ST. LOUIS – Emerson Electric Co. reported net income of $1.04 per share for the third quarter 2012, up nearly 16 percent from the same period last year. The St. Louis-based industrial technology company posted sales of $6.5 billion for the quarter, a six percent jump from the third quarter 2011.
Emerson’s bottom line improved during the third quarter as its supply chain in Thailand bounced back from last year’s floods. The rebound was so strong that it offset losses in most of Emerson’s other business segments.
Looking ahead, Emerson said in its earnings release that there is “no apparent path to resolving the European financial crisis, looming fiscal policy changes in the U.S., and slower growth in China.” As a response, Emerson lowered its expectations for yearly earnings to $3.35-$3.40 per share. Emerson reported net earnings per share of $3.27 for fiscal year 2011.
As of mid-afternoon, Emerson’s stock was trading at $50.24 per share, up 2.66 percent from yesterday’s close and up 14 percent from its lowest point in July.