The company reported adjusted EPS for the fourth quarter of $1.29, just below the average analyst estimate of $1.32. Underlying revenue year-over-year growth was +5%, while the estimate was +7.7%.
Net sales for the quarter amounted to $4.09 billion, also below the estimated $4.2 billion.
"Emerson completed an exceptional fiscal 2023 with double-digit sales growth, strong operating leverage and robust adjusted earnings per share growth," said Emerson President and Chief Executive Officer Lal Karsanbhai.
"This momentum and our continued focus on execution, leading technology and resilient end-markets provides confidence in our guidance for fiscal 2024."
Emerson Electric provided guidance for the first quarter of 2024 and the full year: First-quarter EPS is expected to be in the range of $1.00 to $1.05, trailing the consensus estimate of $1.12.
For the full year 2024, the company anticipates an EPS range of $5.15 to $5.35, in line with analyst expectations.
The company’s soft FQ4 report and shares fall come several weeks after Senator Pete Ricketts disclosed he sold shares on September 21. The transaction was valued at $100,000 - $250,000 and it occurred on the day when the stock closed at $96.49.
On Tuesday, Emerson shares were trading below the $85 mark.