So, it's that that we're focused on. That results in Q4 being down in the 8% range and 2020 being down in that 7% midpoint range. I'll show some more specifics on that. Obviously, the oil prices and what's happening in the marketplace is unsettling and it presents a huge challenge to the upstream business. And just the second question, in terms of restructuring, you are talking about spending more money, but can you just talk in terms of, logistically, what is it you're doing in 2020 now that, a couple of months ago, you didn't think you would have to or you couldn't do it? I'd like to begin by acknowledging the global Automation Solutions team for a tremendous close to Q2, particularly as we faced rapidly deteriorating market conditions. North America is very challenged. Especially in New Jersey. So, the key is, Steve, I think we'll still have savings coming into the first half of next year, but ones we will have to offset in the first half of the year will be things like the salary cuts because we will institute that. Please go ahead. Emerson Electric Co. (NYSE:EMR)Q2 2018 Earnings CallMay 01, 2018 2:00 pm ETExecutivesTim Reeves - Emerson Electric Co.David N. Want the latest recommendations … I'll share with you -- well, I did not go into '21 spend, but our spend on '21 is expected to be $83 million. It improved when the Fed stepped in and announced a couple of programs to indirectly and directly support the commercial paper market. Turning to slide 8, we will bridge second quarter EPS. So, we've talked a lot about the supply chain. So that kind of drop-off is very significant. The vaccine thing, you -- we can't wait for a vaccine. And then, we'll start turning back up. But it's going to be hard at this point. I am still the CEO, I'm not dead, though people have tried to kill me. This is on chart 24. We also are looking clearly -- one of the things I want to make comment on is acquisitions. Okay, Josh. So be it. And so, what you're seeing right now is this wave is hitting us a lot harder as we saw around the world. I can't mention the name of the firm or the drug as we are in an NDA. Where you holding up? They are investing in terminals because they're storing oil, but typically we're down to basically 20% driven by this oil/gas fluctuation. So, there's two avenues here. So, again, in sum, I think we're in very, very good shape regarding liquidity. You're going to be close to 30%? I think the other economies will have a slower comeback from the standpoint of how they open up. Yeah. Yeah. The deleverage is only 15%. And then, again, certainly, just a general customer, both individuals as well as companies, freezing right now with uncertainty about what's going to happen. We have the capacity to fund all of our internal needs and our dividend despite the fact that we, as you just saw, expect reduced operating cash flow over the next several quarters. So, they know -- we know what's going on. We expect adjusted EPS of $0.60, plus or minus $0.04, which excludes roughly $100 million of planned restructuring actions in the quarter. And the money is being put out there, but in reality is, so much wealth and so much economic wealth has been lost that there's not enough money in Washington to flood this world to bring it back. And I'll have more comments on this in a second. This is still in a free fall. I'll answer first and let Lal answer this too. Yeah. And we also have a $3.5 billion revolver, which is not drawn and it's committed through April of 2023. It was a very unfortunate situation. Thanks, David. We first tested clearly in February and early March with the China shutdown and we've tested again. We have well developed connected solutions that enable customers to take people out of the process. Yes. Number one issue, Andrew, is we went into the financial crisis running hot, strong. In 2020 alone, we will impact over 8% of our salaried workforce. I've already given you the color around what's happening with quotation rates. Operating cash flow increased by 10% to $588 million and free cash flow increased by 15% to $477 million, representing 91% conversion. 100% correct, Steve. We can do this safely. And I wouldn't say it's really part of the peak plan. Emerson's had a very global, regional strategy since the day I started running the company as a CEO back in 2000. And I think the good, solid global industrial companies, which you guys all know about, and many of you follow, I think will benefit from this. Obviously, China doesn't have the production element of our marketplace. Versus last year, if I look at -- from the second quarter standpoint, we dropped $408 million and we only deleveraged 9%. So, we're in very, very good shape if there should be a market disruption. Cambridge, Massachusetts. Really important as we keep food, medicines, energy, electricity, medical goods, everything else we touch flowing to our communities. Yeah. You mean, lunch or -- lunch or breakfast. Emerson Electric Co (NYSE:EMR)Q2 2020 Earnings CallApr 21, 2020, 9:00 a.m. We will be setting targets around margins and cash. It just overwhelmed everything we've done at this point of time. But Mike in this area here, this is something that we've never had to realize before where we've had to work governments at the highest level. I think there are