Emerson ElectricEMR

01Test & Measurement sales increased $85, or 23 percent, reflecting strength in semiconductor and aerospace & defense Control Systems & Software sales increased 7 percent, reflecting strong demand in power

02Software & Systems sales were up 11 percent; underlying sales up 11 percent on 7 percent higher volume and 4 percent higher price Software & Systems adjusted EBITA margin was 31.8 percent Control Systems & Software sales increased 7 percent; Test & Measurement sales increased 23 percent

03Underlying sales were up 6 percent on 3 percent higher volume and 3 percent higher price Intelligent Devices margin increased 0.8 percentage points reflecting leverage on higher sales and favorable price less net material inflation

04Emerson's capital-light model converts high-margin software and instrumentation sales into durable free-cash generation, funding a predictable ~$2B annual return to shareholders while retaining flexibility for bolt-on acquisitions.