Emerson Electric Company · NYSE:EMR
Emerson Electric — Investor Day (February 2018)
178 slides from Emerson Electric's investor day presentation, Feb 15, 2018
Slide 1: The Strength of One Emerson
WE SEE THE STRENGTH OF ONE EMERSON N VY EMERSON.
Slide 2: The Strength of One Emerson
WE SEE THE STRENGTH OF ONE EMERSON N VY EMERSON.
Slide 3: 2018 Emerson Investor Conference Agenda
2018 Emerson Investor Conference New York City, NY Thursday, February 15, 2018 8:30 – 9:45 Business Overview / Strategic Update David Farr 9:45 – 10:45 Automation Solutions Mike Train 10:45 – 11:00 Break 11:00 – 11:20 Final Control Update, V&C Integration Ed Monser 11:20 – 12:20 Commercial & Residen
Slide 4: Emerson Attendees
Emerson Attendees David Farr Chairman and Chief Executive Officer Ed Monser President Frank Dellaquila Senior Executive Vice President and Chief Financial Officer Steve Pelch Chief Operating Officer and Executive Vice President - Organization Planning and Development Bob Sharp Executive President, E
Slide 5: 2018 Investor Conference Business Update
2018 Investor Conference Business Update David N. Farr Chairman and Chief Executive Officer February 15, 2018 5
Slide 6: Agenda and Safe Harbor Statement
Agenda 2017 Review Market Outlook The One Emerson Strategy Continues To Move Forward Financial Outlook Safe Harbor Statement Given the complexities associated with the Tax Cuts and Jobs Act (the “Tax Act”), the ultimate effects on repatriation cost and other tax items may differ materially from the
Slide 7: 2017 February Investor Conference Versus 2017 Actual Performance
2017 February Investor Conference -- Versus 2017 Actual Performance ✓ Finish executing on restructuring plans to right-size cost structure given global macroeconomic trends and smaller two platform business footprint Perform as “New Emerson” ✓ complementary businesses and enable organic growth Use c
Slide 8: Emerson's 2017 Financial Performance Compared to Guidance
Emerson’s 2017 Financial Performance -- Compared to Guidance at Last Year’s Investor Conference 2017 Guidance 2017 Actual* 2017 Actual Feb. 2017 Excl. V&C as Reported Investor Conference1 Sales $14.1 - $14.4B $14.7B $15.3B Underlying Sales Growth* (2%) - 0% 1% 1% Gross Margin ~43.4% 43.2% 42.0% EBIT
Slide 9: Fiscal 2018 Key Focus Areas
2018 Investor Conference -- Fiscal 2018 Key Focus Areas • Achieve premium underlying sales* growth for all of Emerson: 5% - 7% Key 2018 • Drive strong earnings momentum within GAAP EPS by reaching $3.05 - $3.15 EPS in 2018 -- ~20% GAAP EPS growth Take Aways • Deliver another strong year of operating
Slide 10: Emerson's 2018 Forecast
Emerson’s 2018 Forecast -- Stronger Sales, Earnings, and Cash Flow Growth % Change 2017 2018E Forecast 2017 - 18E Sales (GAAP) $15.3B $17.0 – $17.3B 11% - 13% Underlying Growth* 1% 5% - 7% Gross Margin 42.0% ~43.1% ~110 bps EBIT Margin* 16.4% ~16.7% ~30 bps GAAP EPS Continuing Ops $2.54 $3.05 - $3.1
Slide 11: Mature Markets: Gross Fixed Investment Trends
Mature Markets: Gross Fixed Investment (GFI) Trends 2018 and 2019 Look Pretty Good -- GFI Not GDP! Canada Europe • Nonresidential investment continues to trend higher • Western Europe expected to continue to grow ~4% as business confidence remains high • Eastern Europe should improve growth to 4+% •
Slide 12: Emerging Markets: Gross Fixed Investment Trends
Emerging Markets: Gross Fixed Investment (GFI) Trends 2018 and 2019 Will Accelerate Due to Strong Growth in USA and Europe Middle East & Africa China • Saudi Arabia’s economy expected to emerge from • Steady capital investments continue around export recession in 2018 expansion, environmental improv
Slide 13: Mature Markets: GFI and Emerson Sales Growth Rates
Mature Markets: GFI and Emerson Sales Growth Rates CAGR 20.0% Emerson outperformed Led by USA (tax reform) during the last period of and Western Europe, 15.0% strong mature market Emerson sees solid growth mature market growth over the next several years 10.0% 6% 5+% 5.0% 4.5% 3.0% 2.5% 3+% GFI EMR
Slide 14: Emerging Markets: GFI and Emerson Sales Growth Rates
Emerging Markets: GFI and Emerson Sales Growth Rates CAGR 20.0% Emerson really Emerson sees improved outperformed in a strong emerging market growth 15.0% 15.0% emerging market as we over the next several invested heavily for years, especially in our 11.0% penetration / growth key end markets 10.0%
Slide 15: U.S. Gross Fixed Capital Formation Forecasts Post Tax Reform
U.S. Gross Fixed Capital Formation (GFCF), a Subset of GFI, Forecasts --- Post U.S. Tax Reform Enactment Indexed Growth The forecasted GFCF of the 350 included industries is ~20% of GFI in each out year 300 Chemicals 250 Oil & Gas 200 Power 150 Construction Life Sciences 100 Discrete 50 Source: GFCF
Slide 16: U.S. Tax Reform Positively Impacts Our Core Markets
U.S. Tax Reform Positively Impacts Our Core Markets and Incremental Capital Investment Oil & Gas Chemicals Oil & Gas “At ExxonMobil, we plan to invest more than $50 “We see the comprehensive tax “From a business billion over the next five years to expand our reform in the United States as a standpoi
Slide 17: Underlying Order Trends
Underlying Order Trends -- Continue to Support Solid 2018 Underlying Sales Growth 25% Trailing 3-Month Average vs. Prior Year 20% 15% 10% Commercial & 10% Residential Solutions 5% 5% Jan. Prelim 0% Emerson (5%) (10%) Expected (15%) Automation Solutions (20%) Emerson’s Orders Are Expected to Rebound
Slide 18: Quarterly Underlying Sales Growth
