Table 1
EMERSON AND SUBSIDIARIES
CONSOLIDATED OPERATING RESULTS
(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)

						Quarter Ended Dec 31												Percent Change
						2021						2022
Net sales						$3,156						$3,373						7		%
Cost of sales						1,741						1,753
Selling, general and administrative expenses						849						1,030
Gain on subordinated interest						(453)						—
Other deductions, net						38						120
Interest expense, net						39						48
Earnings from continuing operations before income taxes						942						422						(55)		%
															98
Income taxes						196						98
Earnings from continuing operations						746						324						(57)		%
Discontinued operations, net of tax: $84 and $966, respectively						149						2,002
Net earnings						895						2,326
Less: Noncontrolling interests in subsidiaries						(1)						(5)
Net earnings common stockholders						$896						$2,331						160		%
Earnings common stockholders
Earnings from continuing operations						$746						$329						(56)		%
Discontinued operations						150						2,002
Net earnings common stockholders						$896						$2,331						160		%
Diluted average shares outstanding						598.1						586.7
Diluted earnings per share common stockholders
Earnings from continuing operations						$1.25						$0.56						(55)		%
Discontinued operations						0.25						3.41
Diluted earnings per common share						$1.50						$3.97						165		%

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Page 2

									Table 2
EMERSON AND SUBSIDIARIES
SEGMENT SALES AND EARNINGS
(AMOUNTS IN MILLIONS, UNAUDITED)

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.

			Quarter Ended Dec 31												Sales Growth
			2021						2022						Reported						Underlying
Sales
Final Control			$817						$862						6		%				10		%
Measurement & Analytical			737						749						2		%				6		%
Discrete Automation			617						618						—		%				6		%
Safety & Productivity			351						310						(12)		%				(10)		%
Intelligent Devices			$2,522						$2,539						1		%				5		%
Control Systems & Software			570						606						6		%				10		%
AspenTech			82						243						197		%				N/A
Software and Control			$652						$849						30		%				10		%
Eliminations			(18)						(15)
Total			$3,156						$3,373						7		%				6		%

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									Table 2 cont.

			Quarter Ended Dec 31												Quarter Ended Dec 31
			2021												2022
			As Reported (GAAP)						Adjusted EBITA (Non-GAAP)						As Reported (GAAP)						Adjusted EBITA (Non-GAAP)
Earnings
Final Control			$122						$153						$158						$184
Margins			14.9		%				18.7		%				18.4		%				21.4		%
Measurement & Analytical			170						178						175						181
Margins			23.0		%				24.1		%				23.4		%				24.1		%
Discrete Automation			120						130						121						129
Margins			19.4		%				21.0		%				19.6		%				21.0		%
Safety & Productivity			65						72						63						69
Margins			18.6		%				20.8		%				20.4		%				22.4		%
Intelligent Devices			$477						$533						$517						$563
Margins			18.9		%				21.1		%				20.4		%				22.2		%
Control Systems & Software			116						122						107						114
Margins			20.4		%				21.4		%				17.6		%				18.7		%
AspenTech			(2)						20						(33)						88
Margins			(2.3)		%				24.9		%				(13.6)		%				36.6		%
Software and Control			$114						$142						$74						$202
Margins			17.6		%				21.8		%				8.7		%				23.8		%
Corporate items and interest expense, net:
Stock compensation			(34)						(34)						(102)						(102)
Unallocated pension and postretirement costs			26						26						45						45
Corporate and other			(55)						(31)						(64)						(44)
Gain on subordinated interest			453												—
Interest expense, net			(39)												(48)
Pretax Earnings / Adjusted EBITA			$942						$636						$422						$664
Margins			29.8		%				20.1		%				12.5		%				19.7		%
Supplemental Total Segment Earnings:
Adjusted Total Segment EBITA									$675												$765
Margins									21.4		%										22.7		%

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									Table 2 cont.

