But what we're looking at here in the US is a completely different cycle and Europe a completely different cycle. The Algorithm predicts "% Predicted Move After Earnings Announcement" (PMAEA) for EMR three weeks prior to earnings … Thanks, David. We'll get that out for everybody, Joe. That is record time to stand up a pharma plant. So, again, in sum, I think we're in very, very good shape regarding liquidity. We are very much a book-to-ship business. And at that point in time, we're structuring our costs accordingly. The North Sea has been depressed for a long time. And lastly, we have developed targeted competitive displacement programs as many of our peers have extended product lead times 8 weeks to 10 weeks or longer as they lack the regional manufacturing footprint capability. That was an easier name to pronounce. Andrew Obin -- Bank of America -- Analyst. And to help you bridge between the February meeting and what we see today as a business, we had approximately $135 million that we booked out of the funnel since February. Darius and I actually talked several times on this issue to make sure they got equipment. And I must give our global Emerson team, who are likely listening into today's call, a big thank you for their collective efforts in working with customers, suppliers and governments to keep these critical industries running -- running when it's needed most. Tim is holding my Rally Monkey and my Stan Musial bat and making sure that it doesn't get coronavirus. So, Joe, I think it's going to be an international market. Certainly, key leading in was obviously China. And it is the liquids and the gas side that I would worry about, which is about 20% of the total business. I think the gas capital investments will probably be a little bit slow recovering back. So, I just wanted to ask about margins in the second half of the year. I am not used to supporting stuff [Phonetic]. But safety is paramount to what we're doing, and we've got our top, top people on this thing. So, we're looking at the US as far more negative, far more muted and much more, I would say, a U-shape type of structure. But it's really that America impact... And Europe, we're getting a lot of medical bookings because that's... A lot of medical, a lot of life science, David, and oil and gas. The deleverage is only 15%. There won't be any business left if we wait for a vaccine. Emerson Electric Co. (NYSE:EMR)Q2 2018 Earnings CallMay 01, 2018 2:00 pm ETExecutivesTim Reeves - Emerson Electric Co.David N. And that's also, we anticipate, being a key as far as coming out of it as they work on stimulating the economy. So, that really paid off. Adjusted EBIT and adjusted EBITDA margins, which exclude restructuring and related costs, increased 240 basis points and 300 basis points respectively. You'll see in the slide here, another conversation I had with the executive board a couple of weeks ago, we made a decision at the OCE level that we -- at the board level of the OCE, we took a 15% base salary cut effective April 1, which is now in place. I'll leave it there. Our isolation has really dropped off right now. Thanks, Bob. He's getting food right now. It's frustrating. And thanks, everybody. You know that. Again, I think we don't expect to see the US go down as hard as China did, but we expect to see it stay down longer. Earnings; Emerson Q2 Profit Plunges 62%; CEO Talks Divestments. As we sit here today, we're still working some major issues. Emerson Electric (NYSE: EMR) releases its next round of earnings Tuesday.Here's Benzinga's essential guide to Emerson Electric's Q2 earnings report. Three large projects remain in the funnel. That results in Q4 being down in the 8% range and 2020 being down in that 7% midpoint range. We analyze the earnings along side the following peers of Emerson Electric Co. – AMETEK, Inc., General Electric Company, Honeywell International Inc., ABB Ltd. I know it's a lot of material. These figures are adjusted for non-recurring items. I don't know how they're going to recover here for a while. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Thank you very much, Pete. As I went around the horn with my world area leaders yesterday, it was clearly a North America challenge, significantly more so than anywhere else. But you look at this, we're looking at a pretty strong negative third quarter, down 14% underlying growth, plus or minus probably 2 points. But they're obviously higher now because we have more savings and we're trying to accelerate. Thanks, Dave. So, we've taken actions and we fundamentally believe we'll stabilize by the time we get into June. And that's where we are right now. Emerson Electric (EMR) came out with quarterly earnings of $0.89 per share, beating the Zacks Consensus Estimate of … It dropped a little bit upstream, but it didn't go away. Two things, David. Thanks. And Europe doesn't look as bad. So, the costs are going up, but the savings are going up at the same time. Operating cash flow was up 7 percent to $533 million. One of the other things is clearly North America. One of the things we've done over the years, as you well know, is we've continued to diversify the company. Well, the real impact started in the last two-and-a-half weeks in March. Next question comes from Joe Ritchie from Goldman Sachs. So, very broad set of offerings that support the response that's occurring around the world. And the fourth quarter, obviously, is a step up sequentially on an