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56 | 2012 Annual Report
EMERSON ELECTRIC CO. & SUBSIDIARIES
Years ended September 30 | Dollars in millions, except per share amounts or where noted
2012 2011 2010
Summary of Net sales $24,412 24,222 21,039
Operations Gross profit $ 9,768 9,557 8,326
Interest expense $ 241 246 280
Earnings from continuing operations common stockholders $ 1,968(a) 2,454 1,978
Percent of net sales 8.1% 10.1% 9.4%
Net earnings common stockholders $ 1,968(a) 2,480 2,164
Operating cash flow $ 3,053 3,233 3,292
Return on common stockholders' equity 19.0%(a) 24.6% 23.6%
Per Share of Diluted EPS – Earnings from continuing operations $ 2.67(a) 3.24 2.60
Common Stock Diluted EPS – Net earnings $ 2.67(a) 3.27 2.84
Cash dividends $ 1.60 1.38 1.34
Book value $ 14.22 14.07 13.01
Year-End Operating working capital $ 2,132 1,705 1,402
Financial Percent of net sales 8.7% 7.0% 6.7%
Position Property, plant and equipment, net $ 3,509 3,437 3,287
Total assets $23,818 23,861 22,843
Long-term debt $ 3,787 4,324 4,586
Common stockholders' equity $10,295 10,399 9,792
Total debt to total capital 34.0% 33.3% 34.1%
Net debt to net capital 22.1% 23.2% 26.2%
Other Data Capital expenditures $ 665 647 524
Depreciation $ 505 522 562
Total taxes, including income taxes $ 1,745 1,774 1,416
Salaries and wages $ 4,856 4,583 4,330
Average number of employees 134,900 133,200 127,700
Approximate number of common stockholders of record at year end 22,960 23,765 24,755
Average common shares - diluted (in thousands) 734,618 753,489 756,989
Note: All share and per share data reflect the 2007 two-for-one stock split.
See Note 3 for information regarding the Company’s acquisition and divestiture activities.
Discontinued operations primarily reflect appliance motors and U.S. commercial and industrial motors businesses for 2002-2010, and smaller operations
in other years.
(
a
) Includes a noncash goodwill impairment charge of $528 after-tax ($0.72 per share).
(b) Includes the cumulative effect of a change in accounting principle of $938 ($1.12 per share).
(c) Before change in accounting principle.
ELEVEN-YEAR SUMMARY