Supplier Earnings Roundup: Eaton, Emerson - Modern Distribution Management

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Supplier Earnings Roundup: Eaton, Emerson

MDM looks at another round of earnings reports from industrial distributors and manufacturers.
Earnings 1

We’re once again in the middle of a new quarterly earnings reporting period for publicly-traded industrial distributors and manufacturers. Read below to learn about the most recent sales and revenue numbers for companies MDM typically covers, including: power generation products manufacturer Eaton Corp. and technology and software conglomerate Emerson Electric.

Eaton 4Q Sales Rise 12%

Eaton said sales in the fourth quarter of 2022 were $5.4 billion, up 12% from the fourth quarter of 2021. Organic sales were up 15%, and acquisitions added 1%, which was partially offset by 4% from negative currency translation, Eaton said.

For 4Q 2022, segment margins were 20.8%, a fourth-quarter record and above the midpoint of guidance.

Sales in 4Q for the Electrical Americas segment were $2.3 billion, up 20% from the fourth quarter of 2021. Sales in 4Q for the Electrical Global segment were $1.4 billion, which was flat compared to the same quarter a year earlier. Aerospace segment sales were $812 million, up 7% from 4Q 2o21, Eaton said.

“We closed 2022 by delivering another quarter of record results and positive momentum,” said Craig Arnold, Eaton Chairman and CEO. “Tailwinds for our performance included strong demand across many of our end markets, robust order growth and continued upward trends in organic growth.”

For the full year 2022, sales were $20.8 billion, up 6% from 2021. The sales increase consisted of 13% growth in organic sales and 3% growth from acquisitions, which was partially offset by 7% from the divestiture of the Hydraulics business and 3% from negative currency translation, Eaton said.

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Emerson’s Fiscal 2023 1Q Sales Up 7%

For Emerson’s fiscal 2023 first quarter, net sales were $3.4 billion, up 7% from the year prior, while underlying sales were up 6%.

Sales in the Americas were up 13%, while Europe was down 2%. Asia, Middle East & Africa was flat, Emerson said.

“Emerson continues to execute on the strategy we presented at our November 29th Investor Conference,” said Emerson President and CEO Lal Karsanbhai. “Continued strength in our end markets and operational excellence, enabled by our Emerson Management System, resulted in a great start to 2023. We delivered underlying sales growth of 6% and strong segment margin expansion with operational leverage above our targets. Continued operational performance gives us confidence to reiterate our 2023 underlying sales and adjusted EPS outlook, overcoming the impact of higher than expected stock compensation expense.”

Earnings per share were $0.56 for the quarter, down 55%. The company said that, for its 2023 outlook, it expects overall sales to increase 8-10%.

Last month, Emerson said it made a $7.6 billion bid for National Instruments. In a news release, Emerson said that NI has avoided serious buyout negotiations since early 2022.

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