deductions, net of $89 million, $51 million and $237
million, respectively, for a total of $377 million ($260 million
after- tax, $0.61 per share).
TABLE 2
EMERSON AND SUBSIDIARIES
CONSOLIDATED OPERATING RESULTS
(DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS)
Year Ended September 30, Percent
2001 2002 Change
Net sales $15,480 $13,824 (10.7%)
Less: Costs and expenses
Cost of sales 10,119 9,000
SG&A expenses 3,082 2,922
Interest expense, net 286 233
Other deductions, net 404 104
Total costs and expenses 13,891 12,259
Income before income taxes and
cumulative effect of change in
accounting principle 1,589 1,565 (1.5%)
Income taxes 557 505
Earnings before cumulative effect of
change in accounting principle 1,032 1,060 2.7%
Cumulative effect of change in
accounting principle, net of tax -- (938)
Net earnings $1,032 $122
Diluted earnings per common share:
Before cumulative effect of change
in accounting principle $2.40 $2.52 5.0%
Cumulative effect of change in
accounting principle -- (2.23)
Diluted earnings per common share $2.40 $0.29
Operating earnings per
common share(1) $3.01 $2.52 (16.3%)
Year Ended September 30,
2001 2002
Other deductions, net
Gains from divestitures $187 $231
Amortization of intangibles (191) (28)
Rationalization of operations (111) (207)
Repositioning (237) --
Other (52) (100)
Total $(404) $(104)
(1) 2001 operating earnings per common share excludes incremental
rationalization charges in Cost of sales, SG&A expenses and
Other deductions, net of $89 million, $51 million and $237
million, respectively, for a total of $377 million ($260 million
after- tax, $0.61 per share). 2002 operating earnings per share
excludes a cumulative effect of a change in accounting principle
of $2.23 per share.
TABLE 3
EMERSON AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN MILLIONS)
September 30,
2001 2002
Assets
Cash and equivalents $356 $381
Receivables, net 2,551 2,513
Inventories 1,897 1,624
Other current assets 516 443
Total current assets 5,320 4,961
Property, plant & equipment, net 3,288 3,116
Goodwill 5,182 4,910
Other 1,256 1,558
$15,046 $14,545
Liabilities and Stockholders' Equity
Short-term borrowings and current
maturities of long-term debt $2,447 $1,560
Accounts payable 1,127 1,268
Accrued expenses 1,620 1,448
Income taxes 185 124
Total current liabilities 5,379 4,400
Long-term debt 2,256 2,990
Other liabilities 1,297 1,414
Stockholders' equity 6,114 5,741
$15,046 $14,545
TABLE 4
EMERSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(DOLLARS IN MILLIONS)
Year Ended September 30,
2001 2002
Operating Activities
Net earnings $1,032 $122
Cumulative effect of change in
accounting principle -- 938
Depreciation and amortization 708 541
Changes in operating working capital 121 432
Gains on divestitures, pension
funding and other (153) (215)
Net cash provided by operating activities 1,708 1,818
Investing Activities
Capital expenditures (554) (384)
Purchases of businesses, net of cash
and equivalents acquired (200) (754)
Divestitures of businesses and other, net 206 257
Net cash used in investing activities (548) (881)
Financing Activities
Net increase (decrease) in short-term
borrowings 97 (975)
Proceeds from long-term debt 36 751
Principal payments on long-term debt (25) (38)
Dividends paid (654) (652)
Net purchases of treasury stock (534) (20)
Net cash used in financing activities (1,080) (934)
Effect of exchange rate changes on
cash and equivalents (5) 22
Increase in cash and equivalents 75 25
Beginning cash and equivalents 281 356
Ending cash and equivalents $356 $381
TABLE 5
EMERSON AND SUBSIDIARIES
SEGMENT SALES AND PROFITS
(DOLLARS IN MILLIONS)
Quarter Ended September 30,
2001 2002
Sales
Process Control $886 $912
Industrial Automation 704 624
Electronics and Telecommunications 660 625
Heating, Ventilating, and Air Conditioning 549 597
Appliance and Tools 832 861
3,631 3,619
Eliminations (79) (81)
Total Emerson $3,552 $3,538
Quarter Ended September 30,
2001 2002
Earnings
Process Control $115 $110
Industrial Automation 86 73
Electronics and Telecommunications 14 38
Heating, Ventilating, and Air Conditioning 62 69
Appliance and Tools 110 105
387 395
Differences in accounting methods 45 38
Corporate and other (372) (9)
Interest expense, net (64) (53)
Income before income taxes $(4) $371
In connection with the adoption of FAS 142, fiscal 2002 segment
earnings exclude goodwill amortization. Fourth quarter of fiscal 2001
segment earnings include goodwill amortization of $39 as follows (in
millions): Process Control $14; Industrial Automation $7; Electronics
and Telecommunications $11; Heating, Ventilating, and Air Conditioning
$3; and Appliance and Tools $4.
Fourth quarter of fiscal 2002 segment earnings include
rationalization of operations expenses of $49 as follows (in
millions): Process Control $7; Industrial Automation $8; Electronics
and Telecommunications $25; Heating, Ventilating, and Air Conditioning
$12, Appliance and Tools $19, and Corporate $(22).
TABLE 6
EMERSON AND SUBSIDIARIES
SEGMENT SALES AND PROFITS
(DOLLARS IN MILLIONS)
Year Ended September 30,
2001 2002
Sales
Process Control $3,398 $3,396
Industrial Automation 2,956 2,500
Electronics and Telecommunications 3,590 2,465
Heating, Ventilating, and Air Conditioning 2,438 2,389
Appliance and Tools 3,500 3,437
15,882 14,187
Eliminations (402) (363)
Total Emerson $15,480 $13,824
Year Ended September 30,
2001 2002
Earnings
Process Control $358 $387
Industrial Automation 402 297
Electronics and Telecommunications 359 119
Heating, Ventilating, and Air Conditioning 347 333
Appliance and Tools 503 456
1,969 1,592
Differences in accounting methods 191 149
Corporate and other (285) 57
Interest expense, net (286) (233)
Income before income taxes $1,589 $1,565
In connection with the adoption of FAS 142, fiscal 2002 segment
earnings exclude goodwill amortization. Fiscal 2001 segment earnings
include goodwill amortization of $164 as follows (in millions):
Process Control $56; Industrial Automation $26; Electronics and
Telecommunications $51; Heating, Ventilating, and Air Conditioning
$14; and Appliance and Tools $17.
Fiscal 2002 segment earnings include rationalization of operations
expenses of $207 as follows (in millions): Process Control $27;
Industrial Automation $33; Electronics and Telecommunications $71;
Heating, Ventilating, and Air Conditioning $26, Appliance and Tools
$49, and Corporate $1.
SOURCE: Emerson |
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