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Emerson Electric expects 2024 profit above estimates, posts upbeat Q1 results

Reuters
·1-min read

Feb 7 (Reuters) - Industrial conglomerate Emerson Electric forecast a full-year profit ahead of analysts' estimates on Tuesday, helped by sustained demand for automation, sending its shares up 2.2% in premarket trade.

The company expects its full-year adjusted profit to be in the range of $5.30 to $5.45, above analysts' estimates of $5.26, according to LSEG data.

St. Louis, Missouri-based Emerson, which began a century ago by selling fans and electric motors, has over the past few years focused on software and automation as more companies revamp their factories with tech and software to offset headwinds from labor shortages.

Its first-quarter revenue rose 22% to $4.12 billion from a year earlier.

On an adjusted basis, it earned $1.22 per share, compared with estimates of $1.04 per share. (Reporting by Nathan Gomes and Abhinav Parmar in Bengaluru; Editing by Vijay Kishore)