Emerson Chairman and CEO Farr: Impact Of Tax Reform “Cannot Be Overstated.”
The St. Louis Post-Dispatch reported that Emerson Chairman and CEO David Farr announced on Tuesday that the company reported “a net profit of $394 million during its first fiscal quarter, up 25 percent from the prior year period.” Farr also said that “revenue is expected to be up 11 to 13 percent for 2018 due to the company’s strategic repositioning and new federal tax law.” In a statement, Farr added, “The positive impact of tax reform in the US cannot be overstated. The legislation levels the global playing field for US companies and will drive our economy by encouraging capital investment and ultimately leading to growth of jobs and wages.” He adds, “We expect increased capital formation to have a favorable impact on Emerson’s growth over the next few years as US companies bring home cash and invest in US manufacturing.” In addition, Farr said Emerson “continues to evaluate employee wage and benefit improvements to ensure Emerson remains competitive in a growing economy,” adding that “we plan to implement these changes over the next few months.”
During the most recent quarter, Emerson agreed to acquire Connecticut-based Cooper-Atkins, a leading manufacturer of temperature management and environmental measurement devices and wireless monitoring solutions for food service, health care and industrial markets. Terms of the deal, which closed in mid-January, were not disclosed.