Missouri
(State
or other jurisdiction of
incorporation
or organization)
|
43-0259330
(I.R.S.
Employer
Identification
No.)
|
|
8000
W. Florissant Ave.
P.O.
Box 4100
St.
Louis, Missouri
(Address
of principal executive offices)
|
63136
(Zip
Code)
|
Large
Accelerated Filer x
|
Accelerated Filer ¨
|
Non-Accelerated
Filer ¨
(Do not check if a smaller reporting company)
|
Smaller Reporting Company
¨
|
Three Months
|
Nine Months
|
|||||||||||||||
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
2008
|
2009
|
2008
|
2009
|
||||||||||||
Net
sales
|
$
|
6,568
|
5,091
|
18,111
|
15,593
|
|||||||||||
Costs
and expenses:
|
||||||||||||||||
Cost
of sales
|
4,155
|
3,253
|
11,446
|
9,922
|
||||||||||||
Selling,
general and administrative expenses
|
1,321
|
1,089
|
3,757
|
3,401
|
||||||||||||
Other
deductions, net
|
100
|
141
|
170
|
353
|
||||||||||||
Interest
expense (net of interest income of $15, $3, $41 and $19,
respectively)
|
46
|
64
|
147
|
157
|
||||||||||||
Earnings
from continuing operations before income taxes
|
946
|
544
|
2,591
|
1,760
|
||||||||||||
Income
taxes
|
299
|
157
|
827
|
542
|
||||||||||||
Earnings
from continuing operations
|
647
|
387
|
1,764
|
1,218
|
||||||||||||
Discontinued
operations, net of tax
|
(35
|
)
|
-
|
(40
|
)
|
-
|
||||||||||
Net
earnings
|
$
|
612
|
387
|
1,724
|
1,218
|
|||||||||||
Basic
earnings per common share:
|
||||||||||||||||
Earnings
from continuing operations
|
$
|
0.83
|
0.52
|
2.25
|
1.61
|
|||||||||||
Discontinued
operations
|
(0.04
|
)
|
-
|
(0.05
|
)
|
-
|
||||||||||
Basic
earnings per common share
|
$
|
0.79
|
0.52
|
2.20
|
1.61
|
|||||||||||
Diluted earnings per common
share:
|
||||||||||||||||
Earnings
from continuing operations
|
$
|
0.82
|
0.51
|
2.23
|
1.60
|
|||||||||||
Discontinued
operations
|
(0.04
|
)
|
-
|
(0.05
|
)
|
-
|
||||||||||
Diluted
earnings per common share
|
$
|
0.78
|
0.51
|
2.18
|
1.60
|
|||||||||||
Cash
dividends per common share
|
$
|
0.30
|
0.33
|
0.90
|
0.99
|
September 30,
|
June
30,
|
|||||||
2008
|
2009
|
|||||||
ASSETS
|
||||||||
Current
assets
|
||||||||
Cash
and equivalents
|
$
|
1,777
|
1,382
|
|||||
Receivables,
less allowances of $90 and $92, respectively
|
4,618
|
3,720
|
||||||
Inventories
|
2,348
|
2,062
|
||||||
Other
current assets
|
588
|
554
|
||||||
Total
current assets
|
9,331
|
7,718
|
||||||
Property,
plant and equipment, net
|
3,507
|
3,475
|
||||||
Other
assets
|
||||||||
Goodwill
|
6,562
|
6,976
|
||||||
Other
|
1,640
|
2,155
|
||||||
Total
other assets
|
8,202
|
9,131
|
||||||
|
$
|
21,040
|
20,324
|
|||||
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
||||||||
Current
liabilities
|
||||||||
Short-term
borrowings and current maturities of long-term debt
|
$
|
1,221
|
837
|
|||||
Accounts
payable
|
2,699
|
1,824
|
||||||
Accrued
expenses
|
2,480
|
2,308
|
||||||
Income
taxes
|
173
|
24
|
||||||
Total
current liabilities
|
6,573
|
4,993
|
||||||
Long-term
debt
|
3,297
|
4,464
|
||||||
Other
liabilities
|
2,057
|
2,207
|
||||||
Stockholders’
equity
|
||||||||
Preferred
stock of $2.50 par value per share
|
||||||||
Authorized
5.4 shares; issued – none
|
-
|
-
|
||||||
Common
stock of $0.50 par value per share
|
||||||||
Authorized
1,200.0 shares; issued 953.4 shares; outstanding
|
||||||||
771.2
shares and 751.5 shares, respectively
|
477
|
477
|
||||||
Additional
paid-in capital
|
146
|
152
|
||||||
Retained
earnings
|
14,002
|
14,471
|
||||||