Quarterly Underlying Sales Growth* -- Maintaining Positive Momentum Emerson underlying sales growth* (year-over-year change by quarter) 10% 7% ~7% ~6% ~6% 5% 4% 3% 0% 0% (3%) (5%) (5%) (5%) Expected (8%) (10%) (10%) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2E Q3E Q4E 2016: (7%) 2017: 1% 2018E: 5% - 7% Note: All
Slide 19: Three Phases of Our June 2015 Transformation Journey
Three Phases of Our June 2015 Transformation Journey Announced After a 12 Month Internal Review Phase 1 Phase 2 Phase 3 Repositioning Emerson Building the new Emerson Position the Company for the around two key platforms core and returning to Next Generation • Executed divestitures profitable sales,
Slide 20: Emerson's Two Core Business Platforms
Emerson’s Two Core Business Platforms We concentrate on the most complex and important challenges facing the world in the process, industrial, commercial, and residential markets AUTOMATION SOLUTIONS COMMERCIAL & RESIDENTIAL SOLUTIONS $204B Market $39B Market ~$11.1B 2018E Sales ~$6.0B 2018E Sales ~
Slide 21: Two Platform Strategy: Move Up the Technology Pyramid
Emerson’s Two Platform Strategy: Continue to Move Up the Technology Pyramid Utilizing Our Strong Position in the Devices / Instruments / Sensors and Control Levels Data Battleground Management (DMZ) Converts rich data to Insights from information and develops information are actionable insights fund
Slide 22: Intelligent Devices, Instruments, Sensors, Controls, and Software Across Platforms
Emerson Offers Intelligent Devices, Instruments, Sensors, Controls, and Software Across the Two Platforms High Converts rich data to information Automation Commercial & Solutions Residential Solutions - Predictive Diagnostics Syncade Data - Data Analytics & Traceability Management Integrate with ext
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Slide 25: Automation Solutions: A Complete Portfolio of Solutions
Automation Solutions: A Complete Portfolio of Solutions for Our Customers Data Management ESI Converts rich data to GeoFields information and develops actionable insights Mynah Syncade Paradigm Roxar AS RS3 DeltaV Control Provox Performs action on Westinghouse Ovation rich data Process Controls Open
Slide 26: Acquisitions and Partnerships Key to Complete Automation Player
Acquisitions and Partnerships Will Play a Key Role in Becoming a Complete Automation Player Investment Process: $101B Hybrid: $40B Discrete: $63B Data Management Paradigm, Geofields, Mynah, Prosys, AspenTech (alliance) Controls Emerson Automation Solutions Devices / Pentair Valves & Controls Instrum
Slide 27: Automation Solutions Franchise Built on Technology and Acquisitions
Automation Solutions Has Built Our Global Franchise on Strong Technology Development and Acquisitions, and the Successful Integration of These Acquisitions High Highly Strategic Target Target PENTAIR Machine Control Target Valves & Controls PARADIGM GEOFIELDS Target MYNAH Channel Synergy Target Targ
Slide 28: Investing and Innovating Across Platforms: Process
We Are Continuously Investing and Innovating Our Products and Solutions Across All Platforms Process Provide a Refinery Broader / Operations Deeper Solution Innovate Digital Valve Wireless Controller Rosemount Lifecycle 3051 Platform Services CHARMs Acquire FMC Blending & Fisher Controls Rosemount A
Slide 29: Automation Solutions Franchise Built on Technology and Acquisitions
Automation Solutions Has Built Our Global Franchise on Strong Technology Development and Acquisitions, and the Successful Integration of These Acquisitions High Highly Strategic Target Target PENTAIR Machine Control Target Valves & Controls PARADIGM GEOFIELDS Target MYNAH Channel Synergy Target Targ
Slide 30: Investing and Innovating Across Platforms: Hybrid
We Are Continuously Investing and Innovating Our Products and Solutions Across All Platforms Hybrid Provide a Bottle Filling & Solution/ Broader Packaging Deeper Solution Innovate Innovate G3 Fieldbus F-Series Compact, GO Switches Aerosol Microleak Electronics Drainable Coriolis Flow Detection Syste
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Slide 32: Automation Solutions Invests Across Global Facilities
Automation Solutions Continues to Invest Across Global Facilities in Order to Drive Innovation Systems & Solutions Flow Austin, TX • Modular Control (PK) Boulder, CO • Next generation Coriolis • Web based HMI Stavanger, Norway • IIOT flow apps Pittsburgh, PA • Simulation • Pervasive multiphase Manil
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Slide 35: Commercial & Residential Solutions Moving Up the Technology Pyramid
Commercial & Residential Solutions Are Moving Up the Technology Pyramid Utilizing Intelligent Devices, Controls, and Software Across the Platform Data Multiple Management Thermostats Converts rich data to Building Cooper - information and develops Mgmt Atkins actionable insights Paksense Locus Traxx
Slide 36: Acquisitions, Partnerships, and Software Development
Acquisitions, Partnerships, and New Software Development Will Play a Key Role Investment Residential: $22B Commercial: $9B Cold Chain: $8B Data Locus Traxx Management Transformative PakSense Wave Cooper-Atkins Controls Emerson Commercial & Residential Solutions Locus Traxx Devices / PakSense Instrum
Slide 37: Robust Acquisition Activity in Commercial & Residential Solutions
Robust Acquisition Activity in Commercial & Residential Solutions High 7AC Target Highly Strategic TECHNOLOGIES Target TRANSFORMATIVE WAVE COOPER - Target ATKINS LOCUS TRAXX PAKSENSE Target CPC Computer Process Controls Target Channel Synergy Target Target VILTER Target Not Strategic Low No Yes Inte
Slide 38: Investing and Innovating: Cold Chain Solutions