opportunities to expand our power market beyond our traditional generation control system into other areas. We're not factoring much of an economic impact in North America at all. I think you're part of the industrial working group. But if you look at Bob's 5%, he basically is in line. In the chart that we showed on chart 8, when we showed the first quarter, we got hit very hard by $0.10 because the stock price was going up, on chart 8, on the first quarter report in February. Cold chain right now, again, the restaurant industry is largely frozen in the United States or on hiatus. (RTTNews) - Emerson Electric Co. (EMR) reported Tuesday that its second-quarter net earnings dropped 1 percent to $517 million from last year's $520 million. And then, conversely, how much concern do you have about being a big industrial player in China if we do have more call for nationalism over the next couple of years? China recovery is going to be more of a V shape. You guys have given a lot of detail here. That is record time to stand up a pharma plant. And so, that's what we see right now. Hi, Nicole. We're assuming our stock price will stabilize and start coming back up. Construction, both in terms of real activity, if you will, but also especially the channel, just getting very cautious about carrying inventory, snaps very quickly on us. What's your decremental in second half? Moving to slide 4 with the results of the quarter. Well, I'd just say that our peak plan did not have things like wage freezes and cuts. That's that 15-ish-plus percent... P7 for him is April [indecipherable] period. If we're all going to be that worried, you might as well jump the water right now. Certainly, key leading in was obviously China. Turning to slide 13, we will review the updated guidance. But I would say, as we fly out of this thing, incremental margins should be better for us. Frank also worked very closely with the finance committee, the chairman and several other members of the finance committee who are very knowledgeable of what's going on in the marketplace and he structured this very well at the time. The starting point for the bridge is 2019 GAAP EPS of $3.71. So, off the bat -- so announcer, since you wouldn't do live from Saturday Night Live, this is live from St. Louis. Shares of Emerson Electric (NYSE:EMR) moved higher by 0.5% in pre-market trading after the company reported Q2 results. So, Michael, to give you some context. Where you hiding? On chart 23, I wanted to give you a sense of the orders. And just as Lal mentioned, certainly, as we came out of the Chinese New Year, we had some challenges in the initial days, I'll say, but really by large we're back to running very normally in China and as are our customers and suppliers, and so we're hopeful that this is going to play out. And virtual meetings are taking place across the region and we have significant digital transformation wins as well. We'll take a look at that as we go forward here. But I like the pace right now. The other world areas, Europe, Asia and Middle East, will exceed their plans, but the Americas particularly, will be challenged therein. Automation Solutions underlying sales were down 8% and trailing three-month orders were down 1%, also well below initial expectations due to the pandemic demand environment taking shape in March. Additionally, upstream projects are still moving forward with limited new awards in international markets, and projects in execution are progressing, leveraging digital tools for remote collaboration for engineering and acceptance tests. We have a very strong position in oil and gas. And lastly, in Latin America, we have seen a significant impact, particularly in Mexico. You should be safe because you don't make $100,000. So, I wanted to give you understanding of why the order held up. Nothing right now -- I'm more interested in stabilizing and then recovering. And I certainly want to extend a special thanks to that group. There will be $230 million in '20, and then another $83 million in '21. There's a lot of things that have been stopped and slowed down. Around 84% of the Commercial Residential Solutions employees are still going to work every day at the site because that's what we need to do to produce and ship our product. So a bit of a flip-flop. So, it's going to take a little time. We reallocated Branson, makes welding equipment, that makes the mask around the world and testing equipment. Trailing three-month underlying orders were down 1%, driven by the early quarter relative strength of the longer cycle businesses, Final Control and Systems, which grew 3% and 7% respectively. Good morning, everybody. One being the North America impact, which is most significant in the third quarter, accelerates from March into Q3, and the book-to-ship businesses impact. This incremental planning packs an additional 1,100 individuals and results in $40 million of savings in the year. In the testing realm, our Coriolis meters are being used for the precise filling of reagents and testing equipment. Do they have the money? Thermo Fisher, an important customer of ours, needs refrigeration for some of their COVID test stations -- some of the testing environment and we're able to supply a number of those quickly. I think the gas capital investments will probably be