6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
"Our fourth quarter results signify improving revenue trends as well as the positive benefits of our aggressive structural repositioning for greater efficiency," said David N. Farr, president and CEO. "We are well positioned for economic recovery, but the shape and speed of the recovery remains unknown and we expect weakness to continue in the near-term. However, we are benefiting from our aggressive investments in new technologies to speed new product introductions, and in emerging markets, which now represent 32 percent of total revenue."
Sales for fiscal 2009 were $20.9 billion, a decrease of 16% from the prior year. Profit declined 28.5% to $1.7 billion.
Process Management segment sales decreased 13% in the fourth quarter to $1.6 billion versus the prior year quarter. Segment earnings declined 31.2% to $286 million. For fiscal year 2009, sales were $6.2 billion, a decrease of 6%, while earnings were down 18.2% to $1.1 billion.
Industrial Automation fourth quarter sales were $822 million, down 36% compared to the fourth quarter of 2008. Earnings for the segment declined 68.3% to $63 million. Segment sales in fiscal 2009 declined 24% to $3.7 billion, with earnings declining 51.3% to $3.7 billion.
In the fourth quarter, Network Power reported a sales decline of 22% to $1.3 billion. Earnings for the quarter fell 17.2% to $178 million. For fiscal 2009, Network Power sales were $5.4 billion, down 15%. Fiscal year segment earnings fell 28.6% to $567 million.
Climate Technologies sales were $913 million, a decrease of 10% in the quarter, moderating from higher percentage declines in the previous two quarters. Earnings improved 6.5% to $147 million. Fiscal year end sales contracted 16% to $3.2 billion, with segment earnings falling 27.9% to $397 million.
Sales in the Appliance and Tools segment decreased 22% to $760 million in the quarter, with consumer related product demand continuing to show signs of stabilization. Segment earnings dipped slightly to $117 million. For the fiscal year, sales declined 22% to $3 billion, with earnings down 30.7% to $365 million.