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Emerson Process Management Announces Third Quarter 2009 Results

Monday, August 10, 2009  
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Emerson Process Management reported a sales decline of 13% for the quarter, which included a 9% decline in underlying sales, a negative 7% currency impact, and a positive 3% impact from the Roxar acquisition. Underlying sales from international markets were down 4% while sales in the United States declined 18%. Segment margin declined to 14.8% versus 20.0% in the prior year driven by volume deleverage and significant inventory reduction (approximately 1 margin point each) and unfavorable mix (approximately 2 margin points) as well as a $14 million restructuring expense increase. While the late-cycle nature of the business will put pressure on 2010 revenues, the long-term fundamentals of the served markets remain very good. More…

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