ST. LOUIS (May 8, 2024) - Emerson (NYSE: EMR) today reported results1 for its second quarter ended March 31, 2024 and updated its full year outlook for fiscal 2024. Emerson also declared a quarterly cash dividend of $0.525 per share of common stock payable June 10, 2024 to stockholders of record on May 17, 2024.

“Emerson's outstanding execution continued in the second quarter, with sales growth, margin expansion and earnings all exceeding expectations,” said Emerson President and Chief Executive Officer Lal Karsanbhai. “Underlying orders met our low-single-digit growth expectations for the first half of fiscal 2024, supported by process and hybrid end markets. The strong performance and relentless focus on execution give us the confidence to update our full year 2024 outlook."

Karsanbhai continued, “Our second quarter performance, especially our gross margin performance, demonstrates the strength of our transformed portfolio and our Emerson Management System. We are well positioned to continue delivering differentiated solutions to our customers and creating value for our shareholders.”

The following tables summarize the fiscal year 2024 guidance framework. The 2024 outlook assumes approximately $500 million returned to shareholders through share repurchases and approximately $1.2 billion of dividend payments. Guidance figures are approximate.

			2024 Q3			2024
Net Sales Growth			11% - 12.5%			15% - 16%
Underlying Sales Growth			3% - 4.5%			5.5% - 6.5%
Earnings Per Share			$0.92 - $0.96			$2.98 - $3.08
Amortization of Intangibles			~$0.36			~$1.43
Restructuring and Related Costs			~$0.07			~$0.32
Loss on Copeland Equity Method Investment			~$0.02			~$0.19
Amortization of Acquisition-related Inventory Step-up			---			$0.38
Acquisition / Divestiture Fees and Related Costs			~$0.01			~$0.23
Divestiture Loss / (Gain), net			---			($0.03)
Discrete Tax Benefits			---			($0.10)
Adjusted Earnings Per Share			$1.38 - $1.42			$5.40 - $5.50
Operating Cash Flow						~$3.1B
Free Cash Flow						~$2.7B

1 Results are presented on a continuing operations basis.

2 Underlying orders does not include AspenTech.

3 Underlying sales excludes the impact of currency translation, and significant acquisitions and divestitures.

4 Adjusted segment EBITA represents segment earnings less restructuring and intangibles amortization expense.

5 Adjusted EPS excludes intangibles amortization expense, restructuring and related costs, the income/loss of Emerson's 40% share of Copeland, the amortization of acquisition-related inventory step-up, acquisition/divestiture gains, losses, fees and related costs, discrete tax benefits, an AspenTech Micromine purchase price hedge and write-offs associated with Emerson's Russia exit.

Today, beginning at 8:00 a.m. Central Time / 9:00 a.m. Eastern Time, Emerson management will discuss the second quarter results during an investor conference call. Participants can access a live webcast available at www.emerson.com/investors at the time of the call. A replay of the call will be available for 90 days. Conference call slides will be posted in advance of the call on the company website.

Emerson (NYSE: EMR) is a global technology and software company providing innovative solutions for the world's essential industries. Through its leading automation portfolio, including its majority stake in AspenTech, Emerson helps hybrid, process and discrete manufacturers optimize operations, protect personnel, reduce emissions and achieve their sustainability goals. For more information, visit Emerson.com.

Statements in this press release that are not strictly historical may be “forward-looking” statements, which involve risks and uncertainties, and Emerson undertakes no obligation to update any such statements to reflect later developments. These risks and uncertainties include the scope, duration and ultimate impacts of the Russia-Ukraine and other global conflicts, as well as economic and currency conditions, market demand, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, inflation, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the SEC. The outlook contained herein represents the Company's expectation for its consolidated results, other than as noted herein.

Emerson uses our Investor Relations website, www.Emerson.com/investors, as a means of disclosing information

which may be of interest or material to our investors and for complying with disclosure obligations under Regulation

FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases,

SEC filings, public conference calls, webcasts and social media. The information contained on, or that may be

accessed through, our website is not incorporated by reference into, and is not a part of, this document.

(tables attached)

The following tables show results for the Company's segments on an adjusted segment EBITA basis and are intended to supplement the Company's results of operations, including its segment earnings which are defined as earnings before interest and taxes. The Company defines adjusted segment and total segment EBITA as segment earnings excluding intangibles amortization expense, and restructuring and related expense. Adjusted segment and total segment EBITA, and adjusted segment and total segment EBITA margin are measures used by management and may be useful for investors to evaluate the Company's segments' operational performance.

The following table shows the Company's stock compensation and corporate and other expenses on an adjusted basis. The Company's definition of adjusted stock compensation excludes integration-related stock compensation expense. The Company's definition of adjusted corporate and other excludes corporate restructuring and related costs, first year purchase accounting related items and transaction fees, and certain gains, losses or impairments. This metric is useful for reconciling from total adjusted segment EBITA to the Company's consolidated adjusted EBITA.