			Quarter Ended Dec 31												Quarter Ended Dec 31
			2021												2022
			Amortization of Intangibles1						Restructuring and Related Costs2						Amortization of Intangibles1						Restructuring and Related Costs2
Final Control			$24						$7						$22						$4
Measurement & Analytical			6						2						5						1
Discrete Automation			8						2						7						1
Safety & Productivity			6						1						6						—
Intelligent Devices			$44						$12						$40						$6
Control Systems & Software			5						1						6						1
AspenTech			22						—						121						—
Software and Control			$27						$1						$127						$1
Corporate			—						1						—						8
Total			$71						$14						$167						$15
1 Amortization of intangibles includes $14 and $49 reported in cost of sales for the three months ended December 31, 2021 and 2022, respectively.
2 Restructuring and related costs includes $8 and $5 reported in cost of sales for the three months ended December 31, 2021 and 2022, respectively.

									Table 3

EMERSON AND SUBSIDIARIES
ADJUSTED CORPORATE AND OTHER SUPPLEMENTAL
(AMOUNTS IN MILLIONS, UNAUDITED)

The following table shows the Company's corporate and other expenses on an adjusted basis. 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.

															Quarter Ended Dec 31
Corporate and Other															2021						2022
Corporate and other (GAAP)															$(55)						$(64)
Corporate restructuring and related costs															1						8
Acquisition / divestiture costs															23						—
Russia business exit															—						47
AspenTech Micromine purchase price hedge															—						(35)
Adjusted corporate and other (Non-GAAP)															$(31)						$(44)

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						Table 4
EMERSON AND SUBSIDIARIES
ADJUSTED EBITA & EPS SUPPLEMENTAL
(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)

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 results of operations. The Company defines adjusted EBITA as earnings excluding net interest expense, income taxes, intangibles amortization expense, restructuring expense, first year purchase accounting related items and transaction fees, and certain gains, losses or impairments. Adjusted earnings per share excludes intangibles amortization expense, restructuring expense, first year purchase accounting related items and transaction fees, 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.

			Quarter Ended Dec 31
			2021						2022
Pretax earnings			$942						$422
Percent of sales			29.8		%				12.5		%
Interest expense, net			39						48
Amortization of intangibles			71						167
Restructuring and related costs			14						15
Gain on subordinated interest			(453)						—
Acquisition/divestiture costs			23						—
Russia business exit			—						47
AspenTech Micromine purchase price hedge			—						(35)
Adjusted EBITA			$636						$664
Percent of sales			20.1		%				19.7		%
			Quarter Ended Dec 31
			2021						2022
GAAP earnings from continuing operations per share			$1.25						$0.56
Amortization of intangibles			0.09						0.15
Restructuring and related costs			0.02						0.02
Gain on subordinated interest			(0.60)						—
Acquisition/divestiture costs			0.03						—
Russia business exit			—						0.08
AspenTech Micromine purchase price hedge			—						(0.03)
Adjusted earnings from continuing operations per share			$0.79						$0.78
AspenTech contribution to adjusted earnings per share									(0.05)
Adjusted earnings per share excluding AspenTech contribution									$0.73

        

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Table 4 cont.

Quarter Ended December 31, 2022
			Pretax Earnings						Income Taxes						Earnings from Cont. Ops.						Non-Controlling Interests			3			Net Earnings Common Stockholders						Diluted Earnings Per Share
As reported (GAAP)			$422						$98						$324						$(5)						$329						$0.56
Amortization of intangibles			167			1			38						129						42						87						0.15
Restructuring and related costs			15			2			4						11												11						0.02
Russia business exit			47						2						45												45						0.08
AspenTech Micromine purchase price hedge			(35)						(8)						(27)						(12)						(15)						(0.03)
Adjusted (Non-GAAP)			$616						$134						$482						$25						$457						$0.78
Interest expense			48
Adjusted EBITA (Non-GAAP)			$664
1 Amortization of intangibles includes $49 reported in cost of sales.
2 Restructuring and related costs includes $5 reported in cost of sales.
3 Represents the 45 percent non-controlling interest in AspenTech applied to AspenTech's share of each adjustment presented herein and eliminated from Emerson's consolidated results.

