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Emerson (NYSE: EMR), St. Louis, MO, announced that net sales for fiscal 2010 increased were $21 billion, a 5 percent increase in a year-over-year comparison. Underlying sales declined 1 percent, while currency translation added 2 percent and acquisitions added 4 percent. Profit increased 25.5 percent to $1.72 billion.
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Emerging market sales made up 34 percent of sales, with international sales accounting for 57 percent of total sales.
For the fourth quarter ended Sept. 30, 2010, sales were $5.8 billion, a year-over-year increase of 14 percent. Underlying sales increased 12 percent, acquisitions added three percent, and currency exchange subtracted 1 percent. Profit increased 48 percent to $749 million.
Fourth-quarter growth was solid across all global markets. Underlying sales in the quarter grew 9 percent in the U.S., 14 percent in Asia, 15 percent in Europe and 11 percent in Latin America.
"Because of the work accomplished during the downturn, we had a strong finish to the year. Our September order trends accelerated to 18 percent and reveal tremendous momentum heading into fiscal 2011," CEO David N. Farr said. "Looking ahead, 2011 should be an even stronger year."
Process Management sales were up 5 percent in the quarter. Underlying sales increased 5 percent, acquisitions added 1 percent and unfavorable currency subtracted 1 percent.
Industrial Automation sales increased 23 percent, including an underlying sales increase of 26 percent, a 4 percent unfavorable impact from currency and a 1 percent favorable impact from acquisitions.
Network Power sales were higher by 23 percent in the quarter, including underlying sales that increased 12 percent. The Avocent and Chloride acquisitions had a favorable impact of 11 percent. Sales in Asia expanded 20 percent in the quarter, along with solid growth in the U.S. and Europe of 6 percent and 14 percent, respectively.
Climate Technologies sales increased 10 percent in the quarter with 11 percent underlying sales growth and a 1 percent unfavorable impact from currency. Sales in the U.S. grew 5 percent, Europe grew 13 percent and Asia grew 28 percent.
Tools and Storage sales were up 2 percent in the quarter, reflecting flat underlying sales and a 2 percent favorable impact from acquisitions. Strength in the tools and disposer businesses was offset by residential storage weakness.