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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.94 | 0.79% | 119.88 | 119.56 | 120.24 | 120.54 | 119.88 | 120.24 | 337 | 09:37:50 |
DOW JONES NEWSWIRES
Emerson Electric Co. (EMR) posted a 19% decrease in fiscal first-quarter net income amid a prior-year gain as sales slipped and results were hurt by widespread weakness in the U.S. consumer and residential markets, leading the company to lower its outlook for the year.
Emerson, like many other industrial companies, has been focusing on cost cutting and said in November it was bracing for difficult global conditions overall this year, though it doesn't expect to get a clear reading on the global economy until March or April.
Emerson now sees 2009 per-share earnings of $2.70 to $2.95 with sales declining 5% to 8% to $23 billion to $23.7 billion. In November, the company forecast per-share earnings of $2.80 to $3.20, on sales of $23.5 billion to $25.5 billion.
Meanwhile, the broad-based manufacturer reported net income of $458 million, or 60 cents a share for the period ended Dec. 31, down from $565 million, or 71 cents a share, a year ago. The latest earnings included higher restructuring and lower gains, which reduced per-share earnings by 8 cents. The prior year had a 5-cent-per-share gain from the sale of the Brooks Instrument unit.
Revenue slumped 1.9% to $5.52 billion for the maker of industrial-automation equipment, power systems and heating and cooling gear. Excluding impacts from foreign-exchange rates and acquisitions, sales were down 7% in the U.S. and up 7% internationally.
Analysts polled by Thomson Reuters were most recently expecting per-share earnings of 57 cents on revenue of $5.27 billion.
Operating margin decreased 0.2 percentage point to 14.8% as high commodity prices and low volumes offset cost-reduction and restructuring initiatives.
Emerson experienced sales declines across its climate technologies, industrial automation and appliance and tools segments amid continued and widespread weakness in the U.S. consumer and residential markets and customer destocking. Process management posted strong U.S. and global sales.
Emerson shares were up 1.4% at $32.15 in pre-market trading. The stock has fallen almost 40% in the past year.
-By Shirleen Dorman, Dow Jones Newswires; 201-938-2310; shirleen.dorman@dowjones.com
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