Automation technology and power specialist Emerson Electric reported an 11% jump in third-quarter sales today on the wings of a worldwide economic recovery, officials said.
The double-digit growth brought revenue for the period, ended June 30, to $5.6 million for the St. Louis-based provider of industrial automation technology. Emerson said underlying sales contributed 7% growth, with 3% from acquisitions and 1% from exchange rates. The bottom line fared even better, with net earnings attributable to Emerson surging more than 50% year over year to $585 million.
“Global markets continue to recover, at a slower pace than previous economic cycles, but in line with our expectations,” said David Farr, Emerson president and CEO, in a statement. “We expect this slow, but steady, recovery to continue for the next several years. We do not expect a double-dip recession in our end markets.”
Within the company’s own segments, fortunes diverged somewhat, particularly in Emerson’s Process Management and Industrial Automation divisions. Sales in the Process Management unit, Emerson’s largest, inched up 2% to $1.5 billion. In the Industrial Automation unit, sales soared 18% to $956 million, up from $813 million in the prior-year period.