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Martin Tillier

Martin Tillier

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Emerson Electric (EMR): Even The Opportunity For A Profit Makes Me Mad

As I advance in years I find that, unlike many people, fewer things make me angry. I guess I am just coming to terms with the fact that the world doesn’t always operate in the way I think it should, but seems to be doing pretty well all the same. One thing, however, that does still stir some anger and frustration is when a corporation, or more accurately its stock, is punished for poor short term results when the long term outlook is positive. Such is the case with Emerson Electric (EMR).

When, in early August, Emerson announced their earnings and revenue for the last quarter were slightly shy of expectations the stock got punished. Then, when they announced plans to divest themselves of a part of their business that had become a drag on profitability, their power transmission business, traders once again marked the stock lower. Initially lost in all of this was that orders for the company have been growing at a steady 5-6 percent month on month for a while and look like continuing to do so.

A large part of that growth has come from their Process Management Division and more specifically from that division’s business servicing the oil & gas industry. The continued expansion of that business and the current retrofitting of many power generation plants around the U.S. both would indicate that EMR can not only sustain that level of growth, but quite possibly exceed it over the next few years.

In that case, a stock that is basically flat…

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