November 5, 2024 - EXHIBIT 99.1 - 8-K: Current report

Exhibit 99.1

Emerson Reports Fourth Quarter and Full Year 2024 Results;
Provides Initial 2025 Outlook

ST. LOUIS (November 5, 2024) - Emerson (NYSE: EMR) today reported results¹ for its fourth quarter and fiscal year ended September 30, 2024. Emerson also declared a quarterly cash dividend increase to $0.5275 per share of common stock payable December 10, 2024 to stockholders of record November 15, 2024.

(dollars in millions, except per share)	2023 Q4	2024 Q4	Change	2023	2024	Change
Underlying Orders²			2%			2%
Net Sales	$4,090	$4,619	13%	$15,165	$17,492	15%
Underlying Sales³			4%			6%
Pretax Earnings	$1,020	$679		$2,903	$2,020
Margin	24.9%	14.7%	(1020) bps	19.1%	11.5%	(760) bps
Adjusted Segment EBITA⁴	$1,045	$1,210		$3,794	$4,552
Margin	25.5%	26.2%	70 bps	25.0%	26.0%	100 bps
GAAP Earnings Per Share	$1.36	$0.97	(29)%	$3.96	$2.82	(29)%
Adjusted Earnings Per Share⁵	$1.29	$1.48	15%	$4.44	$5.49	24%
Operating Cash Flow	$991	$1,073	8%	$2,710	$3,317	22%
Free Cash Flow	$822	$905	10%	$2,347	$2,898	23%

Management Commentary

"Emerson completed an outstanding fiscal 2024, with strong underlying sales growth, operating leverage, adjusted earnings per share and cash generation. I want to thank our employees around the world for their commitment and passion which were integral to delivering these results," said Emerson President and Chief Executive Officer Lal Karsanbhai. "We have done an exceptional job integrating Test & Measurement with $100 million of synergies realized in the first year, and we remain resolute in our focus on executing at a world-class level, guided by our Emerson Management System. Emerson's leading technology, alignment with secular trends and customer focus provide confidence for continued momentum in fiscal 2025."

Karsanbhai continued, “We have made significant progress on our value-creation roadmap over the past three years, and the strategic actions announced today mark the final phase of our portfolio transformation to an industrial technology leader delivering advanced automation solutions. The actions we are taking, combined with our solid fiscal 2024 financial results, demonstrate the benefits and potential of Emerson's higher growth and higher margin portfolio. We are energized to complete our transformation and continue creating value for shareholders over the near- and long-term.”

2025 Outlook

The following tables summarize the fiscal year 2025 guidance framework and does not include any impact from the proposed portfolio transactions announced today. The 2025 outlook assumes approximately $1.2 billion of dividend payments. Guidance figures are approximate.

	2025 Q1	2025
Net Sales Growth	2.5% - 3.5%	3.5% - 5.5%
Underlying Sales Growth	2% - 3%	3% - 5%
Earnings Per Share	$0.89 - $0.94	$4.42 - $4.62
Amortization of Intangibles	~$0.31	~$1.23
Restructuring / Related Costs	~$0.04	~$0.16
Acquisition / Divestiture Fees and Related Costs	~$0.01	~$0.04
Adjusted Earnings Per Share	$1.25 - $1.30	$5.85 - $6.05
Operating Cash Flow		$3.6B - $3.7B
Free Cash Flow		$3.2B - $3.3B
Share Repurchase	~$1.0B	~$2.0B

¹Results are presented on a continuing operations basis.

² Underlying orders do not include AspenTech.

Page 2

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

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

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

Conference Call

Today, beginning at 7:00 a.m. Central Time / 8:00 a.m. Eastern Time, Emerson management will discuss the fourth quarter and fiscal year 2024 results, as well as the strategic actions announced in a separate press release this morning, 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.

About Emerson

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.

Forward-Looking and Cautionary Statements

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.

Contacts

Investors:	Media:
Colleen Mettler	Joseph Sala / Greg Klassen / Connor Murphy
(314) 553-2197	Joele Frank, Wilkinson Brimmer Katcher
	(212) 355-4449

(tables attached)

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Table 1

EMERSON AND SUBSIDIARIES

CONSOLIDATED OPERATING RESULTS

(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)

	Quarter Ended September 30,						Year Ended September 30,
		2023			2024			2023			2024

