On Wednesday, Emerson Electric (NYSE: EMR) reported higher third-quarter earnings, aided by demand for its unit which makes valves, regulators, and actuators.
Emerson’s measurement and analytical devices have continued to benefit from manufacturers and end customers across the chemical, oil, and gas industries.
However, the company has pivoted its focus on automation products and services, encouraged by North American manufacturers working to automate their factories and offset a shortage of workers.
During the quarter, Emerson (NYSE: EMR) agreed to sell its remaining stake in its Copeland joint venture to Blackstone in a $3.5 billion deal, as part of its streamlining effort.
Emerson’s overall revenue in the quarter through June rose 11% to about $4.4 billion compared with the previous year.
The company reported a quarterly adjusted profit of $1.43 per share, compared with $1.29 per share a year ago.
(Source: Reuters)
Mark Glenn is a financial journalist and breaking news reporter for ABBO News. Mark is known for his ability to deliver real-time news updates on market developments, mergers and acquisitions, corporate earnings reports, and regulatory changes, helping investors stay informed and make sound financial decisions.
