Emerson, Mitsubishi See Sales Declines

Both the process and discrete automation providers say the worst is behind them and hope for a gradual recovery in the months ahead.


Companies Mentioned
Posted on Feb 02, 2010

Automation vendors Emerson Electric and Mitsubishi Electric Corp. may excel in different industry segments, but their latest quarterly results have a similar ring. Both companies today reported year-over-year revenue declines, citing a dismal business climate.

For its first fiscal quarter, ended Dec. 31, 2009, process automation provider Emerson reported net earnings of $437 million on net sales of $5.0 billion, both down 7% from last year’s Q1.

Four out of Emerson’s five businesses saw sales decline in the quarter, with the Process Management and Industrial Automation groups experiencing the sharpest year-over-year slumps. Process reported $1.3 billion in sales, a 9% drop, and Industrial Automation slipped 21% to $876 million. Climate Technologies was the sole bright spot, with sales up 13% to $784 million.

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