Diversified manufacturer Emerson (NYSE: EMR), St. Louis, MO, reported sales for the fiscal second quarter ended March 31 of $6 billion, up 2.5 percent from the prior-year quarter. Organic sales were up 2 percent. Profit increased 2.6 percent to $561 million.
“The second quarter results reflect several unanticipated external factors, including unusual weather and weaker business investment in the U.S., and a more cautious approach by customers on large global project execution,” said David Farr, CEO. “Demand improvement along with continued technology and capacity investments are expected to drive stronger growth in the second half and next year.”
For the first six months of the fiscal year, sales were $11.5 billion, up 1 percent from the prior-year period. Profit increased 1 percent to $1 billion.
Process management sales were up 4 percent with underlying sales up 1 percent. Industrial automation sales increased 2 percent. Network power sales decreased 21 percent and underlying sales grew 1 percent, while climate technologies sales increased 5 percent. Commercial and residential solutions sales grew 1 percent.
Sales in the U.S. grew 3 percent year-over-year, while sales in Asia increased 4 percent. Sales in China were up 9 percent, with Europe up 1 percent and the Middle East/Africa down 9 percent.
