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Emerson, St. Louis, MO, reported sales for the third quarter ended June 30, were $5.1 billion, down 22% from the same period last year. Profit decreased 36.8% to $387 million.
For the nine months ended June 30, sales were $15.6 billion, down 14% from the prior year period. Profit declined 29.4% to $1.2 billion.
Underlying sales in the quarter declined 19%, which excludes a 4% negative impact from currency exchange rates and a 1% positive impact from acquisitions. On a sequential basis, sales in the third quarter 2009 were essentially flat with the second quarter.
Process Management segment sales declined 13% for the quarter to $1.5 billion, including a 9% decline in underlying sales, a negative 7% currency impact, and a positive 3% impact from the Roxar acquisition. Underlying sales from international markets were down 4% while sales in the United States declined 18%.
Sales of $813 million in the Industrial Automation segment were down 36% for the quarter, reflecting very weak global industrial markets. The sales decline was broad across the businesses and regions served within this segment. Underlying sales declined 34%, unfavorable currency subtracted 5% and the System Plast and Trident acquisitions added 3%.
Network Power sales declined 22% to $1.3 billion versus the prior year quarter, but increased 2% sequentially from the second quarter. Underlying sales were down 15%, currency subtracted 4% and the Embedded Computing acquisition subtracted 3% versus the same period last year.
Climate Technologies reported a sales decline in the quarter of 21%, which included an underlying sales decrease of 20%, an unfavorable 3% impact from currency and a positive 2% impact from acquisitions.
Appliance and Tools sales decreased 23% in the quarter, which included a 1% unfavorable impact from currency translation.