We Are Continuously Investing and Innovating Our Products and Solutions Across All Platforms Provide a Cold Chain Solution/ Broader Food Service Deeper Solution Innovate Innovate Controllers for Small and Medium Temperature Condensing Unit ProAct Monitoring Compressor Racks Acquire Computer Process
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Slide 40: Commercial & Residential Solutions Invests Across Global Facilities
Commercial & Residential Solutions Continues to Invest Across Global Facilities in Order to Drive Innovation Cold Chain Heating & Air Conditioning Dayton, OH (Helix) • Modular refrigeration • Residential indoor air quality Dayton, OH (Helix) systems controls Sidney, OH • Commercial kitchen energy •
Slide 41: Three Phases of Our June 2015 Transformation Journey
Three Phases of Our June 2015 Transformation Journey Announced After a 12 Month Internal Review Phase 1 Phase 2 Phase 3 Repositioning Emerson Building the new Emerson Position the Company for the around two key platforms core and returning to Next Generation • Executed divestitures profitable sales,
Slide 42: Corporate Structure and Platform Interface
Corporate Structure and Platform Interface: Re-evaluating the Right Touch Points 2015 2016 - 2017 2018 1st Wave of Evaluation Began in Phase 2 BU BU BU BU BU Platform 5 Platform 1 BU BU Corporate BU Task Force BU Subset of OCE Corporate BU led by CEO Platform 4 Platform 2 Business Business BU Platfo
Slide 43: Organization Update: Automation Solutions
Organization Update -- Changes Will Continue to Unfold Through 2021 Board of Directors David Farr Chairman and Chief Executive Officer Office of the Executive President, Senior Exec VP and Exec VP and President Automation Solutions Chief Financial Officer Chief Operating Officer Chief Executive: Mik
Slide 44: Organization Update: Commercial & Residential Solutions
Organization Update -- Changes Will Continue to Unfold Through 2021 Board of Directors David Farr Chairman and Chief Executive Officer Executive President – Senior VP, Secretary Senior VP, Planning and Senior VP and Chief Commercial & and General Counsel Development Marketing Officer Residential Sol
Slide 45: Emerson's Shareholder Value Creation Model
Emerson’s Shareholder Value Creation Model 2016 - 2021 -- Should be a Solid Growth Period Share Repurchase ~$550M per Year $5B Acquisitions ~$550M / Year Drive EPS1 + Pentair V&C 10% – 12% ROTC CAGR 20% – 30% EBIT Margin 16% – 19% Underlying Operating Capital Efficiency Sales • Working Capital – ~18
Slide 46: 2018 Key Messages Highlighting Financial Plan
2016 - 2021 2018 Key Messages Highlighting Financial Plan Versus 2017 Investor Conference • Improving underlying markets -- key / critical global economies aligned for growth Economic – Automation Solutions is just starting the 2017 - 2020 growth cycle Conditions – Commercial & Residential Solutions
Slide 47: 2016 Bridge to 2021T Sales (2017 Guidance)
February 16, 2017 2016 Bridge to 2021T Sales Guidance from 2017 Investor Conference (New York, NY) $B $25 ~$2B ~$20B $20 ~$1.5B Pentair V&C ~$2.5B Acquisition + ~2% Growth from $15 $14.5B $14.3B Bolt-on ~3.5% Acquisitions Underlying Growth 2016 - 2021 $10 2016 2017 Bolt-On Large 2021 Underlying Cont
Slide 48: 2016 Bridge to 2021T Sales
2016 Bridge to 2021T Sales 2018 Investor Conference (New York, NY) $B Reported 2016 - 2021 CAGR: ~8% Legend: Incremental to 2017 Investor Conference Plan $25 Reported 2017 - 2021 CAGR: ~8.5% Underlying* 2016 - 2021 CAGR: ~5% Underlying* 2017 - 2021 CAGR: ~5.5% ~$2B ~$21+B ~$1B $20 ~$1.5B Pentair V&C
Slide 49: 2016 Bridge to 2021T EPS (2017 Guidance)
February 16, 2017 2016 Bridge to 2021T EPS Guidance from 2017 Investor Conference (New York, NY) Target Is 9+% EPS Growth from New Emerson Base 2016 - 2021 CAGR: ~9.5% $4.50 $4.00 ~$0.40 ~$3.85 ~$0.10 $3.50 ~$0.45 $3.00 ~$0.45 V&C’s EPS contribution will move to “underlying growth” bucket in subsequ
Slide 50: 2016 Bridge to 2021T EPS
2016 Bridge to 2021T EPS 2018 Investor Conference (New York, NY) Legend: Incremental to 2017 Investor Conference Plan 2016 - 2021 CAGR w/o Tax Reform*: ~11% ~$0.35 ~$4.50 $4.50 2017 - 2021 CAGR w/o Tax Reform*: ~11.5% ~$0.15 ~$4.15 ~$0.15 $4.00 ~$0.50 ~$0.05 ~$0.30 ~$0.05 $3.50 ~$0.90 ~$0.20 $3.00 $
Slide 51: Operating Capital Efficiency Drives Cash Flow and Returns
Operating Capital Efficiency Drives Significantly Higher Cash Flow and Returns for Shareholders Operating Cash Flow 2018 - 2021 $3.6B $3.7B Targets $3.0B* $3.1B* ~$2.9B 14.8% 15.0% $2.7B 13.2% 15.1% 16% - 18% 17.6% ~16.8% of Sales $3.0B $2.9B Free Cash Flow* $2.3B $2.5B $2.2B ~$2.3B 12.0% 11.9% 12.5
Slide 52: Planned 2018-2021 Dividend to Free Cash Flow Ratio
Emerson Planned 2018 - 2021 Dividend to Free Cash Flow* Ratio 60% 56%1 56%2 50% ~53% 48%1 ~49% 40% ~45% ~43% 40% 41% 30% 20% 10% 0% 2013 2014 2015 2016 2017 2018E 2019T 2020T 2021T Dividend / Share $1.64 $1.72 $1.88 $1.90 $1.92 $1.94 $1.96 $2.04 $2.14 Annual Dividend Growth 3% 5% 9% 1% 1% 1% 1% 4% 5
Slide 53: Sources and Uses of Cash: ~$21B Through 2021
Base Plan Sources and Uses of Cash: ~$21B of Capital Being Deployed Through 2021 $25B ~$21B ~$21B NWC & Other ~$1B $20B Depreciation & Dividends ~55% of Amortization ~$4B ~$6.5B Operating Cash $15B Flow Returned to Shareholders Operating Share Repurchase Cash Flow ~$3B Net Income The new 2016 - $10B
Slide 54: Capacity to Add $4.0B for Acquisitions and Share Repurchase
Upside Case Emerson Has the Capacity To Add $4.0B for Acquisitions and Share Repurchase $25B ~$22.5B ~$22.5B NWC & Other ~$1B $20B Depreciation & Dividends Amortization ~$4B Payout ~$6.5B ~50% - 60% of Operating Cash Flow to $15B Operating Share Repurchase Shareholders Cash Flow ~$3B Net Income ~$11
