Emerson Electric Co(EMR) reported that fourth quarter net earnings declined to $506 million or $0.67 per share from $688 million or $0.88 per share in the year-ago period.
On average, 18 analysts polled by Thomson Reuters expected earnings per share of $0.60 for the quarter. Analysts' estimate typically exclude special items.
Quarterly net sales slid 21% to $5.32 billion from $6.7 billion in the previous year. Underlying sales in the quarter declined 20%, which excludes a 2% unfavorable impact from currency exchange rates and a 1% positive impact from acquisitions. Thirteen analysts estimated revenues of $5.30 billion for the quarter.
The company predicts first quarter underlying sales to be down 17 % to 20% and Consolidated Sales to decline 12% -15%.
Looking ahead, the company expects fiscal 2010 underlying sales to be down 5% to 7% and consolidated sales to be between up 2% and down 2%.
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