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by Diane Himes, MA Editorial Staff
Posted on Tuesday, February 06, 2007 6:00:00 PM Sign Up to receive Daily News Alerts in your E-mail Inbox    | Abstract: | First-quarter sales for the process automation and power system specialist were up 11% year over year to $5.1 billion, along with a 15% increase in earnings per share. |
| Keywords: | Process Management, Emerson Electric, Industrial Automation, PlantWeb, control systems, first quarter, financial results, revenue, earnings per share |
Industrial automation powerhouse Emerson Electric today reported double-digit increases in both sales and net income for its fiscal 2007 first quarter. The company also predicted that full-year reported sales growth would range between 8% and 11%. Net sales for the quarter ended Dec. 31, 2006, jumped 11% year over year to $5.1 billion. Net earnings likewise increased 12% to $445 million, with earnings per share of 55 cents, a 15% increase over the same period last year. This quarter marked the first time in Emerson's history that international sales accounted for more than 50% of total sales. Total underlying growth in the U.S. was down 2% due to weakness experienced by Emerson's Climate Technologies segment, where sales were down 8% for the quarter. Company officials attributed the comparative weakness to North America's residential air conditioning market, where sales in the first quarter of fiscal 2006 were exceptionally strong due to an industry-wide conversion to new energy efficiency standards. [Click to continue] |
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