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Emerson Electric's profit hurt by strong dollar, low oil prices
November 3, 2015 / 12:33 PM / 2 years ago

Emerson Electric's profit hurt by strong dollar, low oil prices

(Reuters) - Factory automation equipment maker Emerson Electric Co (EMR.N) reported a lower-than-expected quarterly profit, hurt by a strong dollar and falling oil prices that curtailed spending by customers in the energy industry.

Emerson Electric Company Canadian headquarters is shown in Markham February 7, 2012. REUTERS/Mike Cassese

U.S. industrial manufacturers are also grappling with weakening growth in emerging economies.

Emerson’s revenue fell to $5.81 billion in the fourth quarter ended Sept. 30 from $6.81 billion a year earlier.

Net earnings attributable to Emerson shareholders rose to $648 million, or 98 cents per share, from $410 million, or 58 cents per share.

Excluding items, it earned 93 cents per share.

Analysts on average had expected a profit of 97 cents per share, according to Thomson Reuters I/B/E/S.

Emerson expects its full-year 2016 adjusted earnings of $3.05 to $3.25 per share, while analysts were expecting $3.23 per share.

Up to Monday’s close, Emerson’s stock had fallen 21.7 percent this year, while the Dow Jones Global Industrials Index .W1IDU fell 1.9 percent.

Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Savio D'Souza

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