Accumulated
other comprehensive income
|
141
|
(133
|
)
|
|||||
Cost
of common stock in treasury, 182.2 shares and
|
||||||||
201.9
shares, respectively
|
(5,653
|
)
|
(6,307
|
)
|
||||
Total
stockholders' equity
|
9,113
|
8,660
|
||||||
$
|
21,040
|
20,324
|
Nine Months Ended
|
||||||||
|
June 30,
|
|||||||
2008
|
2009
|
|||||||
Operating
activities
|
||||||||
Net
earnings
|
$
|
1,724
|
1,218
|
|||||
Adjustments
to reconcile net earnings to net cash
|
||||||||
provided
by operating activities:
|
||||||||
Depreciation
and amortization
|
530
|
542
|
||||||
Changes
in operating working capital
|
(346
|
)
|
69
|
|||||
Pension
funding
|
(99
|
)
|
(263
|
)
|
||||
Pension
deferred tax benefit
|
47
|
130
|
||||||
Other
|
142
|
38
|
||||||
Net
cash provided by operating activities
|
1,998
|
1,734
|
||||||
Investing
activities
|
||||||||
Capital
expenditures
|
(461
|
)
|
(388
|
)
|
||||
Purchases
of businesses, net of cash and equivalents acquired
|
(412
|
)
|
(735
|
)
|
||||
Other
|
142
|
18
|
||||||
Net
cash used in investing activities
|
(731
|
)
|
(1,105
|
)
|
||||
Financing
activities
|
||||||||
Net
increase in short-term borrowings
|
774
|
40
|
||||||
Proceeds
from long-term debt
|
400
|
1,254
|
||||||
Principal
payments on long-term debt
|
(10
|
)
|
(680
|
)
|
||||
Dividends
paid
|
(708
|
)
|
(749
|
)
|
||||
Purchases
of treasury stock
|
(727
|
)
|
(718
|
)
|
||||
Other
|
(45
|
)
|
(94
|
)
|
||||
Net
cash used in financing activities
|
(316
|
)
|
(947
|
)
|
||||
Effect
of exchange rate changes on cash and equivalents
|
98
|
(77
|
)
|
|||||
Increase
(decrease) in cash and equivalents
|
1,049
|
(395
|
)
|
|||||
Beginning
cash and equivalents
|
1,008
|
1,777
|
||||||
Ending
cash and equivalents
|
$
|
2,057
|
1,382
|
|||||
Changes
in operating working capital
|
||||||||
Receivables
|
$
|
(197
|
)
|
839
|
||||
Inventories
|
(205
|
)
|
328
|
|||||
Other
current assets
|
(1
|
)
|
16
|
|||||
Accounts
payable
|
25
|
(800
|
)
|
|||||
Accrued
expenses
|
28
|
(148
|
)
|
|||||
Income
taxes
|
4
|
(166
|
)
|
|||||
$
|
(346
|
)
|
69
|
EMERSON
ELECTRIC CO. AND SUBSIDIARIES
|
FORM
10-Q
|
|
1.
|
In
the opinion of management, the accompanying unaudited consolidated
financial statements include all adjustments necessary for a fair
presentation of the results for the interim periods
presented. These adjustments consist of normal recurring
accruals. The consolidated financial statements are presented
in accordance with the requirements of Form 10-Q and consequently do not
include all the disclosures required for annual financial statements
presented in conformity with U.S. generally accepted accounting
principles. For further information refer to the consolidated
financial statements and notes thereto included in the Company's Annual
Report on Form 10-K for the year ended September 30,
2008. Certain prior year amounts have been reclassified to
conform to the current year presentation. The Company has
evaluated subsequent events through August 5,
2009.
|
|
2.
|
Reconciliations
of weighted average common shares for basic and diluted earnings per
common share follow (shares in
millions):
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||
2008
|
2009
|
2008
|
2009
|
|||||||||||||
Basic
shares outstanding
|
778.6 | 749.6 | 782.8 | 755.0 | ||||||||||||
Dilutive
shares
|
9.2 | 5.1 | 9.3 | 4.8 | ||||||||||||
Diluted
shares outstanding
|
787.8 | 754.7 | 792.1 | 759.8 |
|
3.
