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by Stephanie Neil, MA Editorial Staff
Posted on Friday, February 09, 2007 5:05:00 PM Sign Up to receive Daily News Alerts in your E-mail Inbox    | Abstract: | Revenue was up, orders were down for the automation company, but the Process Systems group managed to post strong numbers in the third fiscal quarter. |
Automation systems provider Invensys plc reported tepid fiscal third-quarter results yesterday, and attributed much of the malaise to decreases in its residential controls business and foreign exchange rates that negatively impacted revenue. For its third quarter, ended Dec. 31, 2006, Invensys reported revenues from continuing operations of £637 million, up just 4% over the £611 million reported in the same period last year. Orders received from continuing operations dropped 4% year over year to £630. Net profit came in at £42 million, which compared to a £3 million loss for the fiscal 2005/06 third quarter. The company is "normalizing," according to Invensys executives, as it moves away from exceptional restructuring costs that have plagued the company's turnaround bid. Amidst the lukewarm results, a bright spot for Invensys in the quarter was its Process Systems group, which experienced a 9% increase in orders, pushing the total to £218 million. [Click to continue] |
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