St. Louis-based Emerson reported sales for the first quarter ended Dec. 31, 2007, were $5.6 billion, an increase of 12% over the same period last year. This sales increase included 7% growth in underlying sales and a 5% favorable impact from foreign currency translation.
Organic sales growth in the U.S. was 5% and underlying international sales increased 9%, including 16% growth in Asia.
Process Management sales grew 18% for the quarter. This included 12% underlying sales growth, a favorable impact of 5% from currency translation and 1% from acquisitions, net of divestitures. Sales were strong globally, driven primarily by increased energy sector demand and increased market penetration.
Industrial Automation sales grew 13% for the quarter. Underlying sales growth was 6%, which excludes 7% favorable impact of currency translation. Sales in the U.S. and Europe were solid, due largely to capital goods investments and global power generation demand.
Network Power reported sales growth of 17% for the quarter, which included underlying sales growth of 12%. Strength in North American and Asian markets drove the sales growth.
Climate Technologies achieved sales growth of 11% in the quarter. Underlying sales growth was 7% with an additional 4% coming from currency translation. Higher sales in the U.S. and Asia more than offset weakness in Europe. The decline in Europe is primarily the result of lower heat pump compressor sales, which were very high in the prior year quarter.
Appliance and Tools sales declined 4% in the quarter, which included more than 2% of favorable currency translation and negative 2% from divestitures, net of acquisitions. Weakness in consumer spending and residential investment led to the overall sales decline.
