艾默生Emerson Electric Co. (EMR) 2016年年度报告「AMEX」.pdf

1、Risingto the New Challenge2016 Letter to Shareholders$2.52EARNINGS PER SHAREADJUSTED BASIS PERFORMANCEYears ended September 30 Dollars in millions,percent except per share amounts20152016changeSales$22,304$20,232 (9)%Gross profit$9,048$8,256 (9)%Operating profit$3,864$3,415 (12)%Earnings before inte

2、rest and taxes$3,303$2,991 (9)%Net earnings$2,151$1,934 (10)%Diluted earnings per share$3.17$2.98 (6)%Operating cash flow$2,953$3,060 4%Adjusted basis performance includes the results of the discontinued businesses(Network Power,Leroy-Somer and Control Techniques)and excludes repositioning items of$

3、299($0.46 per share)and$52($0.08 per share)in 2016 and 2015,respectively,and divestiture gains of$611 million($0.90 per share)in 2015.Operating cash flow excludes payments of$179 in 2016 for separation costs related to the portfolio repositioning and income taxes paid of$424 in 2015 on divestiture g

4、ains.See“Reconciliation of Non-GAAP Measures”on page 18.NEW EMERSON PERFORMANCEYears ended September 30 Dollars in millions,percent except per share amounts20152016changeSales$16,249$14,522(11)%Gross profit$7,008$6,262 (11)%Operating profit$3,273$2,798(15)%Earnings before interest and taxes$3,982$2,

5、504 (37)%Earnings from continuing operations$2,517$1,590 (37)%Net earnings$2,710$1,635(40)%Earnings per share from continuing operations$3.71$2.45(34)%Diluted earnings per share$3.99$2.52(37)%Dividends per share$1.88$1.90 1%Operating cash flow from continuing operations$2,040$2,499 23%Return on tota

6、l capital 22.8%15.5%Return on equity 29.8%20.9%Earnings from continuing operations in 2015 include divestiture gains of$611($0.90 per share).Net earnings and diluted earnings per share include discontinued operations and repositioning items of$45($0.07 per share)and$193($0.28 per share)in 2016 and 2