|
Comprehensive
income (loss), net of applicable income taxes, is summarized as follows
(dollars in millions):
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||
2008
|
2009
|
2008
|
2009
|
|||||||||||||
Net
earnings
|
$ | 612 | 387 | 1,724 | 1,218 | |||||||||||
Foreign
currency translation
|
124 | 237 | 442 | (280 | ) | |||||||||||
Cash
flow hedges and other
|
(6 | ) | 60 | (1 | ) | 6 | ||||||||||
$ | 730 | 684 | 2,165 | 944 |
EMERSON
ELECTRIC CO. AND SUBSIDIARIES
|
FORM
10-Q
|
4.
|
Net
periodic pension expense is summarized as follows (dollars in
millions):
|
Three Months Ended
June 30,
|
Nine Months Ended
June 30,
|
|||||||||||||||
|
2008
|
2009
|
2008
|
2009
|
||||||||||||
Service
cost
|
$
|
18
|
16
|
54
|
51
|
|||||||||||
Interest
cost
|
52
|
51
|
156
|
163
|
||||||||||||
Expected
return on plan assets
|
(68
|
)
|
(67
|
)
|
(205
|
)
|
(210
|
)
|
||||||||
Net
amortization
|
24
|
20
|
72
|
61
|
||||||||||||
$
|
26
|
20
|
77
|
65
|
Three Months Ended
June 30,
|
Nine Months Ended
June 30,
|
|||||||||||||||
|
2008
|
2009
|
2008
|
2009
|
||||||||||||
Service
cost
|
$
|
2
|
1
|
4
|
3
|
|||||||||||
Interest
cost
|
6
|
8
|
20
|
22
|
||||||||||||
Net
amortization
|
7
|
1
|
22
|
5
|
||||||||||||
$
|
15
|
10
|
46
|
30
|
|
5.
|
Other
deductions, net are summarized as follows (dollars in
millions):
|
Three Months Ended
June 30,
|
Nine Months Ended
June 30,
|
|||||||||||||||
|
2008
|
2009
|
2008
|
2009
|
||||||||||||
Other deductions, net
|
||||||||||||||||
Rationalization
of operations
|
$
|
24
|
83
|
49
|
190
|
|||||||||||
Amortization
of intangibles
|
20
|
31
|
59
|
78
|
||||||||||||
Other
|
56
|
33
|
126
|
120
|
||||||||||||
Gains
|
-
|
(6
|
)
|
(64
|
)
|
(35
|
)
|
|||||||||
$
|
100
|
141
|
170
|
353
|
EMERSON
ELECTRIC CO. AND SUBSIDIARIES
|
FORM
10-Q
|
6.
|
The
change in the liability for rationalization of operations during the nine
months ended June 30, 2009, follows (dollars in
millions):
|
September 30,
|
June
30,
|
|||||||||||||||
2008
|
Expense
|
Paid / Utilized
|
2009
|
|||||||||||||
Severance
and benefits
|
$ | 33 | 149 | 99 | 83 | |||||||||||
Lease/contract
terminations
|
5 | 4 | 4 | 5 | ||||||||||||
Fixed
asset write-downs
|
- | 7 | 7 | - | ||||||||||||
Vacant
facility and other shutdown costs
|
1 | 10 | 9 | 2 | ||||||||||||
Start-up
and moving costs
|
1 | 20 | 19 | 2 | ||||||||||||
$ | 40 | 190 | 138 | 92 |
|
Rationalization
of operations expense summarized by business segment follows (dollars in
millions):
|
Three Months Ended
June 30,
|
Nine Months Ended
June 30,
|
|||||||||||||||
|
2008
|
2009
|
2008
|
2009
|
||||||||||||
Process
Management
|
$
|
4
|
18
|
8
|
26
|
|||||||||||
Industrial
Automation
|
5
|
13
|
11
|
25
|
||||||||||||
Network
Power
|
8
|
32
|
16
|
82
|
||||||||||||
Climate
Technologies
|
5
|
14
|
10
|
36
|
||||||||||||
Appliance
and Tools
|
2
|
6
|
4
|
21
|
||||||||||||
$
|
24
|
83
|
49
|
190
|
EMERSON
ELECTRIC CO. AND SUBSIDIARIES
|
FORM
10-Q
|
|
7.
