Posted August 2, 2011
Emerson sales climb 16%
Emerson announced that net sales for the third quarter were $6.3 billion, an increase of 16 percent from the prior year quarter.
Sales in the U.S. grew 6 percent and international sales increased 13 percent, including 15 percent growth in emerging markets. Net earnings were 90 centsper share, increasing 17 percent compared to 77 cents last year.
"The industrial-led recovery will continue, although the pace and momentum have slowed, with a weakening trend in general business conditions in the U.S. and Europe in June and July and confidence within the business community dampening," the company said in a prepared statement.
Industrial Automation sales grew 24 percent during the quarter. Segment margin improved to 16.6 percent, up 220 basis points from 14.4 percent in the prior year quarter, driven by volume leverage and cost reductions.
Tools and Storage sales grew 4 percent in the quarter. Residential end markets remain weak and their forecasted recovery continues to be pushed out. Segment margin declined 70 basis points to 20.2 percent, as increased material prices and unfavorable product mix were only partially offset by higher selling prices.
