June 2009 -- Emerson recorded net sales of $5.1 billion for the second quarter ended March 31, a 16% drop compared with net sales of $6 billion in the prior-year quarter.
Earnings from continuing operations for the quarter declined 38% to $373 million, or 49 cents per share, representing a 35% decline in earnings per share from continuing operations versus 75 cents earned in the same period last year.
"Emerson has faced a dramatic and challenging change in market conditions when compared with the same quarter of 2008," said Chairman, CEO and President David Farr. "The global recession has significantly reduced demand across all of our business segments. Although we have acted decisively to adjust to the decline in market demand, our margins have been affected by the sales decline and aggressive inventory reductions, as well as the increased costs of broad-based restructuring initiatives.
"The actions that we are taking are intended to improve our global best cost structure, drive innovation and encourage entrepreneurial thinking throughout Emerson. Our financial position remains strong, and we are providing our management team with the resources, support and strategic acquisitions needed to improve our competitive position for when the economy returns to growth and for the long term."
