知识自动化 . 洞察全球产业，讲好制造故事 以下文章来源于知识自动化 ，作者林雪萍 易赋 软件收购。 作者 | 林雪萍 易赋 来源 | 知识自动化 （ID：zhishipai） 2016年微软收购领英软件达到了262亿美元，已经是天价市场。而现在，工业软件的交 易，跟全球最热门的社交软件已经达到同一水平。这也意味着，工业知识从来未曾得到 如此高的估值。工业软件，进入活火山一般的活跃交易期，而且往往都是以大型交易为 主力战场。 不对称勇士的新去处 在2024年欧特克Autodesk收购了Datum360，几乎是一次悄无声息的收购。可能后者 只有400万美元的销售体量，不足以引起人们的重视。然而，Datum360这种20人左 右，年收入3000万人民币其实已经是工业软件缝隙里最常见的"局部的王者"。它们最 擅长的是以不对称的战法，以最小的战略资源来获得适者生存的权力。 这类软件企业，可以跟海洋里最明显的比例不对称勇士——招潮蟹相比。绝大多数生命 的身体结构，都表现出某种形式的对称性。然而招潮蟹雄蟹的一只钳子，要比另外一只 大很多。而这只"突出的鳌钳"，跟身体比例相比也过于强大。这为它带来了丰沛的战斗 力。 这些招 ...

Core Insights - Emerson has been awarded the "Industrial IoT Innovation of the Year" for its DeltaV™ Workflow Management software at the 2025 IoT Breakthrough Awards, highlighting its role in enhancing the efficiency of life sciences companies in developing and commercializing therapies [1][2][6]. Company Overview - Emerson is recognized for its advanced automation solutions and has consistently been acknowledged by the IoT Breakthrough Awards since 2018, showcasing its innovation in various sectors including life sciences [7][9]. - The company provides its technologies and software to the top 25 life sciences companies globally, emphasizing its significant presence in the industry [8]. Product Features - DeltaV Workflow Management is designed for early-stage life sciences companies with limited IT infrastructure, offering a cloud-based solution that digitizes drug recipe workflow data, transitioning from paper to digital records [3][5]. - The software facilitates simple recipe authoring, execution, and electronic data capture, allowing companies to focus on innovation while minimizing contamination risks associated with paper records in sterile environments [4][5]. Industry Impact - The DeltaV Workflow Management software aims to provide life sciences companies with more agile, flexible, and scalable processes to expedite the development pipeline and bring new medicines to market safely and efficiently [4][5].

Company Performance - Emerson Electric (EMR) closed at $123.44, with a daily increase of +1.03%, underperforming the S&P 500's gain of 1.26% [1] - Over the past month, Emerson Electric's shares experienced a loss of 8.24%, which is better than the Industrial Products sector's loss of 10.21% but worse than the S&P 500's loss of 2.82% [2] Earnings Forecast - Emerson Electric is expected to report an EPS of $1.28, reflecting a 4.92% increase from the same quarter last year, with projected net sales of $4.23 billion, up 2.81% year-over-year [3] - For the full year, the consensus estimates predict earnings of $5.94 per share and revenue of $18.17 billion, indicating increases of +8.2% and +3.86% respectively from the previous year [4] Analyst Estimates and Valuation - Recent changes in analyst estimates for Emerson Electric are crucial as they indicate shifts in near-term business trends, with upward revisions suggesting positive sentiment towards the company's operations [5] - The Zacks Rank system, which evaluates these estimate changes, currently ranks Emerson Electric at 3 (Hold), with a recent 0.06% rise in the Zacks Consensus EPS estimate [7] - Emerson Electric has a Forward P/E ratio of 20.58, which is lower than the industry's average Forward P/E of 21.42, indicating a valuation discount [8] Industry Context - Emerson Electric's PEG ratio stands at 2.05, compared to the Manufacturing - Electronics industry's average PEG ratio of 1.8, which factors in expected earnings growth [9] - The Manufacturing - Electronics industry is part of the Industrial Products sector and holds a Zacks Industry Rank of 87, placing it in the top 35% of over 250 industries, suggesting strong performance potential [10]