Net sales	$	4,090		$	4,619		$	15,165		$	17,492
Costs and expenses:
Cost of sales		2,078			2,248			7,738			8,607
SG&A expenses		1,114			1,315			4,186			5,142
Gain on subordinated interest		(161	)		—			(161	)		(79	)
Loss on Copeland note receivable		—			—			—			279
Other deductions, net		147			359			506			1,434
Interest expense (income), net		(77	)		18			34			175
Interest income from related party¹		(31	)		—			(41	)		(86	)
Earnings from continuing operations before income taxes		1,020			679			2,903			2,020
Income taxes		242			149			642			415
Earnings from continuing operations		778			530			2,261			1,605
Discontinued operations, net of tax		(40	)		438			10,939			350
Net earnings		738			968			13,200			1,955
Less: Noncontrolling interests in subsidiaries		(6	)		(28	)		(19	)		(13	)
Net earnings common stockholders	$	744		$	996		$	13,219		$	1,968

Earnings common stockholders
Earnings from continuing operations	$	784		$	558		$	2,286		$	1,618
Discontinued operations		(40	)		438			10,933			350
Net earnings common stockholders	$	744		$	996		$	13,219		$	1,968

Diluted avg. shares outstanding		574.7			573.9			577.3			574.0

Diluted earnings per share common stockholders
Earnings from continuing operations	$	1.36		$	0.97		$	3.96		$	2.82
Discontinued operations		(0.07	)		0.76			18.92			0.61
Diluted earnings per common share	$	1.29		$	1.73		$	22.88		$	3.43


	Quarter Ended September 30,						Year Ended September 30,
		2023			2024			2023			2024
Other deductions, net
Amortization of intangibles	$	125		$	266		$	482		$	1,077
Restructuring costs		31			58			72			228
Other		(9	)		35			(48	)		129
Total	$	147		$	359		$	506		$	1,434

¹ Represents interest on the Copeland note receivable.

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Table 2

EMERSON AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN MILLIONS, UNAUDITED)

	Year Ended Sept 30
	2023		2024
Assets
Cash and equivalents	$	8,051	$	3,588
Receivables, net		2,518		2,927
Inventories		2,006		2,180
Other current assets		1,244		1,497
Total current assets		13,819		10,192
Property, plant & equipment, net		2,363		2,807
Goodwill		14,480		18,067
Other intangible assets		6,263		10,436
Copeland note receivable and equity investment held-for-sale		3,255		—
Other		2,566		2,744
Total assets	$	42,746	$	44,246

Liabilities and equity
Short-term borrowings and current
maturities of long-term debt	$	547	$	532
Accounts payable		1,275		1,335
Accrued expenses		3,210		3,875
Total current liabilities		5,032		5,742
Long-term debt		7,610		7,155
Other liabilities		3,506		3,840
Equity
Common stockholders' equity		20,689		21,636
Noncontrolling interests in subsidiaries		5,909		5,873
Total equity		26,598		27,509
Total liabilities and equity	$	42,746	$	44,246

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Table 3

EMERSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN MILLIONS, UNAUDITED)

	Year Ended Sept 30
	2023			2024
Operating activities
Net earnings	$	13,200		$	1,955
Earnings from discontinued operations, net of tax		(10,939	)		(350	)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		1,051			1,689
Stock compensation		250			260
Amortization of acquisition-related inventory step-up		—			231
Pension expense		(71	)		(79	)
Pension funding		(43	)		(38	)
Changes in operating working capital		(148	)		(151	)
Gain on subordinated interest		(161	)		(79	)
Loss on Copeland note receivable		—			279
Other, net		(429	)		(400	)
Cash from continuing operations		2,710			3,317
Cash from discontinued operations		(2,073	)		15
Cash provided by operating activities		637			3,332

Investing activities
Capital expenditures		(363	)		(419	)
Purchases of businesses, net of cash and equivalents acquired		(705	)		(8,342	)
Proceeds from subordinated interest		176			79
Proceeds from related party note receivable		918			—
Other, net		(141	)		(114	)
Cash from continuing operations		(115	)		(8,796	)
Cash from discontinued operations		12,530			3,436
Cash provided by (used in) investing activities		12,415			(5,360	)

Financing activities
Net increase (decrease) in short-term borrowings		(1,578	)		(15	)
Proceeds from short-term borrowings greater than three months		395			322
Payments of short-term borrowings greater than three months		(400	)		(327	)
Payments of long-term debt		(741	)		(547	)
Dividends paid		(1,198	)		(1,201	)
Purchases of common stock		(2,000	)		(435	)
AspenTech purchases of common stock		(214	)		(208	)
Payment of related party note payable		(918	)		—
Other, net		(169	)		(44	)
Cash provided by (used in) financing activities		(6,823	)		(2,455	)

