Emerson Electric 2Q profit rises on international growth
ST. LOUIS—Emerson Electric Co. said its fiscal second-quarter earnings rose 11 percent on international growth and sales in its segments that make products including communications infrastructure and temperature gauges.
The electrical products maker said late Monday it earned $547 million, or 69 cents per share, compared with $494 million, or 61 cents per share, in the year-ago quarter. Results for the quarter include an impairment charge of $52 million, or 6 cents per share, related to its plan to sell its European appliance motor and pump business in the next year.
Earnings from continuing operations, which exclude the one-time charge, were $598 million, or 75 cents per share, in the 2008 quarter.
Revenue rose 12 percent to $6.02 billion from $5.39 billion a year earlier.
Analysts expected a profit of 71 cents per share on revenue of $6.1 billion, according to a poll by Thomson Financial.
The company said sales in its network power segment, which makes communications systems, rose 27 percent. Sales of process management products, which include gauges and automation devices, rose 19 percent on international growth.
The company said overall international sales rose 10 percent, excluding foreign currency gains. U.S. sales rose 1 percent. Emerson also credited results to improving operational efficiency and gains from commodity hedges.
(This version CORRECTS date to late Monday.)
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