© Reuters. 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) -Industrial conglomerate Emerson (NYSE:) Electric Co posted a rise in quarterly profit on Wednesday, helped by strong demand for its automation systems as well as its valves and instruments across sectors.
Companies across North America have been rushing to add robots to their assembly lines to keep up with strong demand at a time when many of them have struggled to lure back workers displaced by the pandemic.
Sales at Emerson’s Automation Solutions unit, its biggest business catering to sectors from utility and mining to chemicals and automotive, rose 4.2% to $2.81 billion.
St. Louis, Missouri-based Emerson, which began life as a seller of fans and electric motors a century ago, has been pivoting more towards technology solutions to capitalize on an evolving industrial software market.
Its divisions that cater primarily to commercial and residential markets rose 13% to $1.67 billion.
The company’s net income rose to $896 million, or $1.50 per share, in the quarter ended Dec. 31, from $445 million, or 74 cents per share, a year earlier.
Net revenue rose 8% to $4.5 billion in Emerson’s first quarter.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