Company Performance - Emerson Electric (EMR) closed at $126.39, with a slight increase of +0.13% compared to the previous day, outperforming the S&P 500's daily loss of 0.04% [1] - For the full year, earnings are projected at $5.94 per share and revenue at $18.17 billion, reflecting increases of +8.2% and +3.86% respectively from the previous year [2] - The company's shares have depreciated by 4.8% over the past month, which is better than the Industrial Products sector's loss of 8.42% but lagging behind the S&P 500's gain of 1.05% [3] Upcoming Earnings - The upcoming earnings release is highly anticipated, with projected EPS of $1.28, indicating a 4.92% increase year-over-year, and revenue expected to be $4.23 billion, a 2.81% increase from the same quarter last year [4] Analyst Estimates - Recent changes to analyst estimates for Emerson Electric reflect shifting short-term business dynamics, with positive revisions indicating analysts' confidence in the company's performance and profit potential [5] - The Zacks Consensus EPS estimate has decreased by 0.19% over the last 30 days, and Emerson Electric currently holds a Zacks Rank of 3 (Hold) [7] Valuation Metrics - Emerson Electric has a Forward P/E ratio of 21.26, which is a discount compared to the industry's average Forward P/E of 22.96 [8] - The company has a PEG ratio of 2.12, slightly above the Manufacturing - Electronics industry's average PEG ratio of 2.09, indicating a consideration of expected earnings growth [9] Industry Context - The Manufacturing - Electronics industry is part of the Industrial Products sector, which has a Zacks Industry Rank of 78, placing it in the top 32% of over 250 industries [9][10]

It's been an excellent year for equities, and one of the standout investment themes was the construction and infrastructure sector. In particular, companies that use emerging technologies to add value to their solutions for their customers have outperformed.Here's why positioning and workflow technology company Trimble (TRMB 0.88%), heating, ventilation, and air- conditioning (HVAC) building-controls business Johnson Controls (JCI 1.68%), and automation company Emerson Electric (EMR -0.01%) can crush the ma ...

In the latest market close, Emerson Electric (EMR) reached $131.16, with a +0.22% movement compared to the previous day. The stock's performance was ahead of the S&P 500's daily loss of 0.54%. At the same time, the Dow lost 0.53%, and the tech-heavy Nasdaq lost 0.66%.The the stock of maker of process controls systems, valves and analytical instruments has risen by 0.55% in the past month, leading the Industrial Products sector's loss of 6.57% and undershooting the S&P 500's gain of 1.5%.Market participants ...

The Zacks Manufacturing - Electronics industry has been grappling with persistent weakness in the manufacturing sector, slowdown in new orders and supply-chain disruptions. Rising input costs, restructuring expenses and a tough labor market also create concerns for the industry.However, the industry is benefiting from steady demand across the electronic services end market and increased adoption of advanced manufacturing technologies. Zurn Elkay Water Solutions Corporation (ZWS) , Eaton Corporation plc (ETN ...

Strategic investment supports advanced AI software for rapid production testing of batteriesST. LOUIS, Nov. 19, 2024 /PRNewswire/ -- Emerson (NYSE: EMR) today announced it has made a strategic investment through its corporate venture capital arm Emerson Ventures in EECOMOBILITY, a startup that specializes in advanced battery testing and monitoring software for electric vehicle, energy storage and industrial markets.EECOMOBILITY builds AI software, rapid battery testing and characterization systems designed ...

Emerson Electric Co. (EMR) is poised to gain from solid momentum in the Intelligent Devices and Software and Control segments. The company’s measures to reward its shareholders are encouraging.Based in St. Louis, MO, Emerson is a diversified global engineering and technology company. It offers a wide range of products and services to customers in the consumer, commercial and industrial markets. The company boasts a diverse range of brands like Bettis, Crosby, Fisher, Flexim, Micro Motion, Afag, Appleton, AS ...