Effect of exchange rate changes on cash and equivalents		18			20
Increase (Decrease) in cash and equivalents		6,247			(4,463	)
Beginning cash and equivalents		1,804			8,051
Ending cash and equivalents	$	8,051		$	3,588

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Table 4

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 Sept 30
	2023			2024			Reported			Underlying

Sales
Final Control	$	1,081		$	1,167			8	%		7	%
Measurement & Analytical		1,045			1,119			7	%		7	%
Discrete Automation		666			643			(3	)%		(4	)%
Safety & Productivity		354			352			(1	)%		(1	)%
Intelligent Devices	$	3,146		$	3,281			4	%		4	%

Control Systems & Software		714			780			9	%		9	%
Test & Measurement		—			360
AspenTech		249			215			(13	)%		(13	)%
Software and Control	$	963		$	1,355			41	%		3	%

Eliminations		(19	)		(17	)
Total	$	4,090		$	4,619			13	%		4	%

Sales Growth by Geography

	Quarter Ended Sept 30
Americas		4	%
Europe		—	%
Asia, Middle East & Africa		6	%

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Table 4 cont.

	Year Ended Sept 30
	2023			2024			Reported			Underlying

Sales
Final Control	$	3,970		$	4,204			6	%		6	%
Measurement & Analytical		3,595			4,061			13	%		14	%
Discrete Automation		2,635			2,506			(5	)%		(5	)%
Safety & Productivity		1,388			1,390			—	%		—	%
Intelligent Devices	$	11,588		$	12,161			5	%		5	%

Control Systems & Software		2,606			2,842			9	%		10	%
Test & Measurement		—			1,464
AspenTech		1,042			1,093			5	%		5	%
Software and Control	$	3,648		$	5,399			48	%		8	%

Eliminations		(71	)		(68	)
Total	$	15,165		$	17,492			15	%		6	%

Sales Growth by Geography

	Year Ended Sept 30
Americas		4	%
Europe		7	%
Asia, Middle East & Africa		8	%

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Table 4 cont.

	Quarter Ended Sept 30						Quarter Ended Sept 30
	2023						2024
	As Reported (GAAP)			Adjusted EBITA (Non-GAAP)			As Reported (GAAP)			Adjusted EBITA (Non-GAAP)
Earnings
Final Control	$	247		$	285		$	271		$	305
Margins		22.9	%		26.4	%		23.2	%		26.1	%
Measurement & Analytical		275			298			295			326
Margins		26.3	%		28.4	%		26.4	%		29.2	%
Discrete Automation		131			145			144			154
Margins		19.7	%		21.8	%		22.3	%		23.9	%
Safety & Productivity		78			83			78			90
Margins		21.9	%		23.5	%		22.2	%		25.4	%
Intelligent Devices	$	731		$	811		$	788		$	875
Margins		23.2	%		25.8	%		24.0	%		26.6	%

Control Systems & Software		151			158			177			188
Margins		21.1	%		22.2	%		22.7	%		24.3	%
Test & Measurement		—			—			(45	)		96
Margins								(12.4	)%		26.7	%
AspenTech		(47	)		76			(79	)		51
Margins		(18.7	)%		30.2	%		(36.7	)%		23.2	%
Software and Control	$	104		$	234		$	53		$	335
Margins		10.8	%		24.3	%		3.9	%		24.7	%

Corporate items and interest expense, net:
Stock compensation	$	(52	)	$	(52	)	$	(57	)	$	(52	)
Unallocated pension and postretirement costs		38			38			37			37
Corporate and other		(70	)		(41	)		(124	)		(60	)
Gain on subordinated interest		161			—			—			—
Interest (expense) income, net		77			—			(18	)		—
Interest income from related party¹		31			—			—			—

Pretax Earnings / Adjusted EBITA	$	1,020		$	990		$	679		$	1,135
Margins		24.9	%		24.2	%		14.7	%		24.6	%

Supplemental Total Segment Earnings:
Adjusted Total Segment EBITA				$	1,045					$	1,210
Margins					25.5	%					26.2	%

¹ Represents interest on the Copeland note receivable.