a little bit slow recovering back. This is a very GP oriented plan, so driven heavily by factory activities, automation and other programs. This is in response to a positive response of one of their drugs in COVID-19 treatment. Still continued challenges in Q3 and then we'll watch how things develop, including a lot of the external factors around the COVID virus as far as what's going to dictate for 2021 outlook. Oh, OK. Again, despite the fact that the second quarter changed significantly in the last weeks. This offering involves control as well as hygienic valves and single use instrumentation. Many projects -- a lot of these affect buildings, a lot of these affect bus and rail where we have air conditioning and refrigeration. Since Q2 Earnings Report EMR 30.4%. I think you're going to see -- the only laggard we see probably early on will be the liquids side on the new contract -- the new business. If people get back to work, if there's a vaccination, or this kind of thing, second half of next year could be a very exciting second half for us. If you look back at the last industrial recession, we're well over $1 billion. I think we'll see an acceleration over time from liquids to gas. But that's how we see it right now. The first time they did this, they were all destroyed during a layover due to freezing, and so they contacted us on a Sunday for a Monday shipment. In the meantime, we're going to do everything we can to keep things safe. One of the other things is clearly North America. There's certainly talk about replacement, but about 85% of our business is oriented at replacement anyway. Honeywell has been involved with making masks. And I'll let Lal and Bob talk about this. Now, if you look at the 2021 numbers, those are directional only. And you can see again, we had a very strong 2018 in China. They've come in quite a bit since then. But we've done a lot of work here, thinking about what our investors would like to know about what's going on inside Emerson and what we see day-to-day, which clearly is fluid, but we as a team are working very quickly to react to this. So, we see these as a proxy. And a lot of it is because nobody just -- nobody really knows what to expect. It was very much financial oriented. Du kan også vælge 'Administrer indstillinger', hvis du vil have mere at vide og for at administrere dine valg. Everybody is tight on cash right now. And so, I think that -- so what we're factoring in the US right now is a very, very weak third and fourth quarter. So, therefore, they're going to have to spend KOB3 type of dollars and a little bit of KOB2 dollars. Walking across, we have 2019 adjusted EPS of $3.69, which excludes $0.14 of favorable discrete tax items and adds back $0.12 of restructuring. Yeah. The predominant additions were MODEC FPSOs, three ships; Asia petrochemical jobs, predominantly in China; and BHP job in the Gulf of Mexico. And hence, being together allowed us to make some adjustments much faster. Få mere at vide om, hvordan vi bruger dine oplysninger i vores Fortrolighedspolitik og Cookiepolitik. And I don't -- we don't see that type of recovery in the other markets. I'm just curious like where you stand today month-to-date or quarter-to-date versus that number. And then, yesterday, we had the audit committee meeting. However, across Asia, customers are resilient and anxious to do business, but the restrictions are prohibitive at times on the sales side. I think Elizabeth Warren is going to erect a guillotine and start taking out anybody over $100,000, but I digress. Have you found your definition of what low-cost facilities are in this environment, given this fracturing of global supply chains that people talk about? You too. I'm evaluation an organization, which ones are rising to these challenges, which ones have the right stuff and which ones are bunkering. You can see, we went down 10s and 20 percents and four quarters and then had a pretty sharp snapback in 2010. Our rest of business, we've continued to diversify on, and both Lal and Bob will talk a little bit about this. Emerson Electric Co. EMR is set to release second-quarter fiscal 2020 (ended March 2020) results on Apr 21, before market open. And that productivity impact is very, very hard to overcome. Du kan give Verizon Media og vores partnere lov til at behandle dine personlige data ved at vælge 'Jeg accepterer'. Please go ahead. Dividends. I thought a little more is going to be pushed into kind of '21? So, I want to turn it back over to Pete. Yes. And I know Lal and Bob will provide some insights on that in a moment. There are some differences, I think, in this one. So, in that event, they freeze quickly. You've got some colors in North America. What we've seen recent announcements by the majors cutting CapEx down 22% versus '19, those kinds of ranges, it is important to note that, here in North America, it's a heavily concentrated space. About $330 million of total actions, 500 salaried headcount actions on only about 8,000 salaried headcount in this business. And, obviously, as we've seen in every other structure time like this, our liquid business will be less and our other business will be higher. So, what I'm showing here is our sales outlook for this year into next year. 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