EPS basis. Thank you. Yahoo er en del af Verizon Media. I hope everyone is staying safe and healthy. So, Dave, just -- I guess, my first question, when you think about that 14% number, organic decline in the third quarter, can you just talk about April specifically? So, we're going to be in this game here, I think, for the rest of this year. And certainly under ideal conditions, if you will, or under the right conditions, perhaps even turning positive in the fourth quarter. The US still held pretty closely around 3% down. Understand that maybe upstream CapEx is definitely a laggard that Lal had called out, but maybe any other color across the two platforms of the slope of end market trajectory? Thank you. So, incremental would be about $140 million something. You're going to be close to 30%? And depending on the sell-through picture, that can come back quickly as well. So, when you think about then the US, as we progress through the year, it's really hard to know exactly how the shape of the recovery is going to be. So, they really had to jump on this thing very early on in February and March. 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. And this is where CEOs around the world, who I call frenemies, work very closely together to get things done for the nation and for the world. Second half restructuring will be $118 million, with combined savings in the second half of $186 million. We are properly spread out, as you guys know, in this office complex. So, we'll have a negative number based on right now in the second half of the year. I've watched politicians and business leaders, business leaders with business leaders, there's been a lot more collaboration than the press would ever, ever, ever talk about. Emerson provides critical infrastructure products and essential services. In the first half, we spent $112 million, including $83 million which we spent in Q1, and that was prior to our February meeting in New York. They came to us in early February long -- and basically saying we need to start taking action. It's amazing what comes up on a daily basis, but being together allows us to walk down the hall, properly stay apart from each other -- other than every once in a while, they may scream at somebody. $27 million of scope change occurred and we added approximately $270 million to the funnel. Hopefully, we'll be able to see everybody. This is a very GP oriented plan, so driven heavily by factory activities, automation and other programs. So, I think they're looking long-term gas opportunity still as a dynamic they want to continue to fund. So, we're just making some tough choices right now on positions that we hope to at least be able to work -- have without for at least a year or so to get the payback on it. I think that, right now, we started -- the team started working extremely hard about March 10. It improved when the Fed stepped in and announced a couple of programs to indirectly and directly support the commercial paper market. Good morning, Dave and team. They have a plant running up in Rhode Island. We held SG&A in line with sales, even though, again, sales dropped by about 5% just in the last weeks, and that was certainly a strong effort. The OCE, the senior executives and all of the world area people that have been engaged and are working this on the daily issues. So, don't worry about it. No, I'm just saying this is a pretty comprehensive conference call you're having here. Market data powered by FactSet and Web Financial Group. Q2 ended very differently than what we thought, starting with China downturn in February, a delayed coming out of Chinese New Year, and then going into March as we'll talk about. The platform delivered strong profitability in a very challenging demand environment. And I'll have more comments on this in a second. You were fixing yourself some dinner? So, again, at this point, we're buckling down for a very challenging quarter that we're in. I think you're going to see a structural change in the power industry. Commercial and Residential Solutions underlying sales were down 5%, also reflective of the deteriorating demand environment with COVID-19. It's happened pretty quickly. If you recall, last time we were together was our investor meeting on February 13. But with that, I want to thank everybody in the situation room here and I want to thank everybody around the world that is listening to us from Emerson and now we're going to open the lines and take Q&A, and we'll start. This has been one of our strategies from day one. And he'll get dollar-for-dollar savings over pretty quickly on that. You'll still have some savings. So, he'll probably have another $80 million for the whole year next year. Cancellations have predominantly occurred in North America. So, that's nothing new. I don't know if I'm going to want you talking to me. Let's turn to chart 30. Welcome to … So, nobody wants to release orders until they're getting paid by their customers, and our channel is in that same condition as well. People know me quite well. So, typically, when I think about the two segments, the downstream refining and the upstream oil and gas, I believe they have different economic cycles. Robert T. Sharp -- Executive President, Emerson Commercial & Residential Solutions. Frank and his team, I have to give tremendous kudos to accomplishing what they've done. Don't get used to that either. Let me ask you about China just in the context of, obviously, down 