The following tables, which show results on an adjusted EBITA basis and diluted earnings per share on an adjusted basis, are intended to supplement the Company's discussion of its results of operations herein. The Company defines adjusted EBITA as earnings excluding interest expense, net, income taxes, intangibles amortization expense, restructuring expense, first year purchase accounting related items and transaction fees, gains or losses on the Copeland equity method investment, and certain gains, losses or impairments. Adjusted earnings per share excludes intangibles amortization expense, restructuring expense, first year purchase accounting related items and transaction-related costs, gains or losses on the Copeland equity method investment, and certain gains, losses or impairments. Adjusted EBITA, adjusted EBITA margin, and adjusted earnings per share are measures used by management and may be useful for investors to evaluate the Company's operational performance.

The following tables reconcile the financial results of AspenTech reported to its shareholders with the amounts included in Emerson's consolidated financial results. Emerson currently owns approximately 57 percent of the common shares outstanding of AspenTech, a separately traded public company (NASDAQ: AZPN), and consolidates AspenTech in its financial results. The 43 percent non-controlling interest in AspenTech is removed from Emerson's net earnings common stockholders through the non-controlling interest line item. AspenTech is also one of Emerson's segments and its GAAP segment earnings is reconciled below to its consolidated impact to clarify that certain items are reported outside of its segment earnings within Emerson corporate, including interest income and stock compensation.

2024 Q2 Underlying Sales Change			Reported			(Favorable) / Unfavorable FX			(Acquisitions) / Divestitures			Underlying
Final Control			6		%	1		%	—		%	7		%
Measurement & Analytical			14		%	1		%	1		%	16		%
Discrete Automation			(8)		%	1		%	—		%	(7)		%
Safety & Productivity			1		%	—		%	—		%	1		%
Intelligent Devices			5		%	1		%	—		%	6		%
Control Systems & Software			11		%	1		%	—		%	12		%
Test & Measurement			—		%	—		%	—		%	—		%
AspenTech			21		%	—		%	—		%	21		%
Software and Control			56		%	1		%	(43)		%	14		%
Emerson			17		%	1		%	(10)		%	8		%

ST. LOUIS – May 8, 2024 – Emerson (NYSE: EMR) today announced the election of Calvin Butler, President and Chief Executive Officer of Exelon, to its Board of Directors, effective August 1, 2024. He will serve on the Corporate Governance and Nominating Committee. Effective August 1, 2024, the Emerson Board will expand to 12 members.

Butler is a seasoned public company executive with significant operational and leadership experience in the energy industry. He has led Exelon, the nation’s largest utility company, as President and CEO since 2022 and served in a variety of leadership roles during his 16-year tenure at the company.

“Calvin is a highly respected executive who will be an outstanding addition to our Board as part of our ongoing refreshment process,” said James Turley, Chair of the Emerson Board of Directors. “We look forward to benefiting from Calvin’s unique and relevant perspectives and believe he will be highly additive to our strong Board as we continue to oversee and execute on our strategy.”

“Emerson’s position in our power generation, transmission and distribution offerings makes us a partner of choice in an essential and growing market. As we continue to target this opportunity and advance our leadership position in energy transition markets, Calvin will bring significant expertise in these areas to the Board. With the support of Calvin and our best-in-class Emerson team, we look forward to continuing to capitalize on secular trends driving investment in energy security and sustainability and decarbonization,” said Lal Karsanbhai, President and Chief Executive Officer of Emerson.

“I have long admired Emerson as an industry leader and innovator with an outstanding opportunity ahead given its recent portfolio actions and execution,” said Butler. “I look forward to working closely with my fellow directors to capture opportunities that will drive the Company forward and create value for shareholders.”

Calvin Butler currently serves as President and Chief Executive Officer of Exelon, the nation’s largest utility company by customer count. He leads the company’s Executive Committee and is a member of its Board of Directors. Prior to his role as CEO, Butler was President and Chief Operating Officer, with responsibilities for Exelon’s six local energy companies. Previous roles at the company include CEO and Senior Vice President of Corporate Affairs at BGE and Vice President of Governmental and Legislative Affairs at ComEd. Before joining Exelon in 2008, Butler held senior leadership roles at R.R. Donnelley and prior to that, worked in government affairs, legal and strategy at Central Illinois Light Company.

He has been recognized by several organizations for his leadership and community commitment. The Daily Record listed him three times as one of Maryland’s “Most Admired CEOs.” In 2020 – 2024, he was named among Savoy magazine’s “Most Influential Black Executives in Corporate America” and in 2024 was featured on its cover.

Butler serves as chair of the Cal Ripken Sr. Foundation, serves as vice chair of the Board of Directors for the Edison Electric Institute and the Institute of International Education and is on the Board of Governors for Argonne National Laboratory. Butler earned a bachelor’s degree from Bradley University in Peoria, Ill., and a Juris Doctor degree from Washington University School of Law in St. Louis, Missouri.

Emerson (NYSE: EMR) is a global technology and software company providing innovative solutions for the world’s essential industries. Through its leading automation portfolio, including its majority stake in AspenTech, Emerson helps hybrid, process and discrete manufacturers optimize operations, protect personnel, reduce emissions and achieve their sustainability goals.

For more information, visit Emerson.com.

Emerson uses our Investor Relations website, www.Emerson.com/investors, as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.