Emerson 2004 Annual Report Download - page 33

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31
See accompanying notes to consolidated financial statements.
Consolidated Statements of Earnings
EMERSON ELECTRIC CO. AND SUBSIDIARIES
Years ended September 30
(Dollars in millions except per share amounts)
2002 2003 2004
Net sales $13,748) 13,958) 15,615)
Costs and expenses:
Cost of sales 8,939) 9,060) 10,049)
Selling, general and administrative expenses 2,904) 2,935) 3,281)
Other deductions, net 82) 318) 223)
Interest expense (net of interest income: 2002, $17; 2003, $15; 2004, $24) 233) 231) 210)
Earnings from continuing operations before income taxes 1,590) 1,414) 1,852)
Income taxes 514) 401) 595)
Earnings from continuing operations 1,076) 1,013) 1,257)
Net gain (loss) from discontinued operations (16) 76) —)
Earnings before cumulative effect of change in accounting principle 1,060) 1,089) 1,257)
Cumulative effect of change in accounting principle (938) —) —)
Net earnings $ 122) 1,089) 1,257)
Basic earnings per common share:
Earnings from continuing operations $ 2.57) 2.42) 3.00)
Discontinued operations (0.04) 0.18) —)
Cumulative effect of change in accounting principle (2.24) —) —)
Basic earnings per common share $ 0.29) 2.60) 3.00)
Diluted earnings per common share:
Earnings from continuing operations $ 2.56) 2.41) 2.98)
Discontinued operations (0.04) 0.18) —)
Cumulative effect of change in accounting principle (2.23) —) —)
Diluted earnings per common share $ 0.29) 2.59) 2.98)