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.