20% in AS in Q2 and 30% in C&RS. What's your decremental in second half? Obviously, you don't stop supporting the KOB3 piece and you still have a lot of breadth and depth there. Shares are up 20.7% since reporting last quarter. And there are no financial covenants in the revolver. So, how much did you use China as a road map for COVID-related impacts across the rest of the company when you're thinking about your guidance? Three large projects remain in the funnel. The channel partners we have in China have strong visibility on projects. Approximately $900 million of jobs have shifted to 2021. Thank you for all... Good morning, Rob. We've unfortunately had one individual, part-time worker in England pass away, a guy. So, in that event, they freeze quickly. So, Lal, anything you want to add? Thank God. In the last weeks of March and early April, we saw a multitude of states in the US and multiple countries around the world implement these orders. You can see, we went down 10s and 20 percents and four quarters and then had a pretty sharp snapback in 2010. And then, also want to thank the global operations. I also want to thank the audit committee and the work that our head of audit, Lisa Flavin, who runs audit for us here inside, work on an enterprise risk strategy which analyzes this chart and making sure that it works, and it has worked as we've gone through this strategy. Before Mike has a comment about the battles he has been fighting around the world, I want to remind people on chart 20 for the new sell side or investors out there. This year, our first half adjusted EPS totals $1.56, which is approximately 50% of the full-year EPS guidance, well ahead of normal pace. I ran the process business back in 1996, 1997 when we had the financial crisis of Asia and the price of oil went below $10. Emerson Electric Co. has confirmed Earnings date and time. Our rest of business, we've continued to diversify on, and both Lal and Bob will talk a little bit about this. However, we also continue to diversify ourselves against -- away from this marketplace and still support it. Yeah. The opening slide I want to share with you. The near-term demand in China is relatively strong as the economic stimulation takes hold, and I'll show you the specific details on a monthly basis on China. So, Michael, to give you some context. You can see the peak plan summary. And then, things are really going to turn, whether it's the US and Europe in particular, down significantly in the second half. Please turn to slide 14 which bridges our updated 2020 adjusted EPS guidance. The acceleration in orders in the second half is driven by oil storage. So, the big savings for Lal is going to be in the second half, and then will go into the first quarter next year. So, the next question? In the bottom left, the cold chain business. He likes home quarantine. Okay. We have the financial flexibility and capabilities to do that going forward. We had a major restructuring program under way already in 2020. Now, the one thing that Bob has historically is he has snapped, as he has a chart, he shows, historically, maybe by the third or fourth quarter of next year, he could see things accelerating. North America is very challenged. So, we look at that 14%, we go plus or minus 1.5%, most likely it's going to be around 14%, 15%. And so, I think that -- so what we're factoring in the US right now is a very, very weak third and fourth quarter. The oil and gas markets -- clearly, upstream oil and gas, the pipelines and terminals -- even pipelines and terminals right now is a questionable market. So, in any event, expanding upon Mr. Tusa's excellent inquiry, as always, I wanted to ask a little bit about the underlying cadence of at least the near term. What did you tell the board spend on '21? I asked Frank to talk to the shareholders this morning about this issue. Vi og vores partnere opbevarer og/eller har adgang til oplysninger om din enhed via brugen af cookies og lignende teknologier for at vise personligt tilpassede annoncer og personligt tilpasset indhold, til måling af annoncer og indholds effektivitet, til indsigt om målgrupper samt produktudvikling. And given the CEO that runs this company, you guys know me pretty well. We've got a couple of charts here on Emerson's support in the fight against COVID-19. The fact that Honeywell is opening a mask plant in Rhode Island, a mask plant in Arizona, the fact that we're seeing some first vaccine production that we're working on right now and going after is going to be in the United States. If we're all going to be that worried, you might as well jump the water right now. North America is very challenged. Is that mostly because of the expected China recovery? Q3 Earnings for Jul, Aug & Sep Tue, Nov 3, 2020 Since Q3 Earnings Report EMR 20.4%. Lal's business is probably a little bit better than that. Of note, backlog grew by 3% to nearly $5.1 billion on a sequential basis compared to the last quarter. We are growing double-digit. And then, up above, you can see in Q3 and Q4. So, the key issue, the big wildcard for us right now of substance is the US, going back to my comments with Rob. Rig count is down 35% in Western Texas in the last 30 days and our RFQs in the upstream business is down about 20%. ET. GAAP earnings per share were $0.84, up 11 percent versus prior year. You want to pronounce your last name for this guy. 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