Emerson Reports Full Year and Fourth Quarter 2013 Results
Nov 19, 2013
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Emerson said its annual net sales increased 1%, from $24,412 million in fiscal year 2012 to $ 24,669 million in fiscal 2013. Emerson's 2013 fiscal year ended on Sept. 30, 2013.
Net sales in the fourth quarter of the fiscal year increased 2%, from $6,700 million to $6,812 million. Quarterly net earnings were $808 million, up 169% from $300 million in the fourth quarter of the previous fiscal year.
Commercial & Residential Solutions is Emerson's appliance business, making food waste disposers, instant hot water heaters, and foodservice pulper systems, as well as power tools and other products.
Commercial & Residential Solutions net and underlying sales increased 4% in the quarter, from $464 million in 4Q fiscal 2012 to $483 in 4Q fiscal 2013. Sales were boosted by 4% growth in the United States, led by the professional tools and food waste disposers businesses. Earnings were $113 million in the quarter, up from $101 million.
Commercial & Residential Solutions' annual sales were $1,865 million in fiscal 2013, from $1,877 in fiscal 2012. Annual earnings were $404 million, up from $396 million
"The global macroeconomic climate remained under pressure and difficult to predict throughout 2013," said Chairman and CEO David N. Farr. "I am very pleased by how we executed in this environment, achieving a number of record performance measures and important milestones despite the slow pace of growth in our markets, particularly in the second half of the year."
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