Emerson reports 9 percent sales decline
Fourth-quarter sales declined 8 percent for Emerson to $4.6 billion were down 8 percent; with Automation Solutions finishing at the low end of expectations and Commercial & Residential Solutions finishing above expectations.
Net earnings of $723 million, or $1.20 per share, improved from earnings of $717 million, or $1.16 in last year's fourth quarter.
For the full year, sales declined 9 percent to $16.8 billion from $18.4 billion in 2019. Net earnings of $1.96 billion, or $3.24 per share, fell from $2.3 billion, or $3.71 per share, in the previous year.
Automation Solutions net sales decreased 11 percent in the quarter, with underlying sales also down 11 percent. In the Americas, underlying sales were down 23 percent, with North America down over 20 percent, as continued broad-based demand challenges were partially offset by momentum in life sciences, food & beverage, and semiconductor. Europe underlying sales were down 6 percent. Asia, Middle East & Africa underlying sales returned to low single digit growth, as strength in Southeast Asia more than offset declines in China and the Middle East.
Commercial & Residential Solutions net sales decreased 3 percent in the quarter, with underlying sales also down 3 percent. Underlying sales in the Americas were down 1 percent, reflecting improvement in residential and big-box retail channels. Similarly, Europe was down slightly at 1 percent as commercial market weakness was offset by continued heat pump demand due to sustainability regulations and customer technology preferences. Asia, Middle East & Africa was down 13 percent, with China down low double digits.
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