Emerson Reports 2Q 2008 Results May 8, 2008

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Emerson announced net sales for the second quarter ended March 31, 2008 of $6.0 billion, an increase of 12% compared with $5.4 billion in the prior year. Earnings from continuing operations in the second quarter increased 21% to $598 million, or $0.75 per share. This represents an increase of 23% in earnings per share from the $0.61 earned in the same period last year. Results for the quarter include a $52 million impairment charge relating to Emerson’s intent to sell its European appliance motor and pump business within the next 12 months. 

Strong international results led the growth, where sales increased by 10% on an underlying basis. Regional underlying sales growth included increases of 18% in both Asia and Latin America and 19% in Middle East/Africa. Underlying sales in the United States softened and were up approximately 1%.

Industrial Automation revenues increased 11% in the quarter, Network Power sales grew 27%, Climate Technologies sales increased 1%, while Appliance and Tools sales decreased 6% in the quarter.  

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