Emerson (NYSE: EMR), St. Louis, MO, reported sales for the third quarter ended June 30 of $6.3 billion, a decrease of 1 percent from the prior-year period. Underlying sales grew 3 percent, with North America and Europe up 4 percent and Asia up 3 percent, as business conditions continued to improve, albeit slowly and unevenly across markets and geographies.
Profit for the manufacturer more than doubled to $728 million, compared to $194 million a year ago.
“Fundamentals continue to gradually strengthen, but persisting economic challenges in some markets and rising geopolitical tension have hampered growth, which is not expected to improve in the near term,” CEO David N. Farr said.
Process management sales grew 6 percent, supported by stable and sustained levels of investment in the global energy and chemical industries. Underlying sales increased 2 percent, reflecting mixed market conditions across regions and continued cautious project execution by customers. North America grew 7 percent, and Europe increased 5 percent. Asia decreased 2 percent.
Industrial automation sales increased 1 percent and underlying sales were flat, with North America flat, Asia up 3 percent, and Europe down 5 percent.
Network power sales declined 18 percent, reflecting the Artesyn divestiture impact of 20 percent. Underlying sales grew 2 percent, with North America up 2 percent, Asia up 6 percent, and Europe up 10 percent.
Climate technologies net and underlying sales increased 6 percent, with North America up 4 percent, Asia up 9 percent, and Europe up 9 percent.
Commercial & residential solutions net and underlying sales grew 4 percent.
For the first nine months of the fiscal year, sales were $17.7 billion, down 1 percent year-over-year. Profit grew 44 percent to $1.7 billion.