Emerson sales decline 9 percent
Emerson reported net sales of $4.2 billion in the second quarter were down 9 percent as demand declined significantly in March due to the rapid spread of COVID-19.
Net earnings of $517 million, or 84 cents per share, were down 1 percent from $520 million, or 84 cents, in the same quarter last year.
Automation Solutions net sales decreased 10 percent, with underlying sales down 8 percent excluding unfavorable currency of 2 percent and no impact from acquisitions.
Commercial & Residential Solutions net sales decreased 7 percent with underlying sales down 5 percent excluding unfavorable currency of 1 percent and the impact of divestitures which subtracted 1 percent.
"The global health crisis, coupled with volatility in the oil markets, has created a significant demand decline in many of our end markets. But we remain confident that our aggressive cost control reset measures already underway, initiated in the third quarter of last year and outlined in detail in February, combined with our strong balance sheet and disciplined operating philosophy, will provide the foundation required to continue to serve our customers and emerge stronger in the long run," said Emerson chairman and chief executive officer David N. Farr.
INDUSTRIAL SUPPLY MAGAZINE
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