Emerson Process Management Reports Second Quarter 2010 Results
Tuesday, May 4, 2010
Emerson Process Management sales were down 5 percent in
the quarter, including a 13 percent decline in underlying sales and a favorable
4 percent impact each from currency and acquisitions. Segment margin declined
slightly to 16.9 percent, compared with the prior year margin of 17.1 percent,
reflecting deleverage on lower sales volume, partially offset by the positive
impact from the Company’s aggressive cost containment actions. Orders turned
positive in the quarter as MRO continued to show improvement, particularly in power
and chemical end markets. Oil and gas orders have improved globally and nuclear
end markets have gained strength, especially in Asia. During the quarter,
Process Management entered into a five-year global framework agreement with
Shell to serve as a main automation contractor on future capital projects. Emerson
will provide project and support services for main automation systems,
including distributed control systems and safety instrumented systems. More…
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