Table 5
EMERSON AND SUBSIDIARIES
ASPENTECH CONTRIBUTION TO EMERSON RESULTS SUPPLEMENTAL
(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)

The following tables reconcile the financial results of AspenTech reported to its shareholders with the amounts included in Emerson's consolidated financial results. Emerson owns 55 percent of AspenTech, a separately traded public company (NASDAQ: AZPN), and consolidates AspenTech in its financial results. The 45 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, stock compensation and the Micromine purchase price hedge.

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Page 7

Quarter Ended December 31, 2022
			Pretax Earnings						Income Taxes						Earnings from Cont. Ops.						Non-Controlling Interests			5			Net Earnings Common Stockholders						Diluted Earnings Per Share
Standalone reporting (GAAP)			$(17)			1			$49						$(66)
Interim tax reporting			0						(54)			2			54
Reported in Emerson consolidation (GAAP)			(17)						(5)						(12)						(5)						(7)						$(0.01)
Adjustments:
Amortization of intangibles			121			3			28						93						42						51						0.09
AspenTech Micromine purchase price hedge			(35)			4			(8)						(27)						(12)						(15)						(0.03)
Adjusted (Non-GAAP)			$69						$15						$54						$25						$29						$0.05
Interest income			(4)			4
Stock compensation			23			4
Adjusted Segment EBITA (Non-GAAP)			$88
Reconciliation to Segment EBIT
Pre-tax earnings			$(17)
Interest income			(4)			4
Stock compensation			23			4
Micromine purchase price hedge			(35)			4
Segment EBIT (GAAP)			(33)
Amortization of intangibles			121			3
Adjusted Segment EBITA (Non-GAAP)			$88
1 Amount reflects AspenTech's pretax earnings for the three months ended December 31, 2022, reported in its standalone quarterly report on Form 10-Q.
2 GAAP income taxes reported by AspenTech differ from the amount reflected in Emerson's consolidated financial statements due to the application of the ASC 740 interim tax rules at the AspenTech entity level in their stand-alone publicly reported financial statements as compared to the amount computed at the Emerson consolidated level.
3 Amortization of intangibles includes $48 reported in cost of sales.
4 Reported in Emerson corporate line items.
5 Represents the 45 percent non-controlling interest in AspenTech applied to each adjustment presented herein and eliminated from Emerson's consolidated results.

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Table 6
EMERSON AND SUBSIDIARIES
UNDERLYING SALES GROWTH SUPPLEMENTAL

			Fiscal Year 2022
			Q1						Q2						Q3						Q4						FY
Final Control			2		%				8		%				7		%				9		%				7		%
Measurement & Analytical			6		%				7		%				4		%				12		%				7		%
Discrete Automation			12		%				9		%				3		%				15		%				10		%
Safety & Productivity			17		%				6		%				6		%				—		%				7		%
Intelligent Devices			8		%				7		%				5		%				10		%				8		%
Control Systems & Software			1		%				7		%				3		%				16		%				7		%
AspenTech			N/A						N/A						N/A						N/A						N/A
Software and Control			1		%				7		%				3		%				16		%				7		%
Total			6		%				7		%				4		%				11		%				7		%

Reconciliations of Non-GAAP Financial Measures & Other

Table 7

Reconciliations of Non-GAAP measures with the most directly comparable GAAP measure (dollars in millions, except per share amounts). See tables 2 through 5 for additional non-GAAP reconciliations.

Q1 FY23 Underlying Sales Change						Final Control			Measurement & Analytical			Discrete Automation			Safety & Productivity			Intelligent Devices
Reported (GAAP)						6		%	2		%	—		%	(12)		%	1		%
(Favorable) / Unfavorable FX						4		%	4		%	6		%	2		%	4		%
(Acquisitions) / Divestitures						—		%	—		%	—		%	—		%	—		%
Underlying (Non-GAAP)						10		%	6		%	6		%	(10)		%	5		%

Q1 FY23 Underlying Sales Change						Control Systems & Software			AspenTech			Software and Control						Emerson
Reported (GAAP)						6		%	197		%	30		%				7		%
(Favorable) / Unfavorable FX						4		%	—		%	4		%				4		%
(Acquisitions) / Divestitures						—		%	(197)		%	(24)		%				(5)		%
Underlying (Non-GAAP)						10		%	—		%	10		%				6		%

FY22 Underlying Sales Change						Emerson
						Q1			Q2			Q3			Q4			FY
Reported (GAAP)						6		%	5		%	5		%	11		%	7		%
(Favorable) / Unfavorable FX						1		%	2		%	4		%	5		%	3		%
(Acquisitions) / Divestitures						(1)		%	—		%	(5)		%	(5)		%	(3)		%
Underlying (Non-GAAP)						6		%	7		%	4		%	11		%	7		%

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Page 9

Table 7 cont.

