Emerson Electric Co. rebounded to a fiscal fourth-quarter profit from a year-ago loss as the St. Louis, MO, U.S.-based company cut costs amid declining sales. Net income was U.S. $249 million, compared with a net loss of $15 million in the year-ago period. Sales fell slightly to $3.54 billion from $3.55 billion in the quarter ended Sept. 30, Emerson said.
The company said it sees signs of "stability and positive order
trends," without offering more details. Sales of electronics and
telecommunication equipment fell 31 percent in fiscal 2002 as
customers reduced spending. Emerson Chief Executive David Farr has closed 50 plants and fired 4,000 workers this year to trim expenses. (Bloomberg News)
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