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Emerson (NYSE: EMR), St. Louis, MO, reported sales for the year ended September 30 of $22.3 billion, a decrease of 9 percent compared to the same period a year ago. Underlying sales decreased 2 percent for the year. Profit increased 26 percent to $2.7 billion.
Sales were negatively impacted by significant headwinds from lower oil prices, a global slowdown in industrial capital spending, weakening demand in emerging markets and the strength of the U.S. dollar.
Global demand was mixed with underlying sales in Middle East/Africa up 3 percent, and Europe flat, while North America was down 2 percent, Asia down 5 percent and Latin America down 9 percent.
Sales in the fourth quarter were $5.8 billion, down 15 percent compared to the same period a year ago. Profit for the quarter increased 58 percent to $648 million.
Underlying sales declined 7 percent, with decreases in all segments except commercial & residential solutions, which was up 3 percent.
Weak economic and demand conditions in key markets were evidenced by declines in all geographic regions except Middle East/Africa, which was up 2 percent.