Emerson 2004 Annual Report Download - page 4

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performance
In 2004, Emerson delivered strong
financial and operational performance
with record sales and operating cash
flow as well as a double-digit earnings
per share increase. In addition, we
continued to strengthen our global
competitive position, advance
technology leadership, and enhance our
ability to deliver solutions to customers.
2004 Financial and
Operational Highlights
Net sales were a record $15.6 billion, up
12 percent from $14.0 billion in fiscal
2003. Sales were driven by 20 percent
gains in our major growth initiatives,
including strong performance in the
emerging markets of Asia-Pacific,
Eastern Europe, Latin America, and the
Middle East.
Earnings per share from continuing
operations increased 24 percent to
$2.98 for fiscal 2004, from $2.41 per
share in the prior year, excluding the
one-time gain from the sale of the
Dura-Line business. Net earnings per
share increased 15 percent to $2.98 for
fiscal 2004, compared with net earnings
per share of $2.59 for the prior year.
Fiscal 2004 dividends of $1.60 per share
represented our 48th consecutive annual
2Emerson 2004
Dear Shareholders,
David N. Farr, Chairman and Chief Executive Officer
What does it mean to be Emerson?
It means unwavering dedication to
excellence in all we do. It means solving
problems for customers around the
world, creating a strong future for our
company, and generating excellent returns
for shareholders.