By Anthony O. Goriainoff
Emerson Electric Co. said Wednesday that net earnings for the fourth quarter fell 7%, and that it expects 2022 to be characterized by strong underlying demand.
The U.S. technology and engineering company posted net earnings of $670 million, compared with $723 million a year earlier.
Earnings per share fell 8% to $1.11, with adjusted earnings per share--which exclude restructuring and first-year purchase accounting charges--up 10% at $1.21, the company said.
Earnings per share for the year rose 18% to $3.82, with adjusted earnings up 19% at $4.10 a share, exceeding guidance, the company said.
Net sales rose to $4.95 billion from $4.6 billion in the quarter, compared with a consensus of $5.09 billion taken from FactSet and based on 17 analysts' forecasts.
Full-year net sales were up 9% at $18.2 billion, the company said.
"We don't expect the global supply-chain landscape to hinder our success around long-term value creation, and we continue to progress toward our cost reset targets," Chief Executive Lal Karsanbhai said.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
11-03-21 0731ET