July 25 (Reuters) - Industrial conglomerate Emerson Electric Co said orders in the trailing three month period to June fell 3 percent, hurt by a stronger U.S. dollar and a slowing global economy.
Many customers have started to pull back on investment owing to a tenuous global business environment, the company said in a statement.
Rival Rockwell Automation Inc on Wednesday cut its full-year forecasts below Wall Street estimates citing slower growth in Latin America and emerging markets in Asia, as well as a strong dollar.
Emerson said its process management segment reported a 5 to 10 percent growth in its trailing three-month orders, spurred by demand from oil and gas producers.
Industrial Automation orders fell because of the segment’s high European exposure compared with other Emerson businesses, the company said.
Total company orders in the three months to June were flat to down 5 percent from a year earlier, in line with the company’s performance in the three months to May period.
Emerson shares closed at $45.35 on Tuesday on the New York Stock Exchange. (Reporting by Bijoy Koyitty in Bangalore; Editing by Viraj Nair)