Emerson Electric Co (EMR) Q1 2020 Earnings Call Transcript

Emerson Electric Co (EMR) Q1 2020 Earnings Call Transcript

Emerson Electric Co ( NYSE:EMR ) Q1 2020 Earnings Call Feb 4, 2020 , 3:00 p.m. ET. I'm joined today by David Farr, Chairman and Chief Executive Officer; Frank Dellaquila, Senior Executive Vice President and Chief Financial Officer; Mike Train, President; and Tim Reeves, Director of Investor Relations, Emeritus.. Despite lower sales, operations executed well to deliver adjusted EPS of $0.67, spot on the guidance we've provided in the fourth quarter call.. We also saw several large LNG projects booked in the quarter after delays from the second half of the year -- of the last year.. The company initiated $97 million of restructuring actions in the quarter, well above the $70 million discussed on last quarter's call.. The actions, combined with incremental actions from the second half of last year, are expected to drive improved profitability in 2020.. Cash flow performance was solid in the quarter with free cash flow up significantly versus prior year, reflecting 94% conversion of net income.. First quarter gross margin was roughly flat at 42.4% as favorable price/cost was offset by unfavorable business and regional mix, primarily due to lower U.S. shale and highly profitable upstream and discrete markets.. This includes 150 basis points