Slide 55: Fiscal 2018 Key Focus Areas
Fiscal 2018 Key Focus Areas -- 2018 Investor Conference • Achieve premium underlying sales* growth for all of Emerson: 5% - 7% Key 2018 • Drive strong earnings momentum within GAAP EPS by reaching $3.05 - $3.15 EPS in 2018 -- ~20% GAAP EPS growth Take Aways • Deliver another strong year of operating
Slide 56: 2017-2021 Financial Forecast
2017 – 2021 -- Financial Forecast 2021T Upside Case with additional ~$4B spend at 2017 2018E 2021T 50% Share Repurchase, GAAP 50% Acquisitions Sales $15.3 $17.0 - $17.3 ~$21+B ~$22+B ✓ Gross Margin 42.0% ~43.1% ~44% EBIT Margin* 16.4% ~16.7% ~19% ~18% ✓ EPS Reported Continuing Ops $2.54 $3.05 - $3.1
Slide 57: The Strength of One Emerson
WE SEE THE STRENGTH OF ONE EMERSON N VY EMERSON.
Slide 58: The Strength of One Emerson
WE SEE THE STRENGTH OF ONE EMERSON N VY EMERSON.
Slide 59: Automation Solutions Business Overview
2018 Investor Conference Automation Solutions Business Overview Mike Train Executive President February 15, 2018 59
Slide 60: Automation Solutions Business Overview
2018 Investor Conference Automation Solutions Business Overview Mike Train Executive President February 15, 2018 60
Slide 61: Automation Solutions Key Messages
Automation Solutions Key Messages • Automation Solutions performed very well in 2017 with strong margin growth in the base business and strategic portfolio expansion with Valves & Controls • Our $204B automation market is growing with a rebound in Process and continued investment in Hybrid and Discr
Slide 62: Automation Solutions 2017 Summary
Automation Solutions 2017 Summary 2016 – 2017 2016 – 2017 2016 2017 Change Change Underlying Excl. V&C* Sales (GAAP) $9.0B $9.4B 5% (1%) EBIT $1.5B $1.5B 5% 7% % of Sales 16.2% 16.2% 0 bps 150 bps ROTC 17% 14% 2017 Major Markets Served 2017 Sales by Geography Other Middle East & Africa Upstream Lati
Slide 63: Emerson's Strength Is Technology, People, and Value Creation
Emerson’s Strength Is Our Technology, People, and Ability to Create Value for Our Customers Operations Advanced Reservoir Planning & Plant Asset Management & Alarm Process Modeling Scheduling Management Management Control Data Control Training & Real-time Energy Asset Integrity Engineering Simulatio
Slide 64: Technology, People, and Ability to Create Value for Customers
Emerson’s Strength Is Our Technology, People, and Ability to Create Value for Our Customers World-class People and Solutions Enabling Expertise Top Quartile Performance 53,500¹ Automation Solutions Employees 3,000+ 11,000+ Engineering & Salespeople Project Certainty Development Enable customers to e
Slide 65: Consistently Outperformed Market with Transformative Solutions
Have Consistently Outperformed Market and Delivered Transformative Solutions and Approaches AUTOMATION SOLUTIONS Top Quartile GROWTH & MARKET SEPARATION Project Certainty, Performance Operational Certainty $10.3B Industry Solutions, Acquisition Problem Lifecycle Services, Solving Perfect Execution $
Slide 66: Recognized Leader Across the Total Automation Spectrum
Emerson Is a Recognized Leader Across the Total Automation Spectrum ~$140B ~$40B ~$20B Devices Control Data Participation Mgmt #2 in #1 in #1 in #1 in Integrated Measurement Flow Control and #1 in Final Control Plant & Analytical Solutions Safety Asset Systems Mgmt Emerson Participation: 6% 5% 2% #1
Slide 67: Innovation Leader in Control
Emerson Is the Innovation Leader in Control, and We Continue to Grow Our Presence Process Control Systems Evolution 1992- 2000 2001- 2009 2010- 2015 2016 70% Provox, Technology RS3, DeltaV, DeltaV CHARMs, of new systems expand our Ovation Ovation global presence WDPF DCS 5% 9% 12% 15% Participation1
Slide 68: 2018 Biggest Control Platform Technology Launches
2018 Will Include Emerson’s Biggest Control Platform Technology Launches Ever DeltaV v14 Ovation 3.7 PK Controller DeltaV Live Mobile New Data Management Capabilities Built-in • Integrated Machinery Health Monitoring • Synchronized Powerful Standalone First Native HTML5 Know the health of Easily Int
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Slide 71: Process Industries Rebounding in 2018
Process Industries Rebounding in 2018 with Strong Growth Dynamics Going Forward 2018 2018-21 Process Industries Key Investment Trends: Outlook Outlook NA shale recovery continues; strong project Oil & Gas – Upstream activity in MEA LNG and increasing globalization of natural Oil & Gas – Midstream ga
Slide 72: Hybrid and Discrete Industries Attractive for Growth
Hybrid and Discrete Industries Continue To Be Attractive for Growth and Diversification 2018 2018-21 Hybrid Industries • 2018 Hybrid Market Up Outlook 3% to 5% Outlook Key Investment Trends: Increased innovation spend in NA and EUR; Life Sciences medicines in emerging markets Global increase in oper
Slide 73: Accelerated Recovery Positions Emerson to Capture Growth
Accelerated Recovery Period Has Emerson Strongly Positioned to Capture Broad Growth Globally Automation Solutions Market by Type of Business Large project funnel visibility has more than doubled since Feb. 2017 3rd First priority spend is KOB1: Greenfield Projects driving smaller expansion and optim
Slide 74: Lifecycle Management Initiatives Driving KOB3 Growth
Lifecycle Management Initiatives Are Driving Growth in Our KOB3 Business Executed >5,000 customer site walk downs in 2017 to identify +$350M, opportunities in our installed base 9% YoY Growth and drive new services Shutdowns, Turnarounds, Connected Services & Outages Managing & executing $75M IIoT-e