Page 9

	Year Ended Sept 30						Year Ended Sept 30
	2023						2024
	As Reported (GAAP)			Adjusted EBITA (Non-GAAP)			As Reported (GAAP)			Adjusted EBITA (Non-GAAP)
Earnings
Final Control	$	865		$	981		$	977		$	1,081
Margins		21.8	%		24.7	%		23.2	%		25.7	%
Measurement & Analytical		936			976			1,056			1,137
Margins		26.0	%		27.1	%		26.0	%		28.0	%
Discrete Automation		509			565			466			535
Margins		19.3	%		21.4	%		18.6	%		21.3	%
Safety & Productivity		306			332			308			341
Margins		22.0	%		23.9	%		22.2	%		24.5	%
Intelligent Devices	$	2,616		$	2,854		$	2,807		$	3,094
Margins		22.6	%		24.6	%		23.1	%		25.4	%

Control Systems & Software		529			560			645			686
Margins		20.3	%		21.5	%		22.7	%		24.1	%
Test & Measurement		—			—			(290	)		351
Margins								(19.8	)%		24.0	%
AspenTech		(107	)		380			(73	)		421
Margins		(10.3	)%		36.4	%		(6.7	)%		38.5	%
Software and Control	$	422		$	940		$	282		$	1,458
Margins		11.6	%		25.8	%		5.2	%		27.0	%

Corporate items and interest expense, net:
Stock compensation		(250	)		(250	)		(260	)		(202	)
Unallocated pension and postretirement costs		171			171			144			144
Corporate and other		(224	)		(159	)		(664	)		(168	)
Gain on subordinated interest		161			—			79			—
Loss on Copeland note receivable		—			—			(279	)		—
Interest (expense) income, net		(34	)		—			(175	)		—
Interest income from related party¹		41			—			86			—

Pretax Earnings / Adjusted EBITA	$	2,903		$	3,556		$	2,020		$	4,326
Margins		19.1	%		23.4	%		11.5	%		24.7	%

Supplemental Total Segment Earnings:
Adjusted Total Segment EBITA				$	3,794					$	4,552
Margins					25.0	%					26.0	%

¹ Represents interest on the Copeland note receivable.

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Table 4 cont.

	Quarter Ended Sept 30					Quarter Ended Sept 30
	2023					2024
	Amortization of Intangibles¹		Restructuring and Related Costs²			Amortization of Intangibles¹		Restructuring and Related Costs²
Final Control	$	22	$	16		$	22	$	12
Measurement & Analytical		12		11			12		19
Discrete Automation		7		7			8		2
Safety & Productivity		6		(1	)		7		5
Intelligent Devices	$	47	$	33		$	49	$	38

Control Systems & Software		5		2			4		7
Test & Measurement		—		—			141		—
AspenTech		122		1			122		8
Software and Control	$	127	$	3		$	267	$	15

Corporate		—		2			—		11
Total	$	174	$	38		$	316	$	64

¹Amortization of intangibles includes $49 and $49 reported in cost of sales for the three months ended September 30, 2023 and 2024, respectively.

²Restructuring and related costs includes $7 and $6 reported in cost of sales and selling, general and administrative expenses for the three months ended September 30, 2023 and 2024, respectively.

	Year Ended Sept 30				Year Ended Sept 30
	2023				2024
	Amortization of Intangibles¹		Restructuring and Related Costs²		Amortization of Intangibles¹		Restructuring and Related Costs²
Final Control	$	88	$	28	$	87	$	17
Measurement & Analytical		27		13		55		26
Discrete Automation		29		27		34		35
Safety & Productivity		26		—		26		7
Intelligent Devices	$	170	$	68	$	202	$	85

Control Systems & Software		22		9		26		15
Test & Measurement		—		—		560		81
AspenTech		486		1		486		8
Software and Control	$	508	$	10	$	1,072	$	104

Corporate		—		14		—		55
Total	$	678	$	92	$	1,274	$	244

¹Amortization of intangibles includes $196 and $196 reported in cost of sales for the twelve months ended September 30, 2023 and 2024, respectively.

²Restructuring and related costs includes $20 and $16 reported in cost of sales and selling, general and administrative expenses for the twelve months ended September 30, 2023 and 2024, respectively.

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	Quarter Ended Sept 30
	2023		2024

Depreciation and Amortization
Final Control	$	41	$	39
Measurement & Analytical		37		33
Discrete Automation		21		22
Safety & Productivity		13		15
Intelligent Devices		112		109

Control Systems & Software		23		26
Test & Measurement		—		153
AspenTech		123		124
Software and Control		146		303

Corporate		13		14
Total	$	271	$	426

	Year Ended Sept 30
	2023		2024

Depreciation and Amortization
Final Control	$	170	$	159
Measurement & Analytical		121		138
Discrete Automation		84		87
Safety & Productivity		57		58
Intelligent Devices		432		442

Control Systems & Software		90		101
Test & Measurement		—		607
AspenTech		492		493
Software and Control		582		1,201