FY22 Underlying Sales Change						Final Control
						Q1			Q2			Q3			Q4			FY
Reported (GAAP)						1		%	6		%	3		%	4		%	4		%
(Favorable) / Unfavorable FX						1		%	2		%	4		%	5		%	3		%
(Acquisitions) / Divestitures						—		%	—		%	—		%	—		%	—		%
Underlying (Non-GAAP)						2		%	8		%	7		%	9		%	7		%

FY22 Underlying Sales Change						Measurement & Analytical
						Q1			Q2			Q3			Q4			FY
Reported (GAAP)						5		%	5		%	1		%	7		%	4		%
(Favorable) / Unfavorable FX						1		%	2		%	3		%	5		%	3		%
(Acquisitions) / Divestitures						—		%	—		%	—		%	—		%	—		%
Underlying (Non-GAAP)						6		%	7		%	4		%	12		%	7		%

FY22 Underlying Sales Change						Discrete Automation
						Q1			Q2			Q3			Q4			FY
Reported (GAAP)						11		%	6		%	(2)		%	8		%	6		%
(Favorable) / Unfavorable FX						1		%	3		%	5		%	7		%	4		%
(Acquisitions) / Divestitures						—		%	—		%	—		%	—		%	—		%
Underlying (Non-GAAP)						12		%	9		%	3		%	15		%	10		%

FY22 Underlying Sales Change						Safety & Productivity
						Q1			Q2			Q3			Q4			FY
Reported (GAAP)						16		%	4		%	3		%	(4)		%	5		%
(Favorable) / Unfavorable FX						1		%	2		%	3		%	4		%	2		%
(Acquisitions) / Divestitures						—		%	—		%	—		%	—		%	—		%
Underlying (Non-GAAP)						17		%	6		%	6		%	—		%	7		%

FY22 Underlying Sales Change						Intelligent Devices
						Q1			Q2			Q3			Q4			FY
Reported (GAAP)						7		%	5		%	1		%	5		%	5		%
(Favorable) / Unfavorable FX						1		%	2		%	4		%	5		%	3		%
(Acquisitions) / Divestitures						—		%	—		%	—		%	—		%	—		%
Underlying (Non-GAAP)						8		%	7		%	5		%	10		%	8		%

FY22 Underlying Sales Change						Control Systems & Software
						Q1			Q2			Q3			Q4			FY
Reported (GAAP)						—		%	5		%	(1)		%	10		%	3		%
(Favorable) / Unfavorable FX						1		%	2		%	4		%	6		%	4		%
(Acquisitions) / Divestitures						—		%	—		%	—		%	—		%	—		%
Underlying (Non-GAAP)						1		%	7		%	3		%	16		%	7		%

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Page 10

Table 7 cont.

FY22 Underlying Sales Change						AspenTech
						Q1			Q2			Q3			Q4			FY
Reported (GAAP)						11		%	(1)		%	191		%	217		%	106		%
(Favorable) / Unfavorable FX						N/A			N/A			N/A			N/A			N/A
(Acquisitions) / Divestitures						(11)		%	1		%	(191)		%	(217)		%	(106)		%
Underlying (Non-GAAP)						N/A			N/A			N/A			N/A			N/A

FY22 Underlying Sales Change						Software and Control
						Q1			Q2			Q3			Q4			FY
Reported (GAAP)						1		%	4		%	23		%	34		%	16		%
(Favorable) / Unfavorable FX						1		%	2		%	4		%	6		%	4		%
(Acquisitions) / Divestitures						(1)		%	1		%	(24)		%	(24)		%	(13)		%
Underlying (Non-GAAP)						1		%	7		%	3		%	16		%	7		%

