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EMR Emerson Electric Co.

120.28
1.34 (1.13%)
14:10:18 - Realtime Data
Share Name Share Symbol Market Type
Emerson Electric Co. TG:EMR Tradegate Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  1.34 1.13% 120.28 119.10 120.02 120.54 119.88 120.24 383 14:10:18

Emerson Electric Expects Slow Recovery To Hold Down '10 Sales

05/05/2009 9:24pm

Dow Jones News


Emerson Electric (TG:EMR)
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Emerson Electric Co. (EMR) said Tuesday its sales could fall by 10% next year, as end-market demand recovers slowly in Europe and North America.

Emerson reported a 32% drop in fiscal second-quarter earnings on slumping sales. The St. Louis-based maker of industrial-automation equipment, power systems and heating and cooling gear has repeatedly warned of deteriorating business conditions in recent months and has aggressively reduced its inventories and its work force in response.

Chairman and Chief Executive David Farr said the doesn't expect a full recovery in the business to occur until 2011.

"We'll be facing some very challenging times for most, if not all, of 2010," Farr said during a conference call with analysts. "North America and Europe are two very challenging market places right now. I believe Europe will be down longer" than the U.S.

Nevertheless, Emerson reaffirmed its 2009 earnings outlook of $2.40 to $2.60 per share. The company also said it expects its operating margin for the year to be about 15.7% as expense cuts and inventory reductions begin taking effect later this year. Operating margin in the fiscal second quarter was 14.1%, down from 16.4% a year earlier.

"Management is taking the necessary actions to strengthen this company," Farr said. "Our focus is to make the company stronger."

In the quarter ended March 31, Emerson reported a profit of $373 million, or 49 cents a share, down from $547 million, or 69 cents a share, a year earlier.

The company said higher restructuring expenses hurt the most recent results by 4 cents a share. The previous year's results included a 6-cent loss from discontinued operations. Revenue fell 16% to $5.09 billion, nearly one-third of which was due to the stronger dollar. Wall Street analysts expected earnings per share of 53 cents on $5.09 billion in revenue. Shares of Emerson were recently down 2.03% at $36.59 a share. The stock has rebounded from a five-year low in March.

-By Bob Tita, Dow Jones Newswires; 312-750-4129; robert.tita@dowjones.com

(Joan E. Solsman and Kerry E. Grace contributed to this report.)

 
 

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