By Will Feuer
Emerson Electric, a St. Louis-based industrial manufacturer, has announced its financial results for the fiscal third quarter, which show a significant increase in sales and profit across the company’s segments.
Strong Profit Growth
For the three months ended June 30, Emerson Electric reported a profit of $9.35 billion, or $16.28 per share. This includes a gain of $8.76 billion from discontinued operations. Earnings from continuing operations also saw substantial growth, rising to $592 million, or $1.03 per share, compared to $226 million, or 38 cents per share, in the same period last year.
Impressive Adjusted Earnings
Adjusted earnings, excluding discontinued operations and other special items, came to $1.29 per share. This surpassed expectations, as analysts surveyed by FactSet had predicted adjusted earnings of $1.10 per share.
Robust Sales Performance
Sales from continuing operations increased by 14% to reach $3.95 billion. This exceeded the estimated sales of $3.88 billion by analysts surveyed by FactSet.
- Sales in the intelligent-devices segment experienced solid growth of 11%.
- The software-and-control unit also performed well, with a sales increase of 22%.
Market Reaction
Emerson Electric’s positive financial results were positively received by investors. In premarket trading, shares gained 3.5%.