amended: corrects the first sentence to replace 'first-quarter' with 'second-quarter'.
Diversified global technology company Emerson Electric Co. (EMR) posted higher second-quarter net earnings to common stockholders of $561 million, or $0.77 a share, compared with last year's $545 million, or $0.74 a share. On average, 25 analysts polled by Thomson Reuters expected earnings per share of $0.78 for the quarter. Analysts' estimates typically exclude one-time items.
Net sales for the quarter reached $5.96 billion, a 1 percent increase from the prior-year figure of $5.92 billion. Analysts estimated revenues of $6.03 billion for the quarter. Underlying sales grew 2 percent as unfavorable currency translation and divestitures together deducted 1 percent, with the U.S. up 1 percent, Asia up 2 percent, and Europe down 3 percent. Sales reflected mixed results across end markets and geographies, but slow economic growth overall as business investment stalled, mainly in mature markets, according to the company.
Looking ahead, reported and underlying sales growth is now expected to be only 1.5 to 2.5 percent, with EBIT and pretax margin nearly equal to the prior year. Earnings per share are likely to be between $3.48 and $3.58, 5 cents lower than the prior estimates, while 27 analysts project annual earnings of $3.59 a share.
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