Aug 4 (Reuters) – Emerson Electric posted third-quarter profit and revenue above Wall Street expectations on Tuesday, as demand for industrial automation in North America and Asia remained robust.
The company benefited from strong demand for its automated, software-connected test and measurement systems, which help clients bring products to market by offering functions such as data acquisition and control solutions.
Here are some details:
• Revenue in the software and systems segment rose 11% during the third quarter, with test and measurement sales jumping 23%.
• However, sales in Europe during the quarter fell 1% from a year ago.
• Earlier this year, the company flagged headwinds from flat activity and challenges in the European automotive, packaging and chemical industries
• Shares of the company were down about 2.4% in after-hours trading.
• The St. Louis, Missouri-based company reported an adjusted profit of $1.71 per share in the third quarter, above $1.68 per share expected by analysts, according to data compiled by LSEG.
• Total revenue for the quarter ended June 30 was $4.87 billion, up 7% from a year earlier. Analysts, on average, were expecting revenue of $4.8 billion.
(Reporting by Megavarshini G. Somasundaram and Aishwarya Jain in Bengaluru; Editing by Diti Pujara)
