艾默生Emerson Electric Co. (EMR) 2007年年度报告「AMEX」.pdf

1、2007a n n u a l r e p o r tWe Can prouDlY tell our CuStoMerS anD tHe WorlD tHat WItH eMerSon,tHeY Can alWaYS CONSIDER IT SOLVEDTM.at eMerSon,We CHallenGe ourSelVeS to puSH eVerY IDea FurtHer anD neVer Be SatISFIeD WItH tHe eXpeCteD.1(a)2002 earnings per share,return on total capital and return on eq

2、uity amounts exclude the cumulative effect of a change in accounting principle of$938M($1.12 per share).Emersons legacy of performance continues in 2007.earnings per sharedividends per shareo n e-y e a r p e r f o r m a n c eYears ended September 30 Dollars in millions,percent except per share amoun

3、ts 20062007changeSales$20,133$22,572 12.1%Earnings per share$2.24$2.66 18.8%Dividends per share$0.89$1.05 18.0%Operating cash flow$2,512$3,016 20.1%Return on total capital 18.4%20.1%Return on equity 23.7%25.2%f i v e-y e a r p e r f o r m a n c eYears ended September 30 Dollars in millions,five-year

4、 except per share amounts 2002(a)2007cagrSales$13,748$22,572 10.4%Earnings per share$1.26$2.66 16.1%Dividends per share$0.78$1.05 6.1%Operating cash flow$1,818$3,016 10.7%Return on total capital 12.0%20.1%Return on equity 17.9%25.2%1967197719871997200719562Dear Shareholders,Emerson had an excellent

5、year in 2007.The companys performance over the last several years reinforces our belief that we have been pursuing the right core strategies.We made many tough decisions during the downturn of 2001 and 2002,including significant restructuring to improve our underlying cost position.Another key decis

6、ion during that period was to push forward with increased investments in next-generation technologies while continuing to expand our global footprint and capabilities.These forward-thinking actions have been a key factor in Emersons strong run over the last five years.But is that enough?As investors