Emerson Electric beats quarterly estimates on robust automation demand

Aug 4 (Reuters) - Emerson ‌Electric posted ​third-quarter ​profit and revenue above Wall Street expectations on Tuesday, as demand for ‌industrial automation in North America and Asia ⁠remained robust.

The company benefited from strong demand for its ‌automated, software-connected test and ‌measurement systems, which help clients bring products to market by offering functions such as data ​acquisition and control solutions.

Here are some details:

• Revenue in the software and systems ⁠segment rose 11% during the third quarter, with test and measurement ​sales jumping 23%.

• However, sales in Europe during the quarter fell 1% from ​a year ago.

• Earlier ‌this year, the company flagged headwinds from flat activity and challenges in ⁠the European automotive, packaging and chemical industries

• Shares of the company were down about 2.4% in ⁠after-hours trading.

• The St. Louis, Missouri-based company reported an adjusted ​profit of $1.71 per share in the third quarter, above $1.68 per share expected by analysts, according to data compiled ‌by LSEG.

• Total revenue for the quarter ended June 30 was $4.87 ‌billion, up 7% from a year earlier. Analysts, ⁠on average, were ‌expecting revenue of $4.8 ​billion.

(Reporting by Megavarshini G. Somasundaram and Aishwarya Jain in Bengaluru; Editing by Diti ‌Pujara)

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