Emerson 2010 Annual Report Download - page 19

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2010 Annual Report
17
We expect underlying sales in fiscal 2011 in
the 7 to 10 percent range, surpassing our 5 to
7 percent through-the-cycle growth target.
Our profitability should further improve,
exceeding 17 percent operating margin for
the first time in 40 years. We will continue to
restructure, but at a more normal pace, and
reposition our business to accelerate growth in
an improving market. Fiscal 2011 should be a
strong year.
I close by again thanking the people and
leaders of Emerson for their many contribu-
tions. Extraordinary talent is the lifeblood of
a healthy and vibrant organization. Emerson
has amazing people with remarkable talents
in every region of the world.
Their passion for achievement and ability to
do what has never been done before fuel our
success. It is a pleasure and honor to lead the
Emerson global team. I also thank shareholders
and the board of directors for their support as
we continue to grow this company and take
Emerson to higher levels of achievement –
on all fronts.
Thank you for your continued support
and commitment.
David N. Farr
Chairman and
Chief Executive Officer
54%
Operating Cash Flow
Returned to Shareholders
Over the Last Five Years
Emerson Facts
Operating Cash Flow
Dollars in billions
$3.3
$3.1
$3.3
$3.0
$2.5
2010
New Product Sales
Percent of Sales
37%
2006
37%
36%
35%
34%
Return on Total Capital
18.9%
16.2%
21.8%
20.1%
18.4%
20102006 201020062008 2008 2008