Emerson Electric (NYSE: EMR) is trailing three-month orders flat and said it will increase restructuring activity in the second half of 2019.
Emerson reported trailing three-month orders were flat with underlying orders up 2%, excluding a 2% unfavorable currency impact. June underlying orders growth was below the 5%-7% expected range management communicated in the May second-quarter earnings call.
In its 8-K filing the company writes:
“We continue to reposition the business to deliver strong profitability on lower second half growth, as communicated on the May 7 earnings conference call, and have further increased planned restructuