first quarter 2020 earnings conference call€¦ · adj eps* 2020 adj eps* ($0.26) 2020 eps...

1

First Quarter 2020Earnings Conference Call

February 4, 2020

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Safe Harbor StatementOur commentary and responses to your questions may contain forward-looking statements, including our outlook for the remainder of the fiscal year, and Emerson undertakes no obligation to update any such statements to reflect later developments. Factors that could cause actual results to vary materially from those discussed today include those provided in our most recent Annual Report on Form 10-K and subsequent reports filed with the SEC as well as the outcome and ultimate impact of the Board of Directors Review of Operations, Portfolio and Capital Allocation announced on October 1st, 2019.

Non-GAAP MeasuresIn this call we will discuss some non-GAAP measures (denoted with *) in talking about our company’s performance, and the reconciliation of those measures to the most comparable GAAP measures is contained within this presentation or available at our website www.Emerson.comunder Investors.

http://www.emerson.com/

Q1 2020 Results

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2019 2020

First Quarter 2020 Results

ADJUSTED EPS*, WHICH EXCLUDES RESTRUCTURING AND RELATED CHARGES,WAS IN-LINE WITH NOVEMBER GUIDANCE OF $0.67 FOR THE QUARTER

Underlying sales* were flat; Dec 3-month trailing underlying orders +1%

– Automation Solutions +1% underlying sales*; Dec 3-month trailing underlying orders +2%

• Growth somewhat below expectations driven by weakness in North America upstream oil & gas and global discrete markets

– Commercial & Residential Solutions (1%) underlying sales*; Dec 3-month trailing underlying orders (1%)

• Growth and profitability in-line with expectations; Softer conditions in professional tools and cold chain somewhat offset by growth in Asia

Initiated $97M of restructuring actions in the quarter

– Combined with incremental $35M from 2H of 2019, supports second half margin improvement

Solid cash flow generation

– Operating cash flow increased to $424M, up over $100M versus prior year

– Free cash flow* increased to $310M, up over $140M

SUMMARY EPS

EPS

$4.15B $4.15B

ADJ* $0.75 $0.67

NET SALES

flat

Underlying Sales*: flat

4

T3M Orders, Excl. Acq / Div, Incl. FX

Oct (5) to 0%

Nov (5) to 0%

Dec 0%

11%

GAAP $0.74 $0.5328%

2019 2020

First Quarter 2020 P&L Summary

35

Positive price-cost offset by unfavorable business

and regional mix

In line with guidance of $0.67 for quarter

Includes 150 bps unfavorable stock compensation

due to higher stock price

Includes 220 bps unfavorable stock

compensation, pension charges, and FX

transaction losses. Excluding those items, strong

operating leverage due to prior year restructuring

actions

Restructuring and related costs of $110 and $10

are excluded from 2020 and 2019, respectively

Higher pension costs driven by lower interest rates

($M EXCEPT EPS) 2019 2020 Change

Sales $4,147 $4,151 flat

Gross profit $1,761 $1,759 flat

% of sales 42.5% 42.4% (10) bps

SG&A expense ($1,077) ($1,123)

% of sales 26.0% 27.1% 110 bps

FX transactions $4 ($11) ($15)

Amortization and other ($44) ($57) ($13)

Adj EBIT* $644 $568 (12%)

% of sales* 15.5% 13.7% (180) bps

Adj EBITDA* % of sales 20.4% 18.7% (170) bps

Tax Rate 20.9% 22.2%

Shares 627.8 614.1

Adjusted EPS* $0.75 $0.67 (11%)

6Emerson Confidential

First Quarter 2020 Underlying Sales

Total Europe, flat (Western Europe +2%)

Americas, (2%)

Asia, Middle East

& Africa, 6%

Underlying sales* flat

Acquisitions, net 1 pts

FX impact (1) pts

Net sales flat

UNDERLYING SALES CHANGE

DEMAND IN NORTH AMERICA WAS BELOW EXPECTATIONS, PRIMARILY IN UPSTREAM OIL & GAS AND SHORT CYCLE DISTRIBUTION CHANNELS

6

Weakness in North America was

largely offset by strength in Asia,

Middle East & Africa

6

First Quarter 2020 Business Segment Earnings & Cash Flow($M) 2019 2020 CHG.

Adjusted Segment EBIT* $654 $640 (2%)

% of sales* 15.8% 15.4% (40) bps

Stock compensation $7 ($56) ($63)

Corporate pension and OPEB $27 $13 ($14)

Adj. corporate and other* ($44) ($29) $15

Interest expense, net ($43) ($35) $8

Adjusted pretax earnings* $601 $533 (11%)

% of sales* 14.5% 12.8% (170) bps

Operating cash flow $323 $424 31%

Capital expenditures ($155) ($114)

Free cash flow* $168 $310 85%

Trade working capital $3,063 $3,141

% of sales 18.5% 18.9% 40 bps

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94% conversion of net earnings*

Includes 40 bps unfavorable FX and

40 bps unfavorable business and regional

mix due to lower North America sales

Weaker than expected December resulted in increase in ending inventory, from lower sales than expected as Q1 began

First Quarter 2020 EPS Bridge

Stock Comp

& Pension

Operational

Performance

FX

Impact Share Repo,

Interest

2019: 20.9%

2020: 22.2%

Increase due to

higher stock

price and lower

discount rates

Q1’19

Adj

EPS*

($0.13)

Q1’20 EPS Headwind

Restructuring

Charges

Adjusted EPS* $0.67, GAAP EPS $0.53

Net and underlying sales* flat

Stock compensation and pension costs higher

Tax Rate

Q1’19

GAAP

EPS

Q1’20

Adj

EPS*

Q1’20

GAAP

EPS

Restructuring

& Related

Charges

HEADWINDS WERE IN LINE WITH EXPECTATIONS; OPERATIONS DELIVERED EPS IMPROVEMENT ON LOWER SALES

8

Adjusted EPS* $0.67 +/- $0.02

Net sales growth ~1%, underlying* 1-2%

Higher stock compensation and pension costs

ResultsGuidance

~7% GROWTHOPS & B/S

✓

✓

Business Platforms

10

First Quarter 2020 Automation Solutions

MARGINS IMPACTED BY UNFAVORABLE BUSINESS MIX AND FX. EXCLUDING THOSE IMPACTS, THE BUSINESS DELIVERED SLIGHTLY IMPROVED ADJUSTEDSEGMENT MARGIN ON LOWER-THAN-EXPECTED SALES

• North America was down low single digits driven by upstream oil & gas softness. Total Europe down 1 percent driven by discrete market softness. Asia, Middle East & Africa growth up 6%, driven by infrastructure investment

• Long-cycle businesses showed steady growth; Final Control up 5%, Systems up 7% underlying*

• Restructuring actions totaled $83M across the platform

• Adjusted EBITDA margin* down 60 bps, driven by unfavorable impact of business mix in North America and FX transaction losses

• First quarter backlog increased 7% to $4.9B sequentially, compared to prior quarter

REPORTED NET SALES

2019 2020

$2,799M $2,852M


Oct 0%

Nov 0%

Dec 0 to 5%

2%

Underlying Sales* 1%

10

14.5% EBIT% 10.9%

Dec 3-month trailing underlying

orders were up 2%

UNDERLYING SALES CHANGE VS. PY

The Americas (1%)

Total Europe (1%)

Western Europe 3%

Asia, Middle East & Africa 6%

Automation Solutions 1%

FX Impact (1) pt

Acq Impact 2 pts

Reported Net Sales 2%19.3% Adj EBITDA%* 18.7%

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UNDERLYING SALES CHANGE VS. PY

Americas (3%)

Total Europe 1%

Western Europe flat

Asia, Middle East & Africa 5%

Commercial & Residential Solutions (1%)

FX Impact (1) pt

Div Impact (1) pt

Reported Net Sales (3%)

First Quarter 2020Commercial & Residential Solutions

GROWTH IN ASIA, MIDDLE EAST & AFRICA WAS MORE THAN OFFSET BY SOFTNESS IN NORTH AMERICA.

• Softness in North American HVAC markets persisted

• Asia, Middle East & Africa grew 5%, driven by Asian energy efficient heat pump demand

• Global professional tools and cold chain markets showed softness, each down mid-single digits

• Adjusted EBITDA margin* up 90 bps driven by favorable price-cost and benefits from prior year restructuring actions

• Initiated $10M of restructuring actions in the quarter

2019 2020

$1,338M $1,303M

Underlying Sales* (1%)

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17.7% 18.2%EBIT%

REPORTED NET SALES


Oct (5) to 0%

Nov (5) to 0%

Dec (5) to 0%

Dec 3-month underlying orders

were down 1%

(3%)

22.8% Adj EBITDA%* 23.7%

2020 Q2 and Full Year Outlook

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Fiscal 2020 Updated Outlook

RAISED ADJUSTED EPS GUIDANCE 7 CENTS AT THE MIDPOINT FOR THE BENEFIT OF $215 MILLION PLANNED RESTRUCTURING ACTIONS IN FISCAL 2020

13

Earnings Call

Nov 5, 2019

Updated Guidance

Feb 4, 2020

Net Sales Growth

Acquisitions impact

FX Impact

(3%) – 1%

Flat

(1%)

(2%) – 2%

Flat

Flat

Underlying Sales* Growth

Automation Solutions

Commercial & Residential Solutions

(2%) – 2%

(1%) – 3%

(3%) – 1%

No Change

GAAP EPS

Adjusted EPS*

Tax Rate

N/A

$3.48 to $3.72

~23%

$3.27 to $3.52

$3.55 to $3.80

~23%

Restructuring Costs / EPS Impact

Associated EPS Benefit

N/A

--

~$215M / ($0.26)

+$0.07

Operating Cash Flow

Capex

Free Cash Flow*

$3.1B

$600M

$2.5B

$3.15B

$650M

$2.5B

Macroeconomic outlook remains challenging

Includes $215M restructuring and ~$0.07 associated EPS benefit

Minimal net cash impact of restructuring actions

Restructuring by segmentAutomation Sol. $175MCommercial & Res. $35MCorp. $5M

Note: Guidance excludes any potential impact from the Coronavirus

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~7% GROWTHOPS & BALANCE SHEET

Fiscal 2020 Adjusted EPS Bridge

OPERATIONAL EXECUTION, LOWER DEBT COST & STRONG, FLEXIBLE BALANCE SHEET DRIVE ~24 CENTS OF EPS IN 2020 ON FLAT TO DOWN SALES

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$3.55 to $3.80

Midpt.

2019Adj EPS*

2020Adj EPS*

($0.26)

2020 EPS Headwind

Operational

Performance

FX

Impact

Share Repo,

InterestAdj 2019*: 21.6%

2020E: ~23%

Increase due to higher

stock price and lower

discount rates

2019EPS,

GAAP

Restructuring

ChargesDiscrete Tax

Benefits

Underlying Sales* Growth (2%) – 2%Automation Solutions (1%) – 3%

Commercial & Residential Solutions (3%) – 1%

Stock compensation up due to higher stock price

Pension costs up due to lower discount rates

Stock Comp &

Pension

Tax Rate

Includes impact of full year planned

restructuring actions of $215M

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Fiscal Second Quarter 2020 Guidance

ASSUMES NO IMPACT FROM CORONAVIRUS IN CHINA SALES OR ACROSS ASIAPACIFIC. TOUGH NORTH AMERICA COMPS CONTINUE TO DRIVE UNFAVORABLE MIX

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Q2 2020 Guidance

Net Sales (2%) – Flat

Underlying Sales* (1%) – 1%

GAAP EPS $0.75 +/- $0.02

Adjusted EPS* $0.81 +/- $0.02

Total Segment Adj. EBIT %* ~+20 bps

Total Segment Adj EBITDA %* ~+60 bps

Q2 Adjusted EPS Bridges

Q2’19 Q2’20E

GAAP EPS $0.84 $0.75+/- $0.02

Less: Discrete Tax ($0.02) --

Add: Restructuring +$0.01 +$0.06

Adjusted EPS* $0.83 $0.81+/- $0.02

Memo: Restructuring $ $10M ~$50M

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Automation Solutions

Commercial &

Residential Solutions

H1E H2E H1E H2E

Net Sales ~$5.8B ~$6.5B ~$2.8B ~$3.2B

Underlying Growth* ~0.5% ~+1% ~(1%) ~(1%)

Segment EBIT % – GAAP ~12.3% ~18.5% ~19.8% ~22.5%

Add:

Restructuring $125M $50M $20M $15M

Depreciation & Amortization $280M $290M $130M $135M

Adj. Segment EBITDA %* ~19.2% ~24.0% ~25.0% ~27.0%

vs. Prior Year ~Flat ~+150 bps ~+100 bps ~+100 bps

Fiscal 2020 Platform Expected PerformanceFirst and Second Half

ON FLAT UNDERLYING SALES, WE EXPECT STRONG SECOND HALF LEVERAGE DRIVEN BY H2 2019 AND H1 2020 RESTRUCTURING ACTIONS AGGRESSIVE COST RESET ACTIONS 16

- North America Mix

- Q1 FX Loss

+ PY Restructuring Benefit

+ Price-Cost

+ SG&A Control

+ Restructuring benefits ramp H2

H2 Margin ImprovementH1 Auto Sol Margin

Automation SolutionsCommercial &

Residential Solutions

This Model Assumes

Midpoint of Expected

Underlying Sales Ranges

– Flat Total Emerson

China Operations

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ESTIMATED RESUMPTION OF OPERATIONS

Emerson Operations in China:Safety is One of Our Core Values and We Will Not Take Chances

FISCAL YEAR 2019 SALES IN CHINA WERE ~$2.0B. EMERSON HAS NO MAJOR FACILITIES AND LIMITED SUPPLY CHAIN ACTIVITY IN HUBEI REGION

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XINJIANG

QINGHAI

NEI MONGOL

GANSU

NINGXIA

SHAANXIXIZANG

SICHUANCHONGQING

YUNNAN

GUIZHOU

GUANGXI

HAINAN

TAIWAN

HUNANJIANGXI

ZHEJIANG

FUJIAN

GUANGDONG

HONG KONGMACAU

Shanghai

SHANGHAI

Guangzhou

Chengdu

JIANGSU

ANHUIHUBEI

HENAN

SHANXI

SHANDONG

Beijiing

Shenyang

HEBEIBEIJING SHI

TIANJIN

LIAONING

JILIN

HEILONGJIANG

Major Emerson facility

Feb. 10 Beijing

Xian

Tianjin

Shenzhen

Zhuhai

Shanghai

Suzhou

Nanjing

Total Emerson Employees in China

10,700

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Emerson Operations in China:Safety is One of Our Core Values and We Will Not Take Chances

FISCAL YEAR 2019 SALES IN CHINA WERE ~$2.0B. EMERSON HAS NO MAJOR FACILITIES AND LIMITED SUPPLY CHAIN ACTIVITY IN HUBEI REGION

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Emerson has a total 60+ facilities and 10,700 employees in China

Emerson footprint and facilities are concentrated in the east near Shanghai and Beijing, south near Hong Kong and Guangzhou, and western parts of the country near X’ian --- limited presence in central Hubei Province

We expect to have limited visibility on actual impact to operations until after the “extended” Chinese New Year period ends – currently forecasted to February 10th, but could be extended

Key issues will be supply chain interruption, export recovery, and timing of customer factory restart

China supply chain ~$750M, of which ~$250M is for export

Expected initial impact to fiscal year 2020 2nd quarter: approximately $50-$100M

• Expect to recover most of this figure by end of fiscal year or by end of calendar year 2020

• Does depend on how customers re-initiate operations, and also how the supply chain recovers after inactivity for 2-3 weeks

Appendix

Reconciliation of Non-GAAP Measures

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This information reconciles non-GAAP measures (denoted with a *) with the most directly comparable GAAP measure. (dollars in millions, except per share amounts)

Q1 2020 Underlying Sales Change Auto Solns

Comm &

Res Solns Emerson

Reported (GAAP) 2% (3)% -%

(Favorable) / Unfavorable FX 1% 1% 1%

Acquisitions / Divestitures (2)% 1% (1)%

Underlying* 1% (1)% -%

Q1 2020E November 2019 Underlying Sales Change Emerson

Reported (GAAP) ~1%

(Favorable) / Unfavorable FX ~1%

Acquisitions / Divestitures ~ (0.5)%

Underlying* 1 - 2%

FY 2020E Underlying Sales Change Auto Solns

Comm &

Res Solns Emerson

Reported (GAAP) (1)% - 3% (4)% - 0% (2)% - 2%

(Favorable) / Unfavorable FX ~ - % ~ - % ~ - %

Acquisitions / Divestitures ~ - % ~ 1% ~ - %

Underlying* (1)% - 3% (3)% - 1% (2)% - 2%



22

Q2 2020E Underlying Sales Change Emerson

Reported (GAAP) (2)% - 0%

(Favorable) / Unfavorable FX ~ 1%

Acquisitions / Divestitures ~ - %

Underlying* (1)% - 1%

H1 2020E Underlying Sales Change Auto Solns

Comm &

Res Solns

Reported (GAAP) ~ 0.5% ~ (3)%

(Favorable) / Unfavorable FX ~ 1% ~ 1%

Acquisitions / Divestitures ~ (1)% ~ 1%

Underlying* ~ 0.5% ~ (1)%

H2 2020E Underlying Sales Change Auto Solns

Comm &

Res Solns

Reported (GAAP) ~ 1% ~ (2)%

(Favorable) / Unfavorable FX ~ - % ~ - %

Acquisitions / Divestitures ~ - % ~ 1%

Underlying* ~ 1% ~ (1)%



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EBIT Q1 FY19 Q1 FY20 Change

Pretax earnings (GAAP) $ 591 $ 423 (28)%

Interest expense, net 43 35 -%

Earnings before interest and taxes* $ 634 $ 458 (28)%

Restructuring and related charges 10 110 16%

Adjusted earnings before interest and taxes* $ 644 $ 568 (12)%

EBIT Margin Q1 FY19 Q1 FY20 Change

Pretax margin (GAAP) 14.2% 10.2% (400) bps

Interest expense, net % of sales 1.1% 0.8% (30) bps

EBIT margin* 15.3% 11.0% (430) bps

Restructuring and related charges % of sales 0.2% 2.7% 250 bps

Adjusted EBIT margin* 15.5% 13.7% (180) bps

Depreciation / amortization % of sales 4.9% 5.0% 10 bps

Adjusted EBITDA margin* 20.4% 18.7% (170) bps

Q1 Earnings Per Share Q1 FY19 Q1 FY20 Change

Earnings per share (GAAP) $ 0.74 $ 0.53 (28)%

Restructuring and related charges 0.01 0.14 17%

Adjusted earnings per share* $ 0.75 $ 0.67 (11)%

FY 2020E Earnings Per Share Q2 2020E FY 2020E

Earnings per share (GAAP) $0.73 - $0.77 $3.27 - $3.52

Restructuring and related charges ~ 0.06 ~ 0.28

Adjusted earnings per share* $0.79 - $0.83 $3.55 - $3.80



FY 2020E Midpoint Earnings Per Share FY 2019

FY 2020E

Midpoint Change

Earnings per share (GAAP) $ 3.71 $ 3.39 (9)%

Discrete tax benefits (0.14) - 4%

Restructuring and related charges 0.12 0.28 5%

Adjusted earnings per share* $ 3.69 $ 3.67 ~ - %

Business Segment EBIT Q1 FY19 Q1 FY20 Change


Corp. items and interest expense, net 53 124 13%

Business segment EBIT* 644 547 (15)%

Restructuring charges 10 93 13%

Adjusted business segment EBIT* $ 654 $ 640 (2)%

Business Segment EBIT Margin Q1 FY19 Q1 FY20 Change


Corp. items and interest expense, net % of sales 1.4% 3.0% 160 bps

Business segment EBIT margin* 15.6% 13.2% (240) bps

Restructuring charges % of sales 0.2% 2.2% 200 bps

Adjusted business segment EBIT margin* 15.8% 15.4% (40) bps

Pretax Earnings Q1 FY19 Q1 FY20 Change


Restructuring and related charges 10 110 17%

Adjusted pretax earnings* $ 601 $ 533 (11)%



25

Corporate and Other Q1 FY19 Q1 FY20 Change

Corporate and other (GAAP) $ (44) $ (46) (2)

Restructuring and related charges - 17 17

Adjusted Corporate and other* $ (44) $ (29) 15

Pretax Margin Q1 FY19 Q1 FY20 Change


Restructuring and related charges 0.3% 2.6% 230 bps

Adjusted pretax margin* 14.5% 12.8% (170) bps

Automation Solutions Segment EBIT Margin Q1 FY19 Q1 FY20 Change

Automation Solutions Segment EBIT margin (GAAP) 14.5% 10.9% (360) bps

Restructuring charges 0.2% 2.9% 270 bps

Automation Solutions Adjusted Segment EBIT margin* 14.7% 13.8% (90) bps

Depreciation / amortization 4.6% 4.9% 30 bps

Automation Solutions Adjusted Segment EBITDA margin* 19.3% 18.7% (60) bps

Commercial & Residential Solutions EBIT Margin Q1 FY19 Q1 FY20 Change

Com & Res Sols EBIT margin (GAAP) 17.7% 18.2% 50 bps

Restructuring charges 0.4% 0.7% 30 bps

Com & Res Sols Adjusted EBIT margin* 18.1% 18.9% 80 bps

Depreciation / amortization 4.7% 4.8% 10 bps

Com & Res Sols Adjusted EBITDA margin* 22.8% 23.7% 90 bps



26

Cash Flow Q1 FY19 Q1 FY20 $ Change % Change FY20E

Operating cash flow (GAAP) $ 323 $ 424 $ 101 31% $ 3.15B

Capital expenditures (155) (114) 41 54% ~ (650M)

Free cash flow* $ 168 $ 310 $ 142 85% $ 2.5B

Cash Flow to Net Earnings Conversion Q1 FY20 FY20E

Operating cash flow conversion (GAAP) 129% ~ 150%

Capital expenditures (35)% ~ (50)%

Free cash flow conversion* 94% > ~ 100%

Q1 2020 Underlying Sales Change Final Control Systems

Reported (GAAP) 5% 15%

(Favorable) / Unfavorable FX -% 1%

Acquisitions / Divestitures -% (9)%

Underlying* 5% 7%

2019 Quarterly Adjusted EPS Q1 Q2 Q3 Q4 FY19

Reported EPS (GAAP) $ 0.74 $ 0.84 $ 0.97 $ 1.16 $ 3.71

Reported Tax Rate 20.9% 22.3% 20.3% 12.3% 18.6%

Discrete tax benefits - (0.02) (0.03) (0.09) (0.14)

Restructuring Charges 0.01 0.01 0.03 0.07 0.12

Adjusted EPS* $ 0.75 $ 0.83 $ 0.97 $ 1.14 $ 3.69

Adjusted Tax Rate* 20.9% 24.2% 22.7% 19.1% 21.6%



27

References to underlying orders in this presentation refer to the Company's trailing three-month average orders growth versus the prior year, excluding currency, acquisitions and divestitures

References to underlying sales in this presentation exclude the impact of acquisitions, divestitures and currency translation.

References to trailing 3-month or T3M orders in this presentation refer to the Company's trailing three-month average orders growth versus the prior year, excluding acquisitions and divestitures

Business Segment EBIT Margin Q2 FY19 Q2 FY20E Change

Pretax margin (GAAP) 14.8% ~ 13.7% ~(150) bps

Corp. items and interest expense, net % of sales 2.1% 2.5% 80 bps

Business segment EBIT margin* 16.9% ~ 16.2% ~ (70) bps

Restructuring charges % of sales 0.2% 1.1% 90 bps

Adjusted business segment EBIT margin* 17.1% ~ 17.3% ~ 20 bps

Depreciation / amortization % of sales 4.2% 4.6% 40 bps

Adjusted business segment EBITDA margin* 21.3% ~ 21.9% ~ 60 bps

Automation Solutions Segment EBIT Margin H1 FY19 H1 FY20E Change H2 FY19 H2 FY20E Change

Automation Solutions Segment EBIT margin (GAAP) 14.7% ~12.3% ~ (240) bps 17.1% ~18.5% ~ 140 bps

Restructuring charges 0.2% 2.2% 200 bps 0.9% 0.9% - bps

Automation Solutions Adjusted Segment EBIT margin* 14.9% ~14.5% ~ (40) bps 18.0% ~19.4% ~ 140 bps

Depreciation / amortization 4.4% 4.7% 30 bps 4.3% 4.6% 30 bps

Automation Solutions Adjusted Segment EBITDA margin* 19.3% ~19.2% ~ flat 22.3% ~24.0% ~ 150 bps

Commercial & Residential Solutions EBIT Margin H1 FY19 H1 FY20E Change H2 FY19 H2 FY20E Change

Com & Res Sols EBIT margin (GAAP) 19.5% ~19.8% ~ 30 bps 21.6% ~22.5% ~ 90 bps

Restructuring charges 0.3% 0.6% 30 bps 0.6% 0.3% (30) bps

Com & Res Sols Adjusted EBIT margin* 19.8% ~20.4% ~ 60 bps 22.2% ~22.8% ~ 60 bps

Depreciation / amortization 4.3% 4.6% 30 bps 3.6% 4.2% 60 bps

Com & Res Sols Adjusted EBITDA margin* 24.1% ~25.0% ~ 100 bps 25.8% ~27.0% ~ 100 bps

first quarter 2020 earnings conference call€¦ · adj eps* 2020 adj eps* ($0.26) 2020 eps...

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