Emerson Process Management Announces Third Quarter 2009 Results
Monday, August 10, 2009
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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