UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event
reported): August 25, 2015
Emerson Electric Co.
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(Exact Name of Registrant as Specified in Charter)
Missouri --------------------------------- (State or Other Jurisdiction of Incorporation) | 1-278 ------------------- (Commission File Number) | 43-0259330 --------------------------- (I.R.S. Employer Identification Number) |
8000 West Florissant Avenue St. Louis, Missouri ------------------------------------------------ (Address of Principal Executive Offices) | 63136 ------------------ (Zip Code) | |
Registrant’s telephone number, including area code:
(314) 553-2000
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 Regulation FD Disclosure
The following information is furnished pursuant to Regulation FD.
Emerson 3-Month Orders Growth
(Percentage change versus prior year; trailing 3-month averages, excluding acquisitions and divestitures, including currency translation)
May '15 | June '15 | July '15 | ||||
Process Management | -20 to -15 | -20 to -15 | >-20 | |||
Industrial Automation | -20 to -15 | -20 to -15 | -20 | |||
Network Power | -20 to -15 | -15 to -10 | -15 to -10 | |||
Climate Technologies | -10 to -5 | -10 to -5 | -10 | |||
Commercial & Residential Solutions | -5 to 0 | -5 to 0 | 0 to 5 | |||
Total Emerson | -20 to -15 | -15 to -10 | -20 to -15 | |||
July 2015 Orders Comments
Trailing three-month orders decreased double digits as monthly orders continue to reflect the drop in oil prices, a global slowdown in capital spending, and significant strength in the U.S. dollar, which deducted 6 percentage points through currency translation. Global spending remains sluggish as lower oil prices continue to affect capital spending in both oil and gas and energy-related markets. Underlying orders were down 10 percent reflecting slow market conditions in most segments, but remained consistent with the 8 to 10 percent decrease in trailing underlying orders reported in each of the prior four months.
Process Management order trends continued to reflect the impact of lower oil prices, as well as unfavorable currency translation, which deducted 7 percentage points, including backlog revaluation. Underlying orders were down 14 percent reflecting decreases in all regions. MRO orders are beginning to soften, particularly in North America, as global oil and gas customers continue to reduce spending.
Industrial Automation orders were down, reflecting continued weakness in industrial spending, upstream oil and gas, and Europe. Underlying orders were down 12 percent on decreases in almost all businesses. Currency translation deducted 8 percentage points.
Network Power orders decreased as underlying global demand for data center infrastructure and telecommunications investment was mixed by geography. Currency translation deducted 6 percentage points.
Climate Technologies orders were down as cooler temperatures in the early summer months weakened U.S. HVAC demand. Orders growth was also impacted by difficult comparisons to the prior year which benefited from inventory pre-build in anticipation of regulatory changes for residential air conditioning effective January 1, 2015. Underlying orders decreased in all regions. Currency translation deducted 3 percentage points.
Commercial & Residential Solutions orders increased slightly. Underlying growth in wet/dry vacuums, food waste disposers, and the storage businesses more than offset a decrease in the professional tools business. Currency translation deducted 2 percentage points.
Upcoming Investor Events
On Thursday, September 17, 2015, Emerson Chairman and Chief Executive Officer David Farr will present at the Morgan Stanley Laguna Conference in Laguna Beach, California. The presentation will be posted on Emerson's website at www.emerson.com/financial at the time of the event and remain available for approximately three months.
Forward-Looking and Cautionary Statements
Statements in this Current Report on Form 8-K 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 Emerson's ability to successfully complete, and the financial impact of, its strategic portfolio repositioning actions, as well as economic and currency conditions, market demand, pricing, protection of intellectual property, and competitive and technological factors, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the SEC.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
EMERSON ELECTRIC CO. (Registrant) | |||
Date: | August 25, 2015 | By: | /s/ John G. Shively |
John G. Shively Vice President and Assistant Secretary | |||