Corporate		37		46
Total	$	1,051	$	1,689

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Table 5

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 Sept 30,
	2023			2024
Stock compensation (GAAP)	$	(52	)	$	(57	)
Integration-related stock compensation expense		—			5		¹
Adjusted stock compensation (non-GAAP)	$	(52	)	$	(52	)

	Quarter Ended Sept 30
	2023			2024
Corporate and other (GAAP)	$	(70	)	$	(124	)
Corporate restructuring and related costs		2			9
National Instruments investment gain		(9	)		—
Acquisition / divestiture costs		36			46
Loss on divestiture of business		—			9

Adjusted corporate and other (Non-GAAP)	$	(41	)	$	(60	)

	Year Ended Sept 30,
	2023			2024
Stock compensation (GAAP)	$	(250	)	$	(260	)
Integration-related stock compensation expense		—			58		²
Adjusted stock compensation (non-GAAP)	$	(250	)	$	(202	)

	Year Ended Sept 30
	2023			2024
Corporate and other (GAAP)	$	(224	)	$	(664	)
Corporate restructuring and related costs		14			12
National Instruments investment gain		(56	)		—
Loss on divestiture of businesses		—			48
Acquisition / divestiture costs		84			205
Russia business exit		47			—
AspenTech Micromine purchase price hedge		(24	)		—
Amortization of acquisition-related inventory step-up		—			231

Adjusted corporate and other (Non-GAAP)	$	(159	)	$	(168	)

¹Integration-related stock compensation expense relates to NI and includes $2 reported as restructuring costs

²Integration-related stock compensation expense relates to NI and includes $43 reported as restructuring costs

Page 13

Table 6

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 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 fees, interest income on undeployed proceeds, 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.

	Quarter Ended Sept 30
	2023			2024

Pretax earnings	$	1,020		$	679
Percent of sales		24.9	%		14.7	%
Interest expense (income), net		(77	)		18
Interest income from related party¹		(31	)		—
Amortization of intangibles		174			316
Restructuring and related costs		38			64
Acquisition/divestiture fees and related costs		36			49
Gain on subordinated interest		(161	)		—
National Instruments investment gain		(9	)		—
Loss on divestiture of business		—			9
Adjusted EBITA	$	990		$	1,135
Percent of sales		24.2	%		24.6	%

	Quarter Ended Sept 30
		2023			2024

GAAP earnings from continuing operations per share	$	1.36		$	0.97

Amortization of intangibles		0.16			0.35
Restructuring and related costs		0.07			0.08
Acquisition/divestiture fees and related costs		0.06			0.06
Gain on subordinated interest		(0.21	)		—
National Instruments investment gain		(0.01	)		—
Loss on divestiture of business		—			0.02
Interest income on undeployed proceeds from Copeland transaction		(0.14	)		—

Adjusted earnings from continuing operations per share	$	1.29		$	1.48

Less: AspenTech contribution to adjusted earnings per share		(0.06	)		(0.04	)

Adjusted earnings per share excluding AspenTech contribution	$	1.23		$	1.44

¹ Represents interest on the Copeland note receivable

Page 14

	Year Ended Sept 30
	2023			2024

Pretax earnings	$	2,903		$	2,020
Percent of sales		19.1	%		11.5	%
Interest expense (income), net		34			175
Interest income from related party¹		(41	)		(86	)
Amortization of intangibles		678			1,274
Restructuring and related costs		92			244
Amortization of acquisition-related inventory step-up		—			231
Acquisition/divestiture fees and related costs		84			220
Loss on divestiture of businesses		—			48
Loss on Copeland note receivable		—			279
Gain on subordinated interest		(161	)		(79	)
National Instruments investment gain		(56	)		—
AspenTech Micromine purchase price hedge		(24	)		—
Russia business exit charge		47			—
Adjusted EBITA	$	3,556		$	4,326
Percent of sales		23.4	%		24.7	%

	Year Ended Sept 30
		2023			2024

GAAP earnings from continuing operations per share	$	3.96		$	2.82

Amortization of intangibles		0.62			1.43
Restructuring and related costs		0.14			0.33
Amortization of acquisition-related inventory step-up		—			0.38
Acquisition/divestiture fees and related costs		0.13			0.26
Loss on divestiture of businesses		—			0.09
Loss on Copeland note receivable		—			0.38
Discrete taxes		—			(0.10	)
Gain on subordinated interest		(0.21	)		(0.10	)
National Instruments investment gain		(0.07	)		—
AspenTech Micromine purchase price hedge		(0.02	)		—
Interest income on undeployed proceeds from Copeland transaction		(0.19	)		—
Russia business exit charge		0.08			—

Adjusted earnings from continuing operations per share	$	4.44		$	5.49

Less: AspenTech contribution to adjusted earnings per share		(0.27	)		(0.35	)

Adjusted earnings per share excluding AspenTech contribution	$	4.17		$	5.14

¹ Represents interest on the Copeland note receivable

Page 15

Table 6 cont.

