Emerson Electric Profit Tops Wall Street Estimates
Emerson Electric said Tuesday that quarterly profit rose 18.4 percent, topping Wall Street estimates, as the diversified manufacturer benefited from a weak U.S. dollar and strength in its network power and process management units.
Earnings increased to $623 million, or 78 cents per share, in the fourth quarter ended on Sept. 30 from $526 million, or 65 cents per share, a year earlier.
Analysts on average expected profit of 75 cents per share, according to Reuters Estimates. Quarterly revenue rose 11 percent to $6.13 billion.
"Emerson continued to execute well in 2007, despite weakness from certain parts of the economy during the year," Chief Executive David Farr said in a statement.
St. Louis-based Emerson Electric , whose products range from technology used in energy production to motors, tools and storage products, said it expected fiscal 2008 earnings to be 10 percent to 15 percent above the $2.66 per share earned in fiscal 2007.
Emerson shares have risen about 17 percent so far this year, slightly faster than the 16 percent advance of the Standard & Poor's capital goods index.