Emerson (EMR) Order Growth Flat in Feb. '13; Issues Commentary

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March 26, 2013 7:16 AM EDT
Get Alerts EMR Hot Sheet
Price: $163.17 -0.29%

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Net sales: -245M

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Emerson Electric Co. (NYSE: EMR) issued an update to orders for the three-month period ended February 2013:

Emerson 3-Month Orders Growth
(Percentage change versus prior year; trailing 3-month averages, excluding acquisitions and divestitures)
�








�
�
December ‘12
�
January ‘13
�
February ‘13
Process Management
�
0 to +5
�
+5 to +10
�
+5 to +10
Industrial Automation
�
-10 to -5
�
-10 to -5
�
-10 to -5
Network Power
�
-5 to 0
�
-5 to 0
�
-10 to -5
Climate Technologies
�
+5
�
+10 to +15
�
+5 to +10
Commercial & Residential Solutions
�
+5 to +10
�
0 to +5
�
0 to +5
Total Emerson
�
0
�
0 to +5
�
0
�
February 2013 Orders Comments:
�
Trailing three-month orders reflected mixed trends among businesses and geographies, as growth in some end markets and sluggish business investment in others suggest an overall cautious and slow global economy struggling to gain momentum. In particular, the economic environment in Europe remains severely depressed, with weakness persisting longer than expected. Strength in Process Management and Climate Technologies was offset by weakness in Industrial Automation and the embedded computing and power business in Network Power. Currency translation had a negligible impact.

Process Management orders growth benefited from continued investment in the oil and gas, chemical, and power industries. Growth was led by broad strength in Asia and Latin America, with particularly favorable conditions in Mexico. Europe demand increased from improved energy investment. Order trends in the U.S. and Middle East/Africa reflected slower investment environments.

Order trends remained under pressure in Industrial Automation, as weak demand continued for industrial goods. The decline was most severe in the power generating alternators and industrial motors business, particularly in Europe.

Network Power orders declined due to weakness in the embedded computing and power business, reflecting volatile demand by mobile device customers. Underlying orders reflected mixed but flat demand overall in the network power systems business, as strength in telecommunications power systems was offset by continued weakness in Europe.

Climate Technologies orders growth remained strong, particularly in Asia and U.S. residential air conditioning end markets. Inconsistent order patterns in Europe reflected continued economic weakness in the region, and global refrigeration demand remained soft, particularly in the transportation business.

Commercial & Residential Solutions order trends reflected continued growth in U.S. residential end markets, led by the residential storage and wet/dry vacuums businesses.

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