Slide 75: Plantweb and Operational Certainty Consulting Drive KOB2 Growth
Launched Plantweb and Introduced Operational Certainty Consulting to Drive KOB2 Growth Identified Market Opportunity • Top Quartile performance • KPI’s by industry Launched Solutions & Services – Reliability – Performance Plantweb Digital Operational Certainty – Safety Ecosystem Consulting – Energy/
Slide 76: Plantweb Digital Ecosystem
Plantweb Digital Ecosystem: Recognized as Industry’s Most Complete and Integrated IIoT Solution FOUNDATIONAL IIoT SOLUTIONS SOLUTIONS Services Analytics Connectivity Data Plantweb Provides a Scalable Approach to Realize the Promise of IIoT, and Delivers Measurable Business Results 76
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Slide 81: Automation Is Growing in Scope and Customer Relevance
Automation Is Growing in Scope and Customer Relevance Consulting, Product maintenance, reactive connected, repair and replacement outcome-based Services offerings Cloud-enabled On-premise, standalone integrated software software packages for platforms for Data operations experts multiple personas Ma
Slide 82: New Innovations Helping Customers Transform Projects
Emerson Is Leading the World in New Innovations That Help Customers Transform Their Projects and Operations Virtual Project Connected Services & Consulting for remote asset Services monitoring Growing Simulation and ecosystem of synchronization: Plantweb Digital Twins applications SCADA, Flow Comput
Slide 83: Capabilities Span the Oil & Gas Value Chain
Business Mix M&A Emerson’s Capabilities Span the Full Valves SYSS Oil & Gas Value Chain Industrial Upstream Midstream Downstream Refining, Processing, Development Transportation Exploration Blending & Distribution & Production & Trade Fuels Lubricants Petrochemicals International oil and gas markets
Slide 84: Transforming Upstream Oil & Gas From Reservoir to Well Pad
$21B Transforming Upstream Oil & Gas From Upstream Reservoir to Well Pad Installed Base Paradigm + Roxar Production Automation Subsurface Modeling Top-side Production & & Simulation Equipment Data Subsurface Knowledge Operational Intelligence Enables dynamic optimization of new and existing reservoi
Slide 85: Digitizing Midstream Operations
$9B Midstream Digitizing Midstream Operations Installed Base Scheduling, Pipeline Integrity, Pipeline operations, and risk analysis, Asset Data commercial and visualization management Real-time pipeline integrity insight and optimization Pipeline Automation ESI GeoFields SCADA, Flow Computers, and R
Slide 86: Expanding Solutions Portfolio for Downstream Facilities
$25B Expanding High Value Solutions Portfolio at Downstream Every Level for Downstream Facilities Installed Base Digitally-empowered turnaround services enable shorter shutdowns, faster startup, and improved confidence in operations Mynah & ProSys 1000111001100 000111000 acquisitions and AspenTech a
Slide 87: Leveraging Power Generation Leadership in New Market
Business Mix M&A Leveraging Our Leadership in Power Generation to 27% Valves SYSS Help Customers Evolve in This New Market 64% Industrial Traditional Generation Microgrids Distributed Generation Renewable Generation adds new demand for Focus on Security due to increased prevalence control and challe
Slide 88: Extending Control and Digital Services for Power Industry
Extending Reach of Control and Digital Services $14B Power for the Power Industry Installed Base Emerson offers complete Cybersecurity services supported by Qualified Anti-Terrorism Technology (QATT) designated by US Department of Homeland Security New Ovation Compact Controller extends High fidelit
Slide 89: Helping Life Sciences Customers Stay Ahead of Market Trends
Business Mix M&A Helping Life Sciences Customers Stay Ahead 27% Valves SYSS of New Market Trends 64% Industrial Development Drug Substance Drug Product Process Development Primary Secondary Packaging & Clinical BIOREACTOR QUALITY PURIFICATION CONTROL QUALITY SAMPLING CONTROL TRANSFERS BUFFER MEDIA P
Slide 90: Innovative Sensors, Connected Controllers, and Consulting Services
$2B Delivering Innovative Sensors, Connected Life Sciences Installed Base Controllers, and Consulting Services Full Life Science operations consulting services to ensure Operational Excellence and expedite FDA validation PK Controller connects modular operations for advanced control DeltaV Discovery
Slide 91: Helping Packaging Customers Increase Speed and Integration
Helping Packaging Customers Increase Speed and Systems Integration Processing Packaging Logistics Increased risk due to Excess waste impacting speed of operations production costs Real-Time Insights Precise filling Faster restarts Effective sealing 91
Slide 92: Discrete Innovations Extend Intelligent Devices and Controls
$17B Discrete Innovations Extend Our Portfolio of Discrete Installed Base Intelligent Devices and Controls ASCO G3 Fieldbus and 580 CHARMs seamlessly integrate pneumatic control -- simplifying commissioning, improving visual status and enhancing diagnostics G3 Gateway Quantum Cascade Laser quickly d
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Slide 95: Automation Solutions 2017 Summary & 2018 Guidance
Automation Solutions 2017 Summary & 2018 Guidance 2016 2017 2018E Sales (GAAP) $9.0B $9.4B 18 – 20% Underlying* 6 – 8% EBIT $1.5B $1.5B % of Sales 16.2% 16.2% 16-17% ROTC 17% 14% 2017 Major Markets Served 2017 Sales by Geography Middle East & Africa Other Upstream Latin America 8% 12% Oil & Gas 5% N
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Slide 99: The Strength of One Emerson
WE SEE THE STRENGTH OF ONE EMERSON N VY EMERSON.
