Emerson (NYSE: EMR), St. Louis, MO, reported sales for the fiscal second quarter of $5.4 billion, down 7 percent from the prior-year quarter. Profit increased 78 percent to $973 million.
By geography, demand was mixed with the Middle East/Africa up 8 percent, Europe up 2 percent and Asia up 1 percent, while the U.S. was down 3 percent and Latin America was down 7 percent.
Process management sales were down 3 percent year-over-year and industrial automation sales decreased 16 percent. Network power sales decreased 9 percent and climate technologies sales decreased 6 percent while commercial and residential solutions sales increased 1 percent.
“Emerson faced significant challenges and market headwinds in the second quarter as economic conditions affected demand across our businesses,” said David Farr, CEO. “The strength of the U.S. dollar, lower oil prices, and a slowdown in industrial spending dramatically reduced order rates during the quarter resulting in growth below our expectations.”
For the first six months of the fiscal year, sales were $11 billion, down 4 percent from the prior-year period. Profit increased 48 percent to $1.5 billion.