Emerson (NYSE: EMR), St. Louis, MO, reported sales for the first quarter ended Dec. 31 of $4.7 billion, down 15.6 percent from the same period a year ago. Underlying sales declined 9 percent. Profit fell 33.5 percent to $349 million.
First-quarter sales reflected continued challenging economic conditions in served markets as well as difficult comparisons. Lower oil prices continued to apply downward pressure on oil and gas spending, particularly upstream projects, as well as power generating alternators used in upstream applications. Demand in data center and telecommunications infrastructure spending was mixed. Global industrial spending remained weak and economic indicators suggest it weakened as the calendar fourth quarter progressed. Underlying sales decreased in all segments and all regions, except Europe which was flat.