S&P 500 (NYSE:SPY) component Emerson Electric Co. (NYSE:EMR) reported its results for the third quarter. Emerson Electric Co. is a multinational technology company, which designs and supplies product technology. It provides engineering services to a wide gamut of industrial, commercial and consumer markets worldwide.
Emerson Electric Earnings Cheat Sheet for the Third Quarter
Results: Net income for Emerson Electric Co. rose to $683 million (90 cents per share) vs. $585 million (77 cents per share) in the same quarter a year earlier. This marks a rise of 16.8% from the year earlier quarter.
Revenue: Rose 11.7% to $6.3 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: EMR fell in line with the mean analyst estimate of 90 cents per share. Analysts were expecting revenue of $6.39 billion.
Quoting Management: “Emerson had a strong third quarter, and we continue to perform well in this uncertain environment,” said Chairman and Chief Executive Officer David N. Farr. “We noted last quarter that a variety of global issues would be a challenge, not the least of which is the detrimental impact on business investment caused by ongoing debt problems in Europe and the U.S.Regardless, fiscal 2011 will be a very good year at Emerson.”
The company has now seen net income rise in three straight quarters. In the second quarter, net income rose 37.3% and in the first quarter, the figure rose 12.9%.
The company fell in line with estimates last quarter after missing the mark in the previous two quarters. In the second quarter, it fell short by 2 cents, and in the first quarter, it missed by 2 cents.
Revenue has now gone up for three straight quarters. In the second quarter, revenue rose 13.8% to $5.85 billion while the figure rose 10.5% in the first quarter from the year earlier.
Competitors to Watch: AMETEK, Inc. (NYSE:AME), Electro-Sensors, Inc. (NASDAQ:ELSE), ESCO Technologies Inc. (NYSE:ESE), Danaher Corporation (NYSE:DHR), Roper Industries, Inc. (NYSE:ROP), Mesa Laboratories, Inc. (NASDAQ:MLAB), Elster Group SE ADR (NYSE:ELT), Honeywell Intl. Inc. (NYSE:HON), Itron, Inc. (NASDAQ:ITRI), and Cognex Corporation (NASDAQ:CGNX).
(Source: Xignite Financials)