Financial Performance - Net sales increased from $13.804 billion in 2022 to $17.492 billion in 2024, representing a growth of approximately 26.7% over the two years[202] - Net earnings for 2023 were significantly higher at $13.2 billion compared to $3.23 billion in 2022 and $1.955 billion in 2024, driven by discontinued operations[202] - Basic earnings per share for 2023 surged to $23.00, up from $5.44 in 2022 and $3.44 in 2024, reflecting the impact of discontinued operations[202] - Comprehensive income for 2023 was $13.433 billion, significantly higher than $2.609 billion in 2022 and $2.344 billion in 2024, driven by net earnings and other comprehensive income[203] - Net earnings for 2023 were $13.2 billion, a significant increase from $3.23 billion in 2022, but dropped to $1.955 billion in 2024[209] - Cash provided by operating activities in 2024 was $3.332 billion, up from $637 million in 2023 and $2.922 billion in 2022[209] - Total pretax earnings for 2024 were $2,020, with $712 from the United States and $1,308 from non-U.S. operations[326] - Income tax expense for 2024 was $415, with current U.S. federal taxes at $325 and non-U.S. taxes at $452[328] - The effective income tax rate for 2024 was 20.6%, down from 22.1% in 2023[329] - Total income taxes paid in 2024 were approximately $950, significantly lower than the $3,310 paid in 2023[337] - Net deferred income tax liability increased to $2,074 in 2024 from $1,869 in 2023[337] Acquisitions and Divestitures - The acquisition of National Instruments (NI) was completed on October 11, 2023, with NI generating $1.7 billion in revenue and $170 million in pretax earnings for the 12 months ended September 30, 2023[247] - The total purchase consideration for NI was $8.653 billion, allocated to assets and liabilities including $3.442 billion in goodwill and $5.275 billion in other intangible assets[249][251] - Results of operations for the year ended September 30, 2024, attributable to the NI acquisition include sales of $1.464 billion and a net loss of $537 million[252] - Pro forma net sales for the year ended September 30, 2023 were $16,858 million, including $1,693 million attributable to NI[253] - Pro forma net earnings from continuing operations for 2023 were $1,508 million, with diluted earnings per share of $2.61[253] - The company completed the acquisition of AspenTech, contributing $6.0 billion in cash and owning 55% of the outstanding shares[256] - The total purchase consideration for Heritage AspenTech was $11,188 million, allocated to assets including $7,225 million in goodwill and $4,390 million in other intangible assets[257][258] - In 2023, the company acquired Flexim and Afag for $715 million, recognizing goodwill of $424 million and other intangible assets of $323 million[264] - The company divested its Climate Technologies business for $14.0 billion, receiving $9.7 billion in upfront cash proceeds and retaining a 40% non-controlling equity interest[270] - The company sold its 40% non-controlling equity interest in Copeland for $1.5 billion, recognizing a gain of $539 million[271] - The company divested its InSinkErator business for $3.0 billion, recognizing a pretax gain of approximately $2.8 billion[272] - The company divested its Therm-O-Disc business, recognizing a pretax gain of $486 million[273] - The company exited its Russia-based manufacturing subsidiary, Metran, recognizing a pretax loss of $47 million in 2023[266] - The company completed the divestiture of a majority stake in Copeland on May 31, 2023, receiving upfront, pre-tax cash proceeds of approximately $9.7 billion[283] Research and Development - Total R&D spending in 2024 was 8.1% of sales, up from 6.9% in 2023 and 6.3% in 2022[23] Backlog and Revenue Recognition - The company's consolidated order backlog was $8.4 billion at September 30, 2024, up from $7.8 billion in 2023[27] - Approximately 75% of the backlog is expected to be recognized as revenue within the next 12 months[27] - The Test & Measurement segment, acquired from NI, contributed approximately $400 million to the backlog[27] - The company's backlog for unsatisfied performance obligations as of September 30, 2024, was approximately $8.4 billion, with $1.3 billion attributable to AspenTech and $400 million to National Instruments[244] - The company expects to recognize 75% of its remaining performance obligations as revenue over the next 12 months[245] - Approximately 10% of the company's revenues are recognized over time, primarily in the Control Systems & Software segment[229] - Approximately 15% of revenues relate to sales arrangements with multiple performance obligations, mainly in the Software and Control business group[229] Employee Engagement and Diversity - Employee engagement score increased to 79% in 2024, up from 78% in 2023[34] - The inclusion index score increased by 3.5 percentage points to 79% in 2024[34] - Women represent 33% of the global workforce and 24% of leadership positions[36] Environmental, Social, and