Emerson (NYSE: EMR), St. Louis, MO, reported sales for the fiscal year ended Sept. 30, 2011, of $24.2 billion, a year-over-year increase of 15 percent. Underlying sales increased 11 percent. Profit increased 15 percent to $2.5 billion.
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Emerging market underlying sales grew 15 percent, increasing to 35 percent of total sales, while international sales reached 59 percent of total sales.
Sales for the fourth quarter were $6.5 billion, an increase of 12 percent from the prior year quarter. Underlying sales remained strong and increased 9 percent, currency added 2 percent and acquisitions added 1 percent. Profit increased 2 percent to $761 million.
International underlying sales grew 13 percent, with 13 percent in Asia, 10 percent in Europe, 22 percent in Latin America and 13 percent in the Middle East/Africa. The U.S. business reflected slower underlying sales growth at 3 percent versus the prior year quarter, as the U.S. economy has shifted to a much lower growth environment.
Process Management reported fourth quarter sales of $2 billion, up 18 percent over the prior year. Underlying sales grew 16 percent. Sales increased across all geographic regions with the U.S. up 9 percent, Asia up 27 percent, Europe up 19 percent and Latin America up 13 percent.
Industrial Automation sales increased 19 percent in the quarter to $1.4 billion. Underlying sales increased 15 percent. The U.S. was up 15 percent, Asia up 19 percent, Europe up 11 percent, Latin America up 24 percent and Middle East/Africa up 50 percent.
Network Power sales grew 10 percent in the quarter to $1.8 billion. Underlying sales increased 4 percent. Asia sales grew 6 percent and Europe was up 5 percent, while Latin America and the Middle East/Africa saw growth at 24 percent and 27 percent, respectively. U.S. sales declined by 5 percent due to weakness in the telecommunications-related energy systems business.
Climate Technologies sales were flat in the quarter with weakness in global residential end markets. Underlying sales declined 3 percent. U.S. underlying sales decreased 7 percent, Europe was down 10 percent and Asia was flat. The U.S. residential and commercial air conditioning business was affected by channel inventory reductions in a soft residential housing market, weak consumer sentiment and a cautious economic outlook. The global refrigeration and transportation businesses were strong in the quarter.
Tools and Storage sales were up 4 percent in the quarter, as underlying sales increased 8 percent. Strength in the non-residential construction-related businesses offset weakness in U.S. residential markets.
