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)

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