Emerson (NYSE: EMR), St. Louis, MO, reported sales for the year ended September 30 of $24.5 billion, a decrease of 0.5 percent compared to the same period a year ago. Profit increased 6 percent to $2.1 billion.
Underlying sales increased 3 percent for the year, led by 8 percent growth in process management, with strongest growth in North America.
Sales in the fourth quarter were $6.8 billion, down 0.1 percent compared to the same period a year ago. Profit for the quarter decreased 49 percent to $410 million.
Underlying sales grew 4 percent, with North America up 8 percent, Asia up 2 percent and Europe flat. Emerging markets continued to outperform mature markets, with 5 percent growth.
Process management sales in the fourth quarter grew 8 percent, with underlying sales increasing 5 percent.
Industrial automation sales increased 5 percent in the quarter as demand for capital goods improved but remained mixed across markets, with North America up 12 percent, Asia up 5 percent, and Europe down 2 percent.
Network power net and underlying sales declined 20 percent in the quarter primarily related to the Artesyn divestiture, and underlying sales grew 1 percent, with North America up 1 percent, Asia down 3 percent, and Europe up 7 percent.
Climate technologies sales grew 7 percent in the quarter, as 7 percent growth in North America and 8 percent growth in Asia more than offset a 3 percent decline in Europe.
Commercial & residential solutions net and underlying sales increased 5 percent in the quarter, the strongest quarter of the year, as 7 percent growth in North America more than offset a slight decline in international markets.