|
Other
Financial Information (dollars in
millions):
|
September 30,
|
June
30,
|
|||||||
2008
|
2009
|
|||||||
Inventories
|
||||||||
Finished
products
|
$ | 884 | 799 | |||||
Raw
materials and work in process
|
1,464 | 1,263 | ||||||
$ | 2,348 | 2,062 | ||||||
Property, plant and equipment,
net
|
||||||||
Property,
plant and equipment, at cost
|
$ | 8,691 | 8,783 | |||||
Less
accumulated depreciation
|
5,184 | 5,308 | ||||||
$ | 3,507 | 3,475 | ||||||
Goodwill
|
||||||||
Process
Management
|
$ | 2,043 | 2,227 | |||||
Industrial
Automation
|
1,107 | 1,307 | ||||||
Network
Power
|
2,432 | 2,387 | ||||||
Climate
Technologies
|
412 | 473 | ||||||
Appliance
and Tools
|
568 | 582 | ||||||
$ | 6,562 | 6,976 |
Other assets, other
|
||||||||
Intellectual
property and customer relationships
|
$ | 627 | 943 | |||||
Pension
plans
|
436 | 659 | ||||||
Capitalized
software
|
192 | 205 | ||||||
Other
|
385 | 348 | ||||||
$ | 1,640 | 2,155 |
Product warranty liability
|
$ | 204 | 182 | |||||
Other liabilities
|
||||||||
Deferred
income taxes
|
$ | 533 | 713 | |||||
Postretirement
plans, excluding current portion
|
417 | 436 | ||||||
Retirement
plans
|
325 | 326 | ||||||
Minority
interest
|
188 | 150 | ||||||
Other
|
594 | 582 | ||||||
$ | 2,057 | 2,207 |
EMERSON
ELECTRIC CO. AND SUBSIDIARIES
|
FORM
10-Q
|
8.
|
Summarized
information about the Company’s operations by business segment follows
(dollars in millions):
|
Sales
|
Earnings
|
|||||||||||||||
Three months ended June
30,
|
2008
|
2009
|
2008
|
2009
|
||||||||||||
Process
Management
|
$ | 1,731 | 1,505 | 346 | 222 | |||||||||||
Industrial
Automation
|
1,271 | 813 | 186 | 41 | ||||||||||||
Network
Power
|
1,672 | 1,306 | 212 | 135 | ||||||||||||
Climate
Technologies
|
1,087 | 859 | 169 | 131 | ||||||||||||
Appliance
and Tools
|
998 | 771 | 138 | 108 | ||||||||||||
6,759 | 5,254 | 1,051 | 637 | |||||||||||||
Differences
in accounting methods
|
62 | 48 | ||||||||||||||
Corporate
and other
|
(121 | ) | (77 | ) | ||||||||||||
Eliminations/Interest
|
(191 | ) | (163 | ) | (46 | ) | (64 | ) | ||||||||
$ | 6,568 | 5,091 | 946 | 544 |
Sales
|
Earnings
|
|||||||||||||||
Nine months ended June
30,
|
2008
|
2009
|
2008
|
2009
|
||||||||||||
Process
Management
|
$ | 4,764 | 4,588 | 890 | 782 | |||||||||||
Industrial
Automation
|
3,572 | 2,876 | 528 | 291 | ||||||||||||
Network
Power
|
4,598 | 4,021 | 579 | 389 | ||||||||||||
Climate
Technologies
|
2,809 | 2,284 | 413 | 250 | ||||||||||||
Appliance
and Tools
|
2,886 | 2,269 | 409 | 248 | ||||||||||||
18,629 | 16,038 | 2,819 | 1,960 | |||||||||||||
Differences
in accounting methods
|
172 | 145 | ||||||||||||||
Corporate
and other
|
(253 | ) | (188 | ) | ||||||||||||
Eliminations/Interest
|
(518 | ) | (445 | ) | (147 | ) | (157 | ) | ||||||||
$ | 18,111 | 15,593 | 2,591 | 1,760 |
|
9.
|
Following
is a discussion regarding the Company’s use of financial
instruments.
|
|
Hedging
Activities
|
|
The
Company’s derivative instruments are accounted for under FAS 133,
“Accounting for Derivative Instruments and Hedging Activities,” and,
accordingly, are recognized at fair value. In the normal course
of business, the Company is exposed to changes in interest rates, foreign
currency exchange rates and commodity prices due to its worldwide presence
and diverse business profile. As part of the Company’s hedging
strategy, derivative instruments are selectively used to manage these
risks and minimize their impact. Forward exchange and option
derivatives are utilized to hedge foreign currency exposures impacting
sales or cost of sales transactions, firm commitments and the fair value
of assets and liabilities, while swap and option contracts are used to
minimize the effect of commodity price fluctuations on cost of
sales. Emerson’s foreign currency hedges primarily relate to
transactions denominated in euros and Mexican pesos, and to a lesser
extent Canadian dollars and Swedish kroner. The notional value
of foreign currency hedge positions totaled approximately $1,942 million
as of June 30, 2009. Primary commodity exposures are price
fluctuations on forecasted purchases of copper and aluminum, and related
products, of which the Company had approximately 51 million pounds hedged
as of June 30, 2009. The Company does not hold derivatives for
trading or speculative purposes. Effective January 1, 2009, the
Company adopted the disclosure provisions of FAS No. 161, “Disclosures
about Derivative Instruments and Hedging Activities,” which expanded
disclosures regarding derivatives use, including hedging objectives and
strategies, fair values, gains and losses and credit-risk-related
contingent features.
