NEW YORK (AP) -- NEWS: Emerson Electric said Tuesday its net income surged in the fiscal fourth quarter as impairment charges declined and sales improved.
DETAILS: A year ago the St. Louis company took $592 million in goodwill impairment costs because it expected slower growth for its embedded computing and power and DC power businesses. Impairment charges fell to $25 million in the latest quarter. Emerson said sales in Asia improved in the latest quarter and emerging markets like China and Mexico performed well.
Revenue from its process management business — Emerson's biggest division — rose 5 percent to $2.51 billion, and the company also reported greater climate technology revenue.
NUMBERS: Emerson Electric Co. said its net income rose to $795 million, or $1.10 per share, from $282 million, or 39 cents per share. Excluding charges, quarterly earnings per share were $1.18. Revenue rose 2 percent, to $6.81 billion from $6.7 billion.
Analysts expected net income of $1.11 per share and $6.76 billion in revenue, according to FactSet. The quarter ended Sept. 30.
For the full year, the company earned $2 billion, or $2.76 per share, on revenue of $24.67 billion.
FUTURE: Emerson said market conditions are mixed but have improved modestly in the last few months. It said the recovery is slow compared to previous economic cycles.
For 2014, it expects reported sales to decline up to 1 percent or grow up to 1 percent, with reported earnings per share to grow 33 to 38 percent.
STOCK: Emerson shares edged down by 42 cents to $66.95 in morning trading.
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