Emerson (NYSE: EMR) today reported results for the fourth quarter and fiscal year ended September 30, 2016. As a result of pending divestitures, results for our historical Network Power segment and for the Leroy-Somer and Control Techniques businesses previously included in our historical Industrial Automation segment are now being reported as discontinued operations. The financial tables included in this release provide Emerson's full reported results on the new continuing operations basis. Sections detailing Emerson's full reported results on that new basis for the fiscal year and fourth quarter can be found later in this financial release under "Reported Results from Continuing Operations." The results indicated below as "Results on an Adjusted Basis" include these discontinued businesses and exclude repositioning items and prior year divestiture gains. The Adjusted Basis results are being provided to facilitate comparisons with our results for the first three quarters of fiscal 2016, our guidance for fourth quarter and fiscal year 2016 and the prior year. Fiscal Year Results on an Adjusted Basis Fiscal year sales of $20.2 billion declined 9 percent as the Company faced difficult conditions in key served markets, which have continued for seven consecutive quarters. Underlying sales declined 6 percent excluding unfavorable currency translation of 2 percent and an impact from divestitures, net of acquisitions of 1 percent. The fourth quarter and full year results reflected the negative impact of low oil and gas prices, weak industrial and emerging market business spending, and global economic uncertainty. Sales were down in all segments and all regions. Despite significant deleverage on the sales reduction, fiscal year operating margin remained high at 16.9 percent, down only 40 basis points from the prior year. The ability to minimize decremental impact on margin was driven by the benefits from restructuring actions and solid margin improvement in the Network Power, Commercial & Residential Solutions and Climate Technologies segments. EBIT margin of 14.8 percent was equal to the prior year, while pretax earnings margin was 13.9 percent, down 10 basis points. As conditions remained challenging into the fourth quarter, full year restructuring expense totaled $112 million, which exceeded prior guidance of $90 to $100 million as we protect our profitability in preparation for a challenging 2017. Solid earnings conversion and improved trade working capital performance resulted in operating cash flow generation of $2.9 billion, or $3.1 billion excluding $179 million of separation costs. Adjusted earnings per share decreased only 6 percent to $2.98, as we quickly reacted to the continuing weak economic conditions with the appropriate level of restructuring actions and expense controls.