Governance (ESG) - The company aims to achieve net zero greenhouse gas emissions across its value chain by 2045[40] - A target of 25% reduction in value chain emissions by 2030 has been set[40] - The company has a goal to achieve zero waste to landfill in manufacturing facilities by 2032[40] Balance Sheet and Cash Flow - Total assets grew from $42.746 billion in 2023 to $44.246 billion in 2024, with goodwill increasing from $14.48 billion to $18.067 billion[204] - Retained earnings rose from $28.053 billion in 2023 to $40.83 billion in 2024, supported by net earnings and dividend payments[207] - Cash and equivalents decreased significantly from $8.051 billion in 2023 to $3.588 billion in 2024, indicating potential cash outflows or investments[204] - Long-term debt decreased slightly from $7.61 billion in 2023 to $7.155 billion in 2024, reflecting debt repayment or refinancing activities[204] - Total equity increased from $26.598 billion in 2023 to $27.509 billion in 2024, supported by retained earnings and other equity adjustments[207] - Foreign currency translation contributed positively to other comprehensive income, with gains of $254 million in 2023 and $400 million in 2024[203] - Capital expenditures increased to $419 million in 2024, compared to $363 million in 2023 and $299 million in 2022[209] - Purchases of businesses, net of cash and equivalents acquired, were $8.342 billion in 2024, significantly higher than $705 million in 2023 and $5.702 billion in 2022[209] - The company sold its 40% non-controlling common equity interest in Copeland for $1.5 billion and its note receivable to Copeland for $1.9 billion in 2024[210] - Total inventories increased to $2.18 billion in 2024 from $2.006 billion in 2023, with finished products rising to $512 million and raw materials and work in process to $1.668 billion[218] - Property, plant and equipment, net, increased to $2.807 billion in 2024 from $2.363 billion in 2023, with buildings rising to $2.048 billion and machinery and equipment to $3.538 billion[221] - The company adopted ASU No. 2022-04 in 2024, which requires disclosures about supplier finance programs but had no material impact on financial statements[211] - The company adopted ASU No. 2021-10 in 2023, requiring annual disclosures about government assistance, with no material impact on financial statements[212] - The company's long-term debt fair value is classified as Level 2, estimated using current interest rates and pricing from financial institutions[219] - Product warranty expense is less than 0.5% of sales[227] Restructuring and Related Costs - Restructuring expenses for 2024 were $228 million, compared to $72 million in 2023 and $75 million in 2022[280] - The company expects fiscal year 2025 restructuring and related costs to be approximately $120 million[280] Leases and Debt - Operating lease expense for 2024 was $208 million, up from $178 million in 2023[288] - The weighted-average remaining lease term for operating leases was 7.7 years as of September 30, 2024[289] - The fair value of the company's long-term debt was $7.0 billion as of September 30, 2024, lower than the carrying value by $705 million[299] - Short-term borrowings and current maturities of long-term debt totaled $532 million as of September 30, 2024[303] - Long-term debt maturing in the next four years after 2025 is $562 million, $760 million, $497 million, and $998 million, respectively[305] - Total interest paid on long-term debt was approximately $193 million in 2024[305] - The company repaid €500 million of euro-denominated debt in 2024, reducing foreign currency risk[296] Pension and Retirement Plans - The company's net periodic pension income increased in 2024 due to higher returns on plan assets, partially offset by higher interest costs[308] - The company is implementing a new profit-sharing retirement program for U.S. non-union employees effective January 1, 2025[309] - U.S. pension plans were overfunded by $800 million in 2024, including unfunded plans totaling $161 million, while non-U.S. plans were underfunded by $38 million, including unfunded plans totaling $230 million[310] - The total projected benefit obligation for U.S. plans increased from $3,112 million in 2023 to $3,089 million in 2024, while non-U.S. plans increased from $965 million to $1,004 million[310] - The fair value of U.S. plan assets increased from $3,625 million in 2023 to $3,889 million in 2024, and non-U.S. plan assets increased from $908 million to $966 million[310] - Future benefit payments by U.S. plans are estimated to be $272 million in 2025, $262 million in 2026, $260 million in 2027, $255 million in 2028, $250 million in 2029, and $1,165 million from 2030 to 2034[312] - The discount rate for U.S. retirement plans decreased from 6.03% in 2023 to 4.97% in 2024, while non-U.S. plans decreased from 5.2% to 4.7%[313] - The expected return on U.S. plan assets increased from 6.00% in 2023 to 6.50% in 2024, while