Emerson (NYSE: EMR), St. Louis, MO, reported sales for the third quarter ended June 30, 2015, were $5.5 billion, down 13 percent from the same period a year ago. Underlying sales declined 5 percent. Profit fell 22 percent to $564 million.
Third-quarter sales reflected the impact of lower oil prices in both oil and gas and energy-related markets, the continued strength of the U.S. dollar and slowing conditions in emerging markets. Global demand was mostly down. The U.S. declined 7 percent, Europe fell 2 percent, Asia down 7 percent, and Latin America down 10 percent. The Middle East/Africa region increased 3 percent.
Sales for the first nine months of the fiscal year were $16.5 billion, down 7 percent in a year-over-year comparison. Profit increased 18 percent to $2.1 billion.