Quarter Ended September 30, 2024
	Pretax Earnings			Income Taxes		Earnings from Cont. Ops.		Non-Controlling Interests³			Net Earnings Common Stockholders		Diluted Earnings Per Share
As reported (GAAP)	$	679		$	149	$	530	$	(28	)	$	558	$	0.97
Amortization of intangibles		316	¹		74		242		40			202		0.35
Restructuring and related costs		64	²		16		48		3			45		0.08
Acquisition/divestiture and related costs		49			15		34		—			34		0.06
Loss on divestitures of businesses		9			—		9		—			9		0.02
Adjusted (Non-GAAP)	$	1,117		$	254	$	863	$	15		$	848	$	1.48

Interest expense, net	$	18
Adjusted EBITA (Non-GAAP)	$	1,135

¹ Amortization of intangibles includes $49 reported in cost of sales.

² Restructuring and related costs includes $3 reported in cost of sales.

³ Represents the non-controlling interest in AspenTech applied to AspenTech's share of each adjustment presented herein and eliminated from Emerson's consolidated results.

Page 16

Year Ended September 30, 2024
	Pretax Earnings			Income Taxes			Earnings from Cont. Ops.			Non-Controlling Interests³			Net Earnings Common Stockholders			Diluted Earnings Per Share
As reported (GAAP)	$	2,020		$	415		$	1,605		$	(13	)	$	1,618		$	2.82
Amortization of intangibles		1,274	¹		294			980			162			818			1.43
Restructuring and related costs		244	²		53			191			3			188			0.33
Acquisition/divestiture and related costs		220			59			161			—			161			0.26
Gain on subordinated interest		(79	)		(19	)		(60	)		—			(60	)		(0.10	)
Loss on Copeland note receivable		279			62			217			—			217			0.38
Loss on divestiture of businesses		48			(2	)		50			—			50			0.09
Amortization of acquisition-related inventory step-up		231			14			217			—			217			0.38
Discrete taxes		—			57			(57	)		—			(57	)		(0.10	)
Adjusted (Non-GAAP)	$	4,237		$	933		$	3,304		$	152		$	3,152		$	5.49

Interest expense, net		175
Interest income from related party⁴		(86	)
Adjusted EBITA (Non-GAAP)	$	4,326

¹Amortization of intangibles includes $196 reported in cost of sales.

² Restructuring and related costs includes $9 reported in cost of sales.

³ Represents the non-controlling interest in AspenTech applied to AspenTech's share of each adjustment presented herein and eliminated from Emerson's consolidated results.

⁴ Represents interest on the Copeland note receivable.

Page 17

Table 7

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 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, stock compensation and the Micromine purchase price hedge.

Quarter Ended September 30, 2024
	Pretax Earnings				Income Taxes (Benefit)			Earnings from Cont. Ops.			Non-Controlling Interests⁴			Net Earnings Common Stockholders			Diluted Earnings Per Share
Standalone reporting (GAAP)	$	(77	)	¹	$	(17	)	$	(60	)
Other		1				6			(5	)
Reported in Emerson consolidation (GAAP)		(76	)			(11	)		(65	)		(27	)		(38	)	$	(0.07	)

Adjustments:
Amortization of intangibles		122		²		28			94			40			54			0.10
Restructuring		8				1			7			3			4			0.01
Adjusted (Non-GAAP)	$	54			$	18		$	36		$	16		$	20		$	0.04
Interest income		(17	)	³
Stock compensation		14		³
Adjusted Segment EBITA (Non-GAAP)	$	51

Reconciliation to Segment EBIT

Pre-tax earnings	$	(76	)
Interest income		(17	)	³
Stock compensation		14		³
Segment EBIT (GAAP)	$	(79	)
Amortization of intangibles		122		²
Restructuring		8
Adjusted Segment EBITA (Non-GAAP)	$	51

¹Amount reflects AspenTech's pretax earnings for the three months ended September 30, 2024 as reported in its quarterly earnings release 8-K.

²Amortization of intangibles includes $48 reported in cost of sales.

³Reported in Emerson corporate line items.

⁴ Represents the non-controlling interest in AspenTech applied to each adjustment presented herein and eliminated from Emerson's consolidated results.