Slide 100: The Strength of One Emerson
WE SEE THE STRENGTH OF ONE EMERSON N VY EMERSON.
Slide 101: Final Control and V&C Integration Update
2018 Investor Conference Final Control and V&C Integration Update Ed Monser President February 15, 2018 101
Slide 102: Final Control and V&C Integration Update
2018 Investor Conference Final Control and V&C Integration Update Ed Monser President February 15, 2018 102
Slide 103: Final Control Key Messages
Final Control -- Key Messages • Acquisition of Valves & Controls transforms Final Control into the biggest / broadest solutions provider and strengthens Automation Solutions • Integration activities progressing to plan and building strong momentum • Focused, early concentration on customer engagemen
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Slide 105: Portfolio and Market Diversification With Valves & Controls
Portfolio and Market Diversification With Valves & Controls Strengthens our Global Presence Valves & Controls Final Control Combined 2017 Sales $1.4B $2.1B $3.5B Latin America 3% Latin America 5% Latin America 4% MEA 10% MEA 12% MEA 11% Europe 28% Europe 12% Europe 19% Geography Asia Pacific 20% Asi
Slide 106: New Final Control Global Footprint
The New Final Control Business Has a Significant Global Footprint --- Best in the Industry… North America Europe Asia Pacific $1.4B 2017 Sales $0.7B 2017 Sales $0.9B 2017 Sales 66 Service Locations 23 Service Locations 40 Service Locations 5,300 Employees 5,000 Employees 5,500 Employees 11 Manufactu
Slide 107: New Final Control Business Group Management Structure
New Final Control Business Group Management Structure Impacted by V&C Business Final Control Group Business Unit Flow Controls Pressure Management Isolation Valves Actuation Technologies Pressure Ball Pneumatic Sliding Stem Relief Hydraulic Safety Triple Rotary Relief Offset Strategic Electric Produ
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Slide 109: Accelerating Order Activity From Customer Engagement
Focused and Early Concentration on Customer Engagement Resulting in Accelerating Order Activity 30% Trailing 3 Month Order Rates vs. Prior Year Oct* Nov Dec 25% Trailing 3 Month Orders (% YoY) @ Fixed Rate Final Control Base 18% 18% 11% 20% Valves & Controls Proforma 1% 1% 9% 15% Final Control Profo
Slide 110: Key Growth Programs Drive $200M Incremental Growth by 2020
Key Growth Programs Will Drive $200M in Incremental Growth by 2020; $70M+ Will Be Realized in 2018 Strategic Accounts Industry Focus Automated Valves Lifecycle Services Emerson • Fully Engineered & Integrated • Factory Configured and Tested $40B Installed Base North America $16B Fisher Digital Isola
Slide 111: Early Project Engagement as Main Valve Partner
Early Project Engagement as Main Valve Partner Is Delivering Schedule & Cost Improvements for Customers PEMEX Hengli Group Abkatun-A2 Offshore Platform Hengli Refinery and Ethylene Project $9M $18M Mexico Emerson Value Upstream O&G China Emerson Value Refining Petrochemical Challenge Challenge • Com
Slide 112: Operational Partner Delivering Lower Total Cost of Ownership
Final Control Expertise as an Operational Partner Is Delivering Lower Total Cost of Ownership & Improved Productivity Combined Cycle Power Plant Petrochemical Customer Asheville Project Jubail Chemical Plant $6M $2M USA Emerson Value Power Saudi Arabia Emerson Value Chemical Challenge Challenge • Ex
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Slide 115: Supply Chain Programs Will Deliver $30M in Cost Savings
Supply Chain Programs Will Deliver $30M in Cost Savings by 2020 Before Deal Closure… $30M in Net Material Inflation by 2020 420 Projects Identified Castings 60 Global Leaders Trained Regional foundry development and 3D printed sand molds for D-part castings $12M-$20M Savings Potential Identified Mac
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Slide 117: OMT Realignment Drives Service Level Improvements
OMT¹ Realignment Will Drive Service Level Improvements While Reducing Inventory Valves & Controls Emerson OMT Model Model Customer Customer 1) Elimination of barriers to Sales communication Sales 2) Increased customer visibility Centralized 3) Reduced transactional Regional Decisions complexity Deci
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Slide 119: Final Control Summary
Final Control -- Summary • Acquisition of Valves & Controls transforms Final Control and broadens Automation Solutions – One global manufacturer supplying and servicing all valves everywhere; – Global #1 player, with 16%+ served market participation and $5B in sales by 2022 • Rapid organic growth dr
Slide 120: Main Valve Partner Helping Customers Achieve Top Quartile Performance
We Are the Main Valve Partner Helping Customers Achieve Top Quartile Performance Technology Trusted Top Quartile Category Leading Products Leadership Advisor Performance Brand, Breadth, and Service Main Valve Partner Problem Solving • Build in Optimized Solutions at • Project Front-End Engineering &
Slide 121: The Strength of One Emerson
WE SEE THE STRENGTH OF ONE EMERSON N VY EMERSON.
