Emerson Electric today reported a 2% decline in sales and a 19% drop in net income for its first quarter, ended Dec. 31, 2008, demonstrating a fair amount of resiliency in a global market that has buffeted the automation industry.
Net sales for the quarter were $5.4 billion, down slightly from $5.5 billion a year earlier. In the United States, underlying sales — excluding acquisitions, divestitures, and foreign currency translation — declined 7% while international underlying sales rose 7%, including 10% growth in emerging markets, the company reported.
Net earnings of $458 million fell from $565 million a year ago.
Emerson’s Process Management segment performed well, turning in 8% sales growth to $1.55 billion, from $1.44 billion the prior year. Process Management earnings climbed to $302 million, from $258 million.