Emerson 2004 Annual Report Download - page 54

52 Emerson 2004
Eleven-Year Summary
EMERSON ELECTRIC CO. AND SUBSIDIARIES
Years ended September 30
(Dollars in millions except per share amounts)
2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994
Summary of Net sales $15,615 13,958 13,748(a) 15,311(c) 15,351 14,270 13,447 12,299 11,150 10,013 8,607
Operations Gross profit $ 5,566 4,898 4,809(a) 5,324(c) 5,473 5,076 4,852 4,433 3,985 3,533 3,054
Interest expense $ 234 246 250(a) 304(c) 288 190 152 121 127 111 89
Earnings from continuing operations $ 1,257 1,013 1,076(a) 1,049(c) 1,409 1,314 1,229 1,122 1,019 908 789
Percent of net sales 8.1% 7.3% 7.8%(a) 6.8%(c) 9.2% 9.2% 9.1% 9.1% 9.1% 9.1% 9.2%
Net earnings $ 1,257 1,089 122(a) 1,032(c) 1,422 1,314 1,229 1,122 1,019 908 789
Operating cash flow $ 2,216 1,731 1,818(a) 1,708(c) 1,840 1,811 1,652 1,499 1,317 1,142 1,097
Return on average stockholders’ equity 18.4% 17.9% 17.9%(b) 16.5%(c) 22.6% 21.9% 21.9% 20.8% 19.9% 19.7% 19.1%
Per Share of Diluted:
Common Stock Earnings from continuing operations $ 2.98 2.41 2.56(a) 2.44(c) 3.27 3.00 2.77 2.50 2.25 2.01 1.75
Net earnings $ 2.98 2.59 0.29(a) 2.40(c) 3.30 3.00 2.77 2.50 2.25 2.01 1.75
Net earnings, excluding goodwill amortization $ 2.98 2.59 2.52(b) 2.75(c) 3.63 3.27 2.99 2.69 2.42 2.14 1.85
Cash dividends $ 1.60 1.57 1.55(a) 1.53(c) 1.43 1.30 1.18 1.08 .98 .89 .78
Book value $ 17.26 15.34 13.65(a) 14.57(c) 14.98 14.27 13.24 12.30 11.96 10.88 9.71
Year-End Operating working capital $ 1,633 1,778 1,741(a) 2,033(c) 2,336 2,222 2,294 2,098 1,984 1,773 1,531
Financial Percent of net sales 10.5% 12.7% 12.6%(a) 13.1%(c) 15.0% 15.6% 17.1% 17.1% 17.8% 17.7% 17.8%
Position Property, plant and equipment, net $ 2,937 2,962 3,116(a) 3,288(c) 3,243 3,154 3,012 2,735 2,451 2,135 1,947
Total assets $16,361 15,194 14,545(a) 15,046(c) 15,164 13,624 12,660 11,463 10,481 9,399 8,215
Long-term debt $ 3,136 3,733 2,990(a) 2,256(c) 2,248 1,317 1,057 571 773 209 280
Stockholders’ equity $ 7,238 6,460 5,741(a) 6,114(c) 6,403 6,181 5,803 5,421 5,353 4,871 4,342
Total debt to total capital 35.8% 39.0% 44.2%(a) 43.5%(c) 41.8% 34.6% 30.8% 27.1% 24.5% 24.7% 21.7%
Net debt to net capital 27.0% 34.5% 42.0%(a) 41.5%(c) 40.2% 32.7% 29.0% 24.9% 22.9% 23.3% 20.0%
Other Data Capital expenditures $ 400 337 384(a) 554(c) 692 592 603 575 514 421 332
Depreciation $ 478 463 457(a) 462(c) 454 447 406 369 339 303 274
Total taxes, including income taxes $ 1,044 843 915(a) 982(c) 1,196 1,126 1,093 1,034 963 862 762
Salaries and wages $ 3,320 3,153 3,107(a) 3,389(c) 3,376 3,171 3,003 2,771 2,569 2,380 2,156
Average number of employees 107,800 106,700 111,500(a) 124,500(c) 123,400 116,900 111,800 100,700 86,400 78,900 73,900
Approximate number of stockholders at year end 30,200 31,800 32,700(a) 33,700(c) 35,000 36,300 37,200 35,900 29,800 31,000 31,800
Average common shares— diluted (in thousands) 422,195 420,918 420,891(a) 429,452(c) 431,395 438,397 444,121 449,501 452,754 451,946 452,747
Note: All share and per share data reflect the 1997 two-for-one stock split. The operating results of Dura-Line are classified as discontinued operations for 2000-2003.
(a) Includes the cumulative effect of a change in accounting principle of $938 ($2.23 per share).
(b) Before change in accounting principle.
(c) Includes a $377 charge ($260 after-tax, or $0.61 per share), of which $358 ($248 after-tax, or $0.58 per share) was reported in continuing operations, primarily for
the disposition of facilities and exiting of product lines.