Emerson 2010 Annual Report Download - page 5

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2010 Annual Report
3
To Our
Shareholders,
Fiscal 2010 was a very good year of recovery for Emerson. We achieved our objectives in a challenging
environment with speed, a sense of urgency and solid execution of our global repositioning. I’m proud
of our employees’ commitment, accomplishments and the financial results delivered, and we are well
positioned for the future.
While we benefited from the moderate tail winds of global economic recovery in 2010, more meaningful
was the business growth achieved because of the actions we took during the past two years to set our
own course. We strengthened our business and positioned Emerson for accelerated growth in sales
and profitability around the world to achieve solid performance during a historically slow period of
economic recovery.
We faced the near-collapse of the global financial markets and the resulting recession during 2008 and
2009, however, we didn’t pause in our pursuit of innovation and invention, improved earnings, record
free cash flow levels and business growth. Instead, we did what Emerson has done before: turned a harsh
economic downturn into an opportunity for strong operational improvement and repositioned Emerson
to perform better, when the economic cycle strengthens.
Today the company is in the strongest position ever. Our business foundation is set for solid, profitable
growth during the next five years.
Emerson’s disciplined management process, applied by the strongest and most innovative people, allows
us to outperform regardless of economic cycle. It is uniquely Emerson, fundamental to who we are and
part of our DNA. We love to execute in the most challenging times and position this global company for
accelerated growth in sales, profits, cash flow and returns.
We are a company driven to innovate and move forward, while maintaining a sharp focus and passionate
commitment to strengthening our core businesses, meeting our customers’ needs and delivering value
to our shareholders. We work hard to focus on the right priorities and make the right investments. Our
improved results in fiscal 2010 provide further evidence that we have the ability to see opportunities in
challenging times and execute for our shareholders.