non-U.S. plans increased from 4.4% to 4.7%[313] - U.S. plan asset allocation shifted from 39% equity securities in 2023 to 29% in 2024, while debt securities increased from 51% to 63%[314] - The fair value of U.S. equities decreased from $1,024 million in 2023 to $875 million in 2024, while corporate bonds increased from $1,851 million to $2,100 million[317] - The company expects to contribute approximately $40 million to its retirement plans in 2025[312] - The postretirement benefit liability for U.S. plans was $71 million in 2024, with net postretirement income of $18 million for the year[320] - Future health care benefit payments are estimated to be $7 per year for 2025 through 2029 and $27 in total over the five years 2030 through 2034[322] Stock Compensation and Equity - Stock compensation expense for 2024 was $260, with $96 related to NI restricted stock units[345] - Performance share payouts for 2024 were at 118% of target, with 1,733 shares earned[347] - Approximately 919,000 shares awarded in 2022 will be distributed in early fiscal 2025 after meeting performance objectives at the 118% level[347] - In 2024, approximately 55,000 shares of restricted stock and 1,462,000 restricted stock units vested, with 38,000 shares and 1,404,000 units issued, and 17,000 shares and 58,000 units withheld for taxes[349] - As of September 30, 2024, there were approximately 2,269,000 shares of unvested restricted stock and restricted stock units outstanding[349] - In 2024, the Company awarded approximately 19,000 restricted stock units to non-management directors, with 38,000 shares available for issuance under this plan as of September 30, 2024[350] - As of September 30, 2024, 17.5 million shares remained available for award under incentive shares plans[350] - The total fair value of shares earned/vested in 2024 was $284 million, with $81 million distributed in cash primarily for tax withholding[351] - In 2024, AspenTech granted 263,000 performance stock units with a performance condition and service condition, with up to 150% vesting possible based on performance goals[360] - The total fair value of vested shares from AspenTech RSU grants in 2024 amounted to $62 million, with $21 million paid in withholding taxes[360] - At September 30, 2024, common stock reserved for future issuance under all AspenTech equity compensation plans was 4 million shares[363] - At September 30, 2024, 23.3 million shares of common stock were reserved for issuance under the Company's stock-based compensation plans[364] - In 2024, 4.4 million common shares were purchased and 2.6 million treasury shares were reissued[364] Business Segments - The Final Control segment provides control valves, isolation valves, shutoff valves, pressure relief valves, pressure safety valves, actuators, and regulators for process and hybrid industries[368] - The Measurement & Analytical segment supplies intelligent instrumentation measuring physical properties of liquids or gases, such as pressure, temperature, level, flow, acoustics, corrosion, pH, conductivity, water quality, toxic gases, and flame[369] - These devices transfer data and asset management information to control systems and automation software, enabling process and hybrid industry operators to make informed decisions regarding production, reliability, sustainability, and safety[369] Climate Technologies - Net sales for Climate Technologies in 2022 were $4.976 billion, while in 2023 they were $3.156 billion[275] - Earnings before income taxes for Climate Technologies in 2023 were $11.124 billion, significantly higher than the $1.002 billion in 2022[275] - Net cash from operating activities for Climate Technologies in 2023 was $(1.314) billion, compared to $881 million in 2022[276] - The company recognized a gain on the sale of its 40% non-controlling common equity interest in Copeland, amounting to $539 million in 2024[275] - Cash from investing activities for 2024 reflects proceeds of approximately $1.5 billion from the sale of the company's 40% non-controlling common equity interest in Copeland[276] Goodwill and Intangible Assets - Goodwill increased from $13.946 billion in 2022 to $18.067 billion in 2024, driven by acquisitions and foreign currency translation[292] - Intangible assets' net carrying amount rose from $6.263 billion in 2023 to $10.436 billion in 2024, with amortization expense expected to be $1.168 billion in 2025[293] Foreign Currency and Hedging - The company's foreign currency hedge positions had a notional amount of approximately $3.3 billion as of September 30, 2024[295] - Foreign currency translation contributed positively to other comprehensive income, with gains of $254 million in 2023 and $400 million in 2024[203] Tax and Unrecognized Tax Benefits - Unrecognized tax benefits increased to $291 in 2024, up from $235 in 2023[335] Shareholder Equity and Treasury Shares - In 2024, 4.4 million common shares were purchased and 2.6 million treasury shares were reissued[364]