Emerson Electric profit meets Wall Street target
(Reuters) - Diversified U.S. manufacturer Emerson Electric Co (EMR.N) on Tuesday reported a 22.4 percent rise in first-quarter profit, helped by shipments of equipment that had been delayed by heavy flooding in Thailand in fall 2011.
The maker of products including industrial controls, uninterruptible power supplies and home-storage equipment said it saw solid demand in Asia and the United States. Sales were up 6 percent in each region, offsetting a 2 percent decline in Europe.
"Recent order trends suggest market conditions have stabilized and may be poised for improvement, particularly in the emerging markets," David Farr, the St. Louis-based company's chief executive officer, said in a statement.
The company said it expected to earn $3.53 to $3.63 a share for the year, in line with analysts' average forecast of $3.59 per share, with sales up 2 percent to 5 percent.
Emerson said net income attributable to common shareholders came to $454 million or 62 cents per share, in the first quarter ended on December 31, compared with $371 million, or 50 cents per share, a year earlier.
The profit met the analysts' average forecast, according to Thomson Reuters I/B/E/S.
Revenue rose 4.6 percent to $5.55 billion from $5.31 billion a year earlier.
Emerson's peers include Rockwell Automation Inc (ROK.N) and Siemens AG (SIEGn.DE).
At Monday's close, Emerson shares had risen about 12 percent over the past year, trailing the 14 percent rise of the broad Standard & Poor's 500 index .SPX.
(Reporting by Scott Malone; Editing by Lisa Von Ahn and Grant McCool)
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