Page 18

Year Ended September 30, 2024
	Pretax Earnings				Income Taxes (Benefit)			Earnings from Cont. Ops.			Non-Controlling Interests⁴			Net Earnings Common Stockholders			Diluted Earnings Per Share
Standalone reporting (GAAP)	$	(69	)	¹	$	(33	)	$	(36	)
Other		(2	)			(1	)		(1	)
Reported in Emerson consolidation (GAAP)		(71	)			(34	)		(37	)		(16	)		(21	)	$	(0.04	)

Adjustments:
Amortization of intangibles		486		²		107			379			162			217			0.38
Restructuring		8				1			7			3			4			0.01
Adjusted (Non-GAAP)	$	423			$	74		$	349		$	149		$	200		$	0.35
Interest income		(57	)	³
Stock compensation		55		³
Adjusted Segment EBITA (Non-GAAP)	$	421


Reconciliation to Segment EBIT

Pre-tax earnings	$	(71	)
Interest income		(57	)	³
Stock compensation		55		³
Segment EBIT (GAAP)	$	(73	)
Amortization of intangibles		486		²
Restructuring		8
Adjusted Segment EBITA (Non-GAAP)	$	421

¹Amount reflects AspenTech's pretax earnings for the twelve months ended September 30, 2024, derived from AspenTech's results for the year ended June 30, 2024 as reported in their Annual Report on Form 10-K, the results for the three months ended September 30, 2023 as reported in their Form 10-Q, and the results for the three months ended September 30, 2024 as reported in its quarterly earnings release 8-K.

²Amortization of intangibles includes $193 reported in cost of sales.

³Reported in Emerson corporate line items.

⁴ Represents the non-controlling interest in AspenTech applied to each adjustment presented herein and eliminated from Emerson's consolidated results.

Page 19

Reconciliations of Non-GAAP Financial Measures & Other

Table 8

Reconciliations of Non-GAAP measures with the most directly comparable GAAP measure (dollars in millions, except per share amounts). See tables 4 through 7 for additional non-GAAP reconciliations.

Q4 FY24 Underlying Sales Change	Reported			(Favorable) / Unfavorable FX			(Acquisitions) / Divestitures			Underlying
Final Control		8	%		(1	)%		—	%		7	%
Measurement & Analytical		7	%		—	%		—	%		7	%
Discrete Automation		(3	)%		(1	)%		—	%		(4	)%
Safety & Productivity		(1	)%		—	%		—	%		(1	)%
Intelligent Devices		4	%		—	%					4	%
Control Systems & Software		9	%		—	%		—	%		9	%
Test & Measurement
AspenTech		(13	)%		—	%		—	%		(13	)%
Software and Control		41	%		—	%		(38	)%		3	%
Emerson		13	%		—	%		(9	)%		4	%

Year Ended Sept 30, 2024 Underlying Sales Change	Reported			(Favorable) / Unfavorable FX			(Acquisitions) / Divestitures			Underlying
Final Control		6	%		—	%		—	%		6	%
Measurement & Analytical		13	%		—	%		1	%		14	%
Discrete Automation		(5	)%		—	%		—	%		(5	)%
Safety & Productivity		—	%		—	%		—	%		—	%
Intelligent Devices		5	%		—	%		—	%		5	%
Control Systems & Software		9	%		—	%		1	%		10	%
Test & Measurement
AspenTech		5	%		—	%		—	%		5	%
Software and Control		48	%		—	%		(40	)%		8	%
Emerson		15	%		—	%		(9	)%		6	%

Underlying Growth Guidance	2025 Q1 Guidance	2025 Guidance
Reported (GAAP)	2.5% - 3.5%	3.5% - 5.5%
(Favorable) / Unfavorable FX	~(0.5) pts	~(0.5) pts
(Acquisitions) / Divestitures	-	-
Underlying (non-GAAP)	2% - 3%	3% - 5%

Page 20

2023 Q4 Adjusted Segment EBITA	EBIT			*EBIT* *Margin*			Amortization of Intangibles		Restructuring and Related Costs			Adjusted Segment EBITA		Adjusted Segment EBITA Margin
Final Control	$	247			22.9	%	$	22	$	16		$	285		26.4	%
Measurement & Analytical		275			26.3	%		12		11			298		28.4	%
Discrete Automation		131			19.7	%		7		7			145		21.8	%
Safety & Productivity		78			21.9	%		6		(1	)		83		23.5	%
Intelligent Devices	$	731			23.2	%	$	47	$	33		$	811		25.8	%
Control Systems & Software		151			21.1	%		5		2			158		22.2	%
Test & Measurement
AspenTech		(47	)		(18.7	)%		122		1			76		30.2	%
Software and Control	$	104			10.8	%	$	127	$	3		$	234		24.3	%

