Emerson sales down 16 percent
Emerson announced net sales in the first quarter were down 16 percent to $4.7 billion, with underlying sales down 9 percent.
Lower oil prices continued to apply downward pressure on oil and gas spending, particularly upstream projects, as well as power generating alternators used in upstream applications. Demand in data center and telecommunications infrastructure spending was mixed. Global industrial spending remained weak and economic indicators suggest it weakened as the calendar fourth quarter progressed. Underlying sales decreased in all segments and all regions, except Europe which was flat.
Adjusted earnings per share of 56 cents decreased 25 percent but were better than the company's December expectation of 50 cents.
Net earnings of $352 million were down 33 percent from earnings of $529 million in the same period last year.
"As we expected, the first quarter was impacted by many of the same trends we saw throughout fiscal 2015," said chairman and chief executive officer David N. Farr. "Although many of our end markets remain volatile, the results for the first quarter were slightly better than our expectations and we remain well positioned for a challenging 2016.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
