Emerson Reports Fiscal Third-Quarter 2002 Results
Emerson (St. Louis, MO) announced that for the third quarter ended June 30, 2002, the company achieved sales of $3.6 billion, net earnings of $282.0 million and diluted earnings per share of $0.67. The results represent a second consecutive sequential improvement in quarterly results, with sales and earnings up four percent and two percent, respectively, over second-quarter results. In the third quarter of fiscal 2001, Emerson reported sales of $3.9 billion, net earnings of $330.0 million and diluted earnings per share of $0.77.
Emerson maintained elevated levels of restructuring, which reduced net earnings in the quarter. Restructuring delivered substantial benefits to operating margins in the quarter, as evidenced by the sequential 0.8 point margin improvement, on top of a similar 0.8 point increase in the second quarter. The after-tax impact of the restructuring and other costs was approximately $40.0 million for the quarter. The after-tax impact of gains from divestitures was approximately $25.0 million, or $0.06 per share.