Emerson (NYSE: EMR), St. Louis, MO, reported sales for the first quarter ended Dec. 31 were $5.0 billion, a decline of 7% from the prior year quarter. Profit fell 7% to $471 million.
Underlying sales declined 13%, which excludes a 3% favorable impact each from currency exchange rates and acquisitions. Underlying sales in emerging markets declined only 4% in the quarter, helped by growth in Asia of 4%, compared to a decline of 18% in mature markets.
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\”Considering the continuing economic pressures, this was a solid quarter and an encouraging start for 2010,\” CEO and President David N. Farr said. \”To successfully manage through the uncertain economic conditions that remain in most of our markets, we are focused on accelerating new product programs, investing in emerging markets, and making strategic acquisitions in our core and adjacent markets.\”
Process Management sales declined 9% in the quarter, versus their highest first quarter sales on record in fiscal 2009. Underlying sales decreased 17%.
Industrial Automation sales decreased 21%, with underlying sales decreasing 28%.
Sales in the Network Power segment declined 5% in the first quarter, including an underlying sales decline of 10%, a 3% favorable impact from currency and a 2% favorable impact from the Avocent acquisition. Sales in Asia were up 7% in the quarter, and positive growth resumed in the embedded power business.
Climate Technologies sales growth turned positive, increasing 13% in the quarter. Underlying sales were up 7%. Asia and the U.S. led with growth of 52% and 7% respectively.
Appliance and Tools sales decreased 5%, including an underlying sales decrease of 7%. Sales growth resumed in some of the consumer related businesses.