|
EMERSON
ELECTRIC CO. AND SUBSIDIARIES
|
FORM
10-Q
|
Gain (Loss) Reclassified into
Earnings
|
Location
|
Gain (Loss) Recognized in
Other Comprehensive Income
|
|||||||||||||||
Derivatives Receiving
Deferral Accounting
|
Three Months
Ended 6/30/09
|
Nine Months
Ended 6/30/09
|
Three Months
Ended 6/30/09
|
Nine Months
Ended 6/30/09
|
|||||||||||||
Cash
Flow Hedges
|
|||||||||||||||||
Foreign
currency
|
$ | (6 | ) | (21 | ) |
Sales
|
$ | 13 | (21 | ) | |||||||
Foreign
currency
|
(6 | ) | (26 | ) |
Cost
of sales
|
21 | (38 | ) | |||||||||
Commodity
|
(28 | ) | (85 | ) |
Cost
of sales
|
20 | (66 | ) | |||||||||
$ | (40 | ) | (132 | ) | $ | 54 | (125 | ) | |||||||||
Derivatives
Not Receiving
Deferral
Accounting
|
Gain
(Loss) Recognized in
Earnings
|
||||||||||||||||
Foreign
currency
|
$ | (38 | ) | (62 | ) |
Other
income (deductions)
|
|||||||||||
Commodity
|
1 | (9 | ) |
Cost
of sales
|
|||||||||||||
$ | (37 | ) | (71 | ) |
EMERSON
ELECTRIC CO. AND SUBSIDIARIES
|
FORM
10-Q
|
Assets
|
Liabilities
|
|||||||
Derivatives
Receiving Deferral Accounting
|
||||||||
Foreign
currency
|
$ | 17 | 46 | |||||
Commodity
|
$ | 18 | 29 | |||||
Derivatives
Not Receiving Deferral Accounting
|
||||||||
Foreign
currency
|
$ | 14 | 4 | |||||
Commodity
|
$ | 2 | 3 |
10.
|
In
April 2009, the Company acquired Roxar ASA, a leading global supplier of
measurement solutions and software for reservoir production optimization,
enhanced oil and gas recovery and flow assurance, for approximately $190
million in cash and $222 million in assumed debt. Roxar has
annual revenues of approximately $200 million and is reported in the
Process Management business
segment.
|
EMERSON
ELECTRIC CO. AND SUBSIDIARIES
|
FORM
10-Q
|
Three months ended June 30,
|
2008
|
2009
|
Change
|
|||||||||
(dollars
in millions, except per share amounts)
|
||||||||||||
Net
sales
|
$
|
6,568
|
5,091
|
(22
|
)%
|
|||||||
Gross
profit
|
$
|
2,413
|
1,838
|
(24
|
)%
|
|||||||
Percent
of sales
|
36.7
|
%
|
36.1
|
%
|
||||||||
SG&A
|
$
|
1,321
|
1,089
|
|||||||||
Percent
of sales
|
20.1
|
%
|
21.4
|
%
|
||||||||
Other
deductions, net
|
$
|
100
|
141
|
|||||||||
Interest
expense, net
|
$
|
46
|
64
|
|||||||||
Earnings
from continuing operations before income taxes
|
$
|
946
|
544
|
(43
|
)%
|
|||||||
Percent
of sales
|
14.4 | % | 10.7 | % | ||||||||
Earnings
from continuing operations
|
$
|
647
|
387
|
(40
|
)%
|
|||||||
Net
earnings
|
$
|
612
|
387
|
(37
|
)%
|
|||||||
Percent
of sales
|
9.3
|
%
|
7.6
|
%
|
||||||||
EPS
– Continuing operations
|
$
|
0.82
|
0.51
|
(38
|
)%
|
|||||||
EPS
– Net earnings
|
$
|
0.78
|
0.51
|
(35
|
)%
|
EMERSON
ELECTRIC CO. AND SUBSIDIARIES
|
FORM
10-Q
|
Three months ended June 30,
|