Final Control Adjusted EBITA																		Q1 2022						Q1 2023						Q1 2022						Q1 2023
Business Segment EBIT / EBIT margin (GAAP)																		$122						$158						14.9		%				18.4		%
Amortization of intangibles and restructuring and related costs																		31						26						3.8		%				3.0		%
Adjusted Business Segment EBITA / EBITA margin (Non-GAAP)																		$153						$184						18.7		%				21.4		%

Measurement & Analytical Adjusted EBITA																		Q1 2022						Q1 2023						Q1 2022						Q1 2023
Business Segment EBIT / EBIT margin (GAAP)																		$170						$175						23.0		%				23.4		%
Amortization of intangibles and restructuring and related costs																		8						6						1.1		%				0.7		%
Adjusted Business Segment EBITA / EBITA margin (Non-GAAP)																		$178						$181						24.1		%				24.1		%

Discrete Automation Adjusted EBITA																		Q1 2022						Q1 2023						Q1 2022						Q1 2023
Business Segment EBIT / EBIT margin (GAAP)																		$120						$121						19.4		%				19.6		%
Amortization of intangibles and restructuring and related costs																		10						8						1.6		%				1.4		%
Adjusted Business Segment EBITA / EBITA margin (Non-GAAP)																		$130						$129						21.0		%				21.0		%

Safety & Productivity Adjusted EBITA																		Q1 2022						Q1 2023						Q1 2022						Q1 2023
Business Segment EBIT / EBIT margin (GAAP)																		$65						$63						18.6		%				20.4		%
Amortization of intangibles and restructuring and related costs																		7						6						2.2		%				2.0		%
Adjusted Business Segment EBITA / EBITA margin (Non-GAAP)																		$72						$69						20.8		%				22.4		%

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Page 11

Table 7 cont.

Intelligent Devices Adjusted EBITA																		Q1 2022						Q1 2023						Q1 2022						Q1 2023
Business Segment EBIT / EBIT margin (GAAP)																		$477						$517						18.9		%				20.4		%
Amortization of intangibles and restructuring and related costs																		56						46						2.2		%				1.8		%
Adjusted Business Segment EBITA / EBITA margin (Non-GAAP)																		$533						$563						21.1		%				22.2		%

Control Systems & Software Adjusted EBITA																		Q1 2022						Q1 2023						Q1 2022						Q1 2023
Business Segment EBIT / EBIT margin (GAAP)																		$116						$107						20.4		%				17.6		%
Amortization of intangibles and restructuring and related costs																		6						7						1.0		%				1.1		%
Adjusted Business Segment EBITA / EBITA margin (Non-GAAP)																		$122						$114						21.4		%				18.7		%

AspenTech Adjusted EBITA																		Q1 2022						Q1 2023						Q1 2022						Q1 2023
Business Segment EBIT / EBIT margin (GAAP)																		$(2)						$(33)						(2.3)		%				(13.6)		%
Amortization of intangibles and restructuring and related costs																		22						121						27.2		%				50.2		%
Adjusted Business Segment EBITA / EBITA margin (Non-GAAP)																		$20						$88						24.9		%				36.6		%

Software and Control Adjusted EBITA																		Q1 2022						Q1 2023						Q1 2022						Q1 2023
Business Segment EBIT / EBIT margin (GAAP)																		$114						$74						17.6		%				8.7		%
Amortization of intangibles and restructuring and related costs																		28						128						4.2		%				15.1		%
Adjusted Business Segment EBITA / EBITA margin (Non-GAAP)																		$142						$202						21.8		%				23.8		%

Total Business Segment Adjusted EBITA Margin																		Q1 2022						Q1 2023						Q1 2022						Q1 2023
Pretax earnings / margin (GAAP)																		$942						$422						29.8		%				12.5		%
Corporate items and interest expense, net																		(351)						169						(11.1)		%				5.0		%
Total Business Segment EBIT / margin																		591						591						18.7		%				17.5		%
Amortization of intangibles and restructuring and related costs																		84						174						2.7		%				5.2		%
Adjusted Total Business Segment EBITA / margin (Non-GAAP)																		$675						$765						21.4		%				22.7		%