Emerson Electric profit jumps 47% on strength in automation unit


FILE PHOTO: Emerson Electric Co is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 13, 2020. REUTERS/Brendan McDermid

(Reuters) - U.S. equipment maker Emerson Electric Co on Tuesday posted a near 47% jump in third-quarter profit, benefiting from stronger performance at its automation unit as companies revamp their assembly lines to offset a shortage of factory workers.

The St. Louis, Missouri-based company, which began selling fans and electric motors more than a century ago, has been positioning itself as a technology-focused firm with a string of acquisitions over the last few years.

Companies globally have been making efforts to automate their assembly lines by adding robots to help meet rising demand for goods, amid a shortage of workers following the pandemic.

Still, the industrial conglomerate trimmed its full-year net sales growth outlook to a range of 7% to 8% from its prior outlook of 8% to 10%, to reflect impacts from its exit from Russia, deals, and other headwinds related to COVID-19.

The company's net earnings rose to $921 million, or $1.54 cents per share, in the quarter ended June 30, from $627 million, or $1.04 per share, a year earlier.

(Reporting by Nathan Gomes in Bengaluru; Editing by Shailesh Kuber)

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

   

Next In Tech News

Exclusive-Grab sees no big layoffs despite weak market
Opinion: Profits and security? Who cares
Opinion: Just reboot it
Tech workers flooded Hawaii in the pandemic. With remote work on the decline, what now?
‘Omega Strikers’ is a mish-mash of genres that somehow works
Australia's Optus contacts customers caught in cyber attack
A world without passwords: What Big Tech's switch to Fido 2 means
Hanoi closes Instagram hotspot 'Train Street' over safety concerns
’FIFA 23’ will let you play as fictional football coach Ted Lasso
Bankrupt crypto lender Voyager's CFO to exit months after appointment

Others Also Read