Two big process automation providers, Invensys plc and Emerson Electric, issued financial reports this week that showed a continuing sag in orders and yet some signs of a possible turnaround in 2010.
For the first six months of its fiscal year ended Sept. 30, 2009, Invensys reported revenue of £1.06 billion, down 2% from the year-ago period.
Operating profit slid 15% to £102 million in the period. Despite the shifting sands of an unstable economy, Invensys’ three divisions — Rail, Operations Management, and Controls — appear to be starting to stabilize, according to Invensys CEO Ulf Henriksson.
Rail helped cushion the top-line decline, increasing sales 9% to £335 million. The Controls division, which manufactures heating, cooling, and refrigeration components, saw just a 1% decline in orders this period, signaling a stabilization of demand in North America and possibly some European countries, the company said.