2008
|
2009
|
Change
|
|||||||||
(dollars
in millions)
|
||||||||||||
Sales
|
$
|
1,731
|
1,505
|
(13
|
)%
|
|||||||
Earnings
|
$
|
346
|
222
|
(36
|
)%
|
|||||||
Margin
|
20.0
|
%
|
14.8
|
%
|
EMERSON
ELECTRIC CO. AND SUBSIDIARIES
|
FORM
10-Q
|
Three months ended June 30,
|
2008
|
2009
|
Change
|
|||||||||
(dollars
in millions)
|
||||||||||||
Sales
|
$
|
1,271
|
813
|
(36
|
)%
|
|||||||
Earnings
|
$
|
186
|
41
|
(78
|
)%
|
|||||||
Margin
|
14.6
|
%
|
5.0
|
%
|
Three months ended June 30,
|
2008
|
2009
|
Change
|
|||||||||
(dollars
in millions)
|
||||||||||||
Sales
|
$
|
1,672
|
1,306
|
(22
|
)%
|
|||||||
Earnings
|
$
|
212
|
135
|
(36
|
)%
|
|||||||
Margin
|
12.7
|
%
|
10.3
|
%
|
EMERSON
ELECTRIC CO. AND SUBSIDIARIES
|
FORM
10-Q
|
Three months ended June 30,
|
2008
|
2009
|
Change
|
|||||||||
(dollars
in millions)
|
||||||||||||
Sales
|
$ | 1,087 | 859 | (21 | )% | |||||||
Earnings
|
$ | 169 | 131 | (22 | )% | |||||||
Margin
|
15.5 | % | 15.2 | % |
Three months ended June 30,
|
2008
|
2009
|
Change
|
|||||||||
(dollars
in millions)
|
||||||||||||
Sales
|
$ | 998 | 771 | (23 | )% | |||||||
Earnings
|
$ | 138 | 108 | (21 | )% | |||||||
Margin
|
13.8 | % | 14.0 | % |
EMERSON
ELECTRIC CO. AND SUBSIDIARIES
|
FORM
10-Q
|
Nine months ended June 30,
|
2008
|
2009
|
Change
|
|||||||||
(dollars
in millions, except per share amounts)
|
||||||||||||
Net
sales
|
$ | 18,111 | 15,593 | (14 | )% | |||||||
Gross
profit
|
$ | 6,665 | 5,671 | (15 | )% | |||||||
Percent
of sales
|
36.8 | % | 36.4 | % | ||||||||
SG&A
|
$ | 3,757 | 3,401 | |||||||||
Percent
of sales
|
20.7 | % | 21.8 | % | ||||||||
Other
deductions, net
|
$ | 170 | 353 | |||||||||
Interest
expense, net
|
$ | 147 | 157 | |||||||||
Earnings
from continuing operations before income taxes
|
$ | 2,591 | 1,760 | (32 | )% | |||||||
Percent
of sales
|
14.3 | % | 11.3 | % | ||||||||
Earnings
from continuing operations
|
$ | 1,764 | 1,218 | (31 | )% | |||||||
Net
earnings
|
$ | 1,724 | 1,218 | (29 | )% | |||||||
Percent
of sales
|
9.5 | % | 7.8 | % | ||||||||
EPS
– Continuing operations
|
$ | 2.23 | 1.60 | (28 | )% | |||||||
EPS
– Net earnings
|
$ | 2.18 | 1.60 | (27 | )% |
EMERSON
ELECTRIC CO. AND SUBSIDIARIES
|
FORM
10-Q
|
Nine months ended June 30,
|
2008
|
2009
|
Change
|
|||||||||
(dollars
in millions)
|
||||||||||||
Sales
|
$ | 4,764 | 4,588 | (4 | )% | |||||||
Earnings
|
$ | 890 | 782 | (12 | )% | |||||||
Margin
|
18.7 | % | 17.1 | % |
EMERSON
ELECTRIC CO. AND SUBSIDIARIES
|
FORM
10-Q
|
Nine months ended June 30,
|
2008
|
2009
|
Change
|
|||||||||
(dollars
in millions)
|
||||||||||||
Sales
|
$ | 3,572 | 2,876 | (19 | ) % | |||||||
Earnings
|
$ | 528 | 291 | (45 | ) % | |||||||
Margin
|
14.8 | % | 10. |