Emerson Electric Co. Grows 3Q Profit, Revenue
August 09 2022 - 7:47AM
Dow Jones News
By Connor Hart
Emerson Electric Co. on Tuesday reported increased sales and
revenue in its third quarter, as increased volume and demand offset
challenging macroeconomic conditions.
Underlying orders and net sales were up 10% and 7%,
respectively, the company said.
Chief Executive Lal Karsanbhai said the company faced headwinds
from Covid-19-related lockdowns in China and continued global
supply chain disruptions, specifically for electronic
components.
The St. Louis-based global technology and engineering company
said earnings attributable to the common stockholder rose to $921
million, or $1.54 a share, from $627 million, or $1.04 a share, in
the previous year.
Stripping out one-time items, adjusted third-quarter earnings
were $1.38 a share. Analysts polled by FactSet were expecting $1.29
a share.
Sales for the quarter ended June 30 grew to $5 billion, slightly
below the $5.1 billion FactSet analysts had projected.
On Monday, the company announced it would sell its InSinkErator
business, which makes food waste disposers and instant hot water
dispensers for home and commercial use, to Whirlpool Corp. for $3
billion. The transaction is expected to close in Emerson's 2023
fiscal year.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
August 09, 2022 07:32 ET (11:32 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Emerson Electric (NYSE:EMR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Emerson Electric (NYSE:EMR)
Historical Stock Chart
From Jul 2023 to Jul 2024