2024 Q4 Adjusted Segment EBITA	EBIT			*EBIT* *Margin*			Amortization of Intangibles		Restructuring and Related Costs		Adjusted Segment EBITA		Adjusted Segment EBITA Margin
Final Control	$	271			23.2	%	$	22	$	12	$	305		26.1	%
Measurement & Analytical		295			26.4	%		12		19		326		29.2	%
Discrete Automation		144			22.3	%		8		2		154		23.9	%
Safety & Productivity		78			22.2	%		7		5		90		25.4	%
Intelligent Devices	$	788			24.0	%	$	49	$	38	$	875		26.6	%
Control Systems & Software		177			22.7	%		4		7		188		24.3	%
Test & Measurement		(45	)		(12.4	)%		141		—		96		26.7	%
AspenTech		(79	)		(36.7	)%		122		8		51		23.2	%
Software and Control	$	53			3.9	%	$	267	$	15	$	335		24.7	%

Total Adjusted Segment EBITA	2023 Q4			2024 Q4
Pretax earnings (GAAP)	$	1,020		$	679
Margin		24.9	%		14.7	%
Corporate items and interest expense, net		(185	)		162
Amortization of intangibles		174			316
Restructuring and related costs		36			53
Adjusted segment EBITA (non-GAAP)	$	1,045		$	1,210
Margin		25.5	%		26.2	%

Page 21

2023 Adjusted Segment EBITA	EBIT			*EBIT* *Margin*			Amortization of Intangibles		Restructuring and Related Costs		Adjusted Segment EBITA		Adjusted Segment EBITA Margin
Final Control	$	865			21.8	%	$	88	$	28	$	981		24.7	%
Measurement & Analytical		936			26.0	%		27		13		976		27.1	%
Discrete Automation		509			19.3	%		29		27		565		21.4	%
Safety & Productivity		306			22.0	%		26		—		332		23.9	%
Intelligent Devices	$	2,616			22.6	%	$	170	$	68	$	2,854		24.6	%
Control Systems & Software		529			20.3	%		22		9		560		21.5	%
Test & Measurement
AspenTech		(107	)		(10.3	)%		486		1		380		36.4	%
Software and Control	$	422			11.6	%	$	508	$	10	$	940		25.8	%

2024 Adjusted Segment EBITA	EBIT			*EBIT* *Margin*			Amortization of Intangibles		Restructuring and Related Costs		Adjusted Segment EBITA		Adjusted Segment EBITA Margin
Final Control	$	977			23.2	%	$	87	$	17	$	1,081		25.7	%
Measurement & Analytical		1,056			26.0	%		55		26		1,137		28.0	%
Discrete Automation		466			18.6	%		34		35		535		21.3	%
Safety & Productivity		308			22.2	%		26		7		341		24.5	%
Intelligent Devices	$	2,807			23.1	%	$	202	$	85	$	3,094		25.4	%
Control Systems & Software		645			22.7	%		26		15		686		24.1	%
Test & Measurement		(290	)		(19.8	)%		560		81		351		24.0	%
AspenTech		(73	)		(6.7	)%		486		8		421		38.5	%
Software and Control	$	282			5.2	%	$	1,072	$	104	$	1,458		27.0	%

Total Adjusted Segment EBITA	2023			2024
Pretax earnings (GAAP)	$	2,903		$	2,020
Margin		19.1	%		11.5	%
Corporate items and interest expense, net		135			1,069
Amortization of intangibles		678			1,274
Restructuring and related costs		78			189
Adjusted segment EBITA (non-GAAP)	$	3,794		$	4,552
Margin		25.0	%		26.0	%

Free Cash Flow	2023 Q4			2024 Q4
Operating cash flow (GAAP)	$	991		$	1,073
Capital expenditures		(169	)		(168	)
Free cash flow (non-GAAP)	$	822		$	905

Free Cash Flow	FY23			FY24			2025E ($ in billions)
Operating cash flow (GAAP)	$	2,710		$	3,317		$3.6 - $3.7
Capital expenditures		(363	)		(419	)	~(0.4)
Free cash flow (non-GAAP)	$	2,347		$	2,898		$3.2 - $3.3

Note 1: Underlying sales and orders exclude the impact of currency translation and significant acquisitions and divestitures.

Note 2: All fiscal year 2025E figures are approximate, except where range is given.

Form: 8-K

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