Emerson raises fiscal 2023 forecast on demand for industrial automation

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/File Photo

(Reuters) - U.S. engineering and industrial software firm Emerson on Wednesday raised its fiscal 2023 forecast, as companies increase spending on automation in response to a tight labor market.

The company's shares rose 3.9% in premarket trading.