St. Louis, MO, U.S.-based Emerson said today that for the first quarter of fiscal 2003, ended December 31, 2002, the company achieved sales of U.S. $3.2 billion, earnings of $217 million, and diluted earnings per share of $0.52. First-quarter sales in fiscal 2002 were $3.3 billion with earnings of $255 million and diluted earnings per share of $0.61, excluding the non-cash accounting change related to the adoption of FAS 142 for goodwill during the quarter. Including the accounting change, for the first fiscal quarter of 2002 the company reported a net loss of $683 million, or $1.62 per share.
"Our focus continues to be on delivering restructuring benefits, strengthening our technology and product leadership positions and our investments in major market segments around the world, as well as driving capital efficiency improvements across our entire company," said David N. Farr, Emerson's chief executive officer (CEO).
Highlights of the results included:
HVAC: "Sales in the heating, ventilating, and air conditioning business increased nearly 12 percent to $512 million, driven by penetration gains, increases in the U.S. unitary air conditioning market and a slight recovery in the commercial markets," said Mr. Farr. "Continued low inventory levels in the channel, together with strong housing starts, have maintained air conditioning sales through the winter season. The growth and penetration of Copeland Scroll® compressor sales continued with the announcement during the quarter that AAON, Inc., a leading manufacturer of commercial rooftop heating and cooling systems, will use Copeland Scroll® compressors in its entire line of commercial air conditioning products."
Industrial Automation: "Sales for industrial automation fell 5 percent to $623 million, due to excess capacity and reduced capital expenditures across the sector," Mr. Farr said. "Segment revenues, however, have stabilized during the past few quarters, and orders moved into positive territory for the first time since January 2001."
Appliances and Tools: "Appliance and tools segment sales increased 2 percent to $852 million, with strong sales growth in housing-related consumer businesses offset by declines in tools and in some of the industrial businesses," Mr. Farr said. "Underlying sales were flat for the quarter. Residential storage product sales continued to grow at double-digit rates, driven by new product offerings, innovative Web-enabled design and support services, and favorable market conditions."
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