Emerson 2005 Annual Report Download - page 41

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E M E R S O N 2 0 0 5 2 9
Consolidated Statements of Earnings
EMERSON ELECTRIC CO. AND SUBSIDIARIES
Years ended September 30
(Dollars in millions except per share amounts)
2003 2004 2005
Net sales $13,958 15,615 17,305
Costs and expenses:
Cost of sales 9,060 10,049 11,122
Selling, general and administrative expenses 2,935 3,281 3,595
Other deductions, net 318 223 230
Interest expense (net of interest income: 2003, $15; 2004, $24; 2005, $34) 231 210 209
Earnings from continuing operations before income taxes 1,414 1,852 2,149
Income taxes (2005 includes a $63 expense for repatriation under
the American Jobs Creation Act) 401 595 727
Earnings from continuing operations 1,013 1,257 1,422
Net gain from discontinued operations 76 — —
Net earnings $ 1,089 1,257 1,422
Earnings per common share
Basic earnings per share:
Earnings from continuing operations $ 2.42 3.00 3.43
Discontinued operations 0.18 — —
Basic earnings per share $ 2.60 3.00 3.43
Diluted earnings per share:
Earnings from continuing operations $ 2.41 2.98 3.40
Discontinued operations 0.18 — —
Diluted earnings per share $ 2.59 2.98 3.40
See accompanying Notes to Consolidated Financial Statements.