Slide 122: The Strength of One Emerson
WE SEE THE STRENGTH OF ONE EMERSON N VY EMERSON.
Slide 123: Commercial & Residential Solutions Business Overview
2018 Investor Conference Commercial & Residential Solutions Business Overview Bob Sharp Executive President February 15, 2018 123
Slide 124: Commercial & Residential Solutions Business Overview
2018 Investor Conference Commercial & Residential Solutions Business Overview Bob Sharp Executive President February 15, 2018 124
Slide 125: Commercial & Residential Solutions 2017 Summary
Commercial & Residential Solutions 2017 Summary 2016 – 2017 2016 2017 Change Sales $5.2B $5.6B 6% EBIT $1.3B $1.3B 7% % of Sales 24.0% 24.2% +20 bps ROTC 48% 52% 2017 Sales by Market 2017 Sales by Geography Cold Chain Middle East & Africa L. America Europe 4%5% 21% 10% 49% Asia 19% 62% 30% Residenti
Slide 126: Commercial & Residential Solutions Key Messages
Commercial & Residential Solutions Key Messages • Commercial & Residential Solutions is uniquely positioned in an attractive market that consistently delivers ~3% underlying through-the-cycle growth • Our platform is built upon franchise businesses that serve as industry stewards, essential attribut
Slide 127: Served Market Showing Steady Growth With Market Drivers
Served Market Showing Steady Growth, With Attractive Market Drivers to Leverage Cold Chain Market Drivers Commercial DOE & EPA regulations drive redesigns & 2018 2018-2021 Refrigeration food monitoring, Cold Chain expansion Food Retail Energy reduction, food quality, new formats Transport Asia rail,
Slide 128: Key Programs to Address Core Opportunities
Several Key Programs to Address Our Core Opportunities Key Programs Protecting Food Keeping food fresh across ✓ Temperature Management Quality & the cold chain while lowering ✓ Facility/Asset Monitoring Sustainability cost and improving customer experience ✓ Integrated Solutions Ensuring Human Trans
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Slide 131: Moving Up the Technology Pyramid Across the Platform
Moving Up the Technology Pyramid Utilizing Intelligent Devices, Controls and Software Across the Platform Building Mgmt Data Cargo & Remote Monitoring Management Converts raw data to information and develops actionable insights Multiple Grind2Energy Data Mgmt Integrated & Thermostats Optimized AC Th
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Slide 134: Domain Knowledge and Product Strength Serve as Industry Steward
Our Domain Knowledge, Product Strength and Solutions Capability Enable Us to Serve as an Industry Steward PRODUCT OEM / CHANNEL CONTRACTOR END USER Core component and Providing technical Understanding needs application specific training for installation and supporting solutions and ongoing service e
Slide 135: Comprehensive Range of Technologies and Solutions
COMPREHENSIVE RANGE OF TECHNOLOGIES AND SOLUTIONS INTELUGEN =— - a. A ee = « W HELPING CUSTOMERS, CONTRACTORS AND END USERS NAVIGATE CHANGE ies
Slide 136: Keeping Food Fresh Throughout the Cold Chain
Keeping Food Fresh Throughout the Cold Chain Food Quality and Safety Solutions Across the Cold Chain 136
Slide 137: End-to-End Cold Chain Solutions Opportunity
End-to-End Cold Chain Solutions Offer a Significant Opportunity to Protect Food Quality & Safety Harvest Processing Transportation Distribution End-Users Compressors & Refrigeration Systems Industrial Refrigeration Controls Loggers & Trackers Temperature Management ProAct Services Project Management
Slide 138: Integrated Solutions at Each Node of the Cold Chain
We Are Focused on Integrated Solutions at Each Node and Across the Cold Chain Harvest Processing Transportation Distribution End-Users Pre-cool products Production of food Reduce product Ensure food Deliver fresh prior to shipment products loss & monitor quality & maintain products & energy food saf
Slide 139: Food Retail Market Going Through Major Upheaval
The Food Retail Market Is Going Through a Major Upheaval With Shifting Architecture & Market Trends Traditional Supermarket Architecture Shift to small footprint stores – Need for flexibility – Optimize space – Reduce operating expense Increasing home delivery growth by e-tailers & traditional super
Slide 140: Solutions for New Food Retail Architectures
We Have Solutions to Support New Food Retail Architectures and Business Models Small-Format Architecture E-Commerce Models New Cold Chain Space in Traditional Distribution Centers Supermarket New Staging Integrated Solutions for Infrastructure for Refrigeration Case Manufacturers Click & Collect 140
Slide 141: Convenience Stores & Restaurants Expand Fresh Food Offering
Convenience Stores & Restaurants Continue to Expand Fresh Food Offering, Requiring New Solutions Food Quality, Energy Efficiency Secure Connection to Corporate Offices and Consistency are Critical to Success and Brand Equity Transformative Packaged Temperature Building ProAct Software Sensi Wave Con
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Slide 144: Cooper-Atkins Expands Connected Solutions for Cold Chain
Cooper-Atkins Further Expands Our Connected Solutions for the Cold Chain Cargo Monitoring Food Monitoring 144
Slide 145: Comprehensive Range of Technologies and Solutions
COMPREHENSIVE RANGE OF TECHNOLOGIES AND SOLUTIONS INTELUGEN =— - a. A ee = « W HELPING CUSTOMERS, CONTRACTORS AND END USERS NAVIGATE CHANGE ag
Slide 146: Bringing Comfort and Convenience to Homes
Bringing Comfort And Convenience to Homes as Part of The Critical Infrastructure Smart Thermostats Air Quality Sensors Fans Disposers & Hot Water Dispensers Sensi Compressors, Gas Valves & Monitoring Drives & Controls Heating Controls 146
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Slide 150: Variable Speed Market Dynamics Vary by Region
Variable Speed Market Dynamics Vary by Region, and We Address With Local Presence Asia Delivering integrated variable speed solutions to strategic and small OEMs Differentiation for specialty applications Europe Variable speed key for penetrating the heat pump space due to efficiency requirements Em
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Slide 153: Comprehensive Range of Technologies and Solutions
