By Maitane Sardon
Emerson Electric Co. posted a rise in net profit for the fourth quarter and better-than-expected revenue.
The manufacturer on Tuesday posted net earnings of $723 million, or $1.20 a share, compared with $717 million, or $1.16 a share, in the year-ago period.
Excluding items, it reported an adjusted profit of $1.10 a share.
Analysts polled by FactSet were expecting earnings of 89 cents a share, or 95 cents a share on an adjusted basis.
Sales fell 8% to $4.6 billion from $4.97 billion in the year-ago period. Analysts were looking for $4.46 billion.
The company said the sales were in line with management guidance, with sales in its automation solutions finishing at the low end of expectations and the commercial and residential solutions segment finishing above its expectations. It said it continued to anticipate demand challenges most acute in the North American market.
Emerson said it expects overall revenue to return to growth in the third quarter of 2021 with net sales growth of between 1% and 4% in 2021.
It added it intends to resume share repurchases in fiscal year 2021 in the amount of $500 million to $1 billion.
Write to Maitane Sardon at firstname.lastname@example.org
(END) Dow Jones Newswires
November 03, 2020 07:40 ET (12:40 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.