Emerson (NYSE: EMR), St. Louis, MO, reported sales for the first quarter ended Dec. 31, 2010, were $5.5 billion, an increase of 15 percent over the same period a year ago. Profit attributable to Emerson common stockholders increased 13 percent to $480 million.
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Underlying sales – excluding the impact of acquisitions and currency exchange – increased 11 percent in the quarter. Underlying sales growth was balanced globally, with the U.S. increasing 10 percent and international sales increasing 11 percent.
Process Management sales were up 12 percent to $1.5 billion in the quarter. Underlying sales increased 13 percent.
Industrial Automation reported sales of $1.2 billion, an increase of 23 percent in a year-over-year comparison. Underlying sales increased 24 percent, with strong sales globally.
Network Power sales increased 21 percent to $1.7 billion. Underlying sales grew 6 percent and the Avocent and Chloride acquisitions added 15 percent. Growth remained solid in the U.S. and Europe, which increased 9 percent and 6 percent, respectively. Sales in Asia were up 3 percent.
Climate Technologies sales of $810 million grew by 3 percent in the quarter with international sales leading the growth. Sales grew 12 percent internationally, while sales declined in the U.S. by 3 percent. Underlying sales increased 4 percent.
Tools and Storage sales increased 3 percent in the quarter to $446 million, reflecting a 3 percent increase in underlying sales. Strength in the professional tools business was partially offset by weakness in consumer storage as residential markets remain weak.
