Emerson (NYSE: EMR), St. Louis, MO, reported sales for the second quarter ended March 31, 2012, were $5.9 billion, up 1 percent over the same period a year ago. Underlying sales increased 2 percent. Profit declined 2 percent to $556 million.
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The company reported mixed results across geographies, with the U.S. up 3 percent, Asia up 2 percent and Europe down 4 percent.
\”While trending in the right direction, growth was slow as certain end markets and regions remained under pressure – particularly Europe, China, and Brazil,\” CEO David N. Farr said. \”Underlying growth will accelerate in the second half, but Europe and China will not improve to the degree we expected 90 days ago.\”
Process Management sales grew 13 percent, as strong global oil and gas investment, along with solid chemical industry end markets, continued to drive demand. Underlying sales increased 14 percent and currency translation deducted 1 percent, with the U.S. up 24 percent, Asia up 10 percent, and Europe up 4 percent.
Industrial Automation sales declined 2 percent during the quarter, as demand among businesses varied. Underlying sales decreased 1 percent and currency translation deducted 1 percent, with the U.S. down 1 percent, Asia down 1 percent, and Europe flat.
Network Power sales decreased 4 percent, with mixed results across businesses and geographies. Underlying sales declined 3 percent and currency translation deducted 1 percent, with the U.S. down 4 percent, Asia up 3 percent, and Europe down 13 percent.
Climate Technologies sales declined 9 percent during the quarter, as global HVAC industry weakness persisted. Underlying sales also decreased 9 percent, with the U.S. down 11 percent, Asia down 9 percent, and Europe down 12 percent.
Commercial & Residential Solutions sales grew 4 percent in the quarter on broad strength across the segment driven by commercial construction. Underlying sales increased 8 percent and the divestiture of the heating products business deducted 4 percent.