COMPREHENSIVE RANGE OF TECHNOLOGIES AND SOLUTIONS INTELUGEN =— - a. A ee = « W HELPING CUSTOMERS, CONTRACTORS AND END USERS NAVIGATE CHANGE age
Slide 154: Enabling High Performance Commercial Buildings
Enabling High Performance Commercial Buildings as Part of the Critical Infrastructure Compressors & Controls Dehumidification Rooftop Unit Drives HVAC Multiple Monitoring & Thermostat Diagnostics Manager 154
Slide 155: Integrated HVAC Solutions for Commercial Buildings
Integrated HVAC Solutions Deliver Additional Value & Efficiency to Commercial Buildings System Level Solution Building Solution Integrated Solution Technology Integration Compressor + Drive Building Management & System Compressor Supervisor End User Value 155
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Slide 158: Multiple Thermostat Manager Software for Sensi Thermostats
Multiple Thermostat Manager Software Aggregates Sensi Thermostats for Easy Commercial Application Sensi Multiple Thermostat Manager Centralized Portal Monitoring & Control multi thermostat dashboard Smart Schedule scheduling special events Multi User Controls with administrator functionality Solutio
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Slide 160: China Heat Pump Offering Includes Commercial Applications
China Heat Pump Offering Now Includes Commercial Applications, a Significant Market Expansion Residential & District Heating Additional Heating Applications Residential Industrial 1M Heat Pumps Installed Heating Heating Annually in China Rural Coal Boiler Urban Sanitary District Coal Boiler Heating
Slide 161: Connection With Contractors Extends Into Professional Tools
Our Connection With Contractors Extends Into Professional Tools PRODUCT OEM / CHANNEL CONTRACTOR END USER Core component and Providing technical Understanding needs application specific training for installation and supporting solutions and ongoing service ease of use STANDARD BODIES Participating w
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Slide 164: Business Development Focus Areas Across End Markets
FROM 2017 INVESTOR MEETING Business Development Focus Areas Across Our End Markets Energy Food Quality & Residential Efficient Efficient Safety Across Home Comfort Commercial Contractors the Cold Chain Buildings • Home HVAC • Liquid Desiccant • Grind2Energy • Test & and Critical Dehumidification Mea
Slide 165: Commercial & Residential Solutions 2017 Summary & 2018 Guidance
Commercial & Residential Solutions 2017 Summary & 2018 Guidance 2016 2017 2018E Sales $5.2B $5.6B 4% - 6% EBIT $1.3B $1.3B % of Sales 24.0% 24.2% ~24% ROTC 48% 52% 2017 Sales by Market 2017 Sales by Geography Cold Chain L. America Middle East & Africa Europe 4%5% 21% 10% 49% Asia 19% 62% 30% Residen
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Slide 167: The Strength of One Emerson
WE SEE THE STRENGTH OF ONE EMERSON N VY EMERSON.
Slide 168: The Strength of One Emerson
WE SEE THE STRENGTH OF ONE EMERSON N VY EMERSON.
Slide 169: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In this presentation non-GAAP measures (denoted with an *) are used when talking about the Company's performance, and a reconciliation of those measures to the most comparable GAAP measures is contained below. ($ in billions, except per share amounts or where note
Slide 170: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In this presentation non-GAAP measures (denoted with an *) are used when talking about the Company's performance, and a reconciliation of those measures to the most comparable GAAP measures is contained below. ($ in billions, except per share amounts or where note
Slide 171: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In this presentation non-GAAP measures (denoted with an *) are used when talking about the Company's performance, and a reconciliation of those measures to the most comparable GAAP measures is contained below. ($ in billions, except per share amounts or where note
Slide 172: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In this presentation non-GAAP measures (denoted with an *) are used when talking about the Company's performance, and a reconciliation of those measures to the most comparable GAAP measures is contained below. ($ in billions, except per share amounts or where note
Slide 173: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In this presentation non-GAAP measures (denoted with an *) are used when talking about the Company's performance, and a reconciliation of those measures to the most comparable GAAP measures is contained below. ($ in billions, except per share amounts or where note
Slide 174: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In this presentation non-GAAP measures (denoted with an *) are used when talking about the Company's performance, and a reconciliation of those measures to the most comparable GAAP measures is contained below. ($ in billions, except per share amounts or where note
Slide 175: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In this presentation non-GAAP measures (denoted with an *) are used when talking about the Company's performance, and a reconciliation of those measures to the most comparable GAAP measures is contained below. ($ in billions, except per share amounts or where note
Slide 176: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In this presentation non-GAAP measures (denoted with an *) are used when talking about the Company's performance, and a reconciliation of those measures to the most comparable GAAP measures is contained below. ($ in billions, except per share amounts or where note
Slide 177: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In this presentation non-GAAP measures (denoted with an *) are used when talking about the Company's performance, and a reconciliation of those measures to the most comparable GAAP measures is contained below. ($ in billions, except per share amounts or where note
Slide 178: Trademark Ownership Statement
Trademark Ownership Statement Amazon, Amazon Echo, Comcast, Apple, Samsung, Samsung SmartThings, Alarm.com, ADT, Vivint, Nest, Honeywell, Ecobee, USA Today, Homekit, Wink, GoogleHome, Goodman, Johnson Controls, Siemens, Schneider Electric, Viega, Shell, Chevron, Pemex, Saudi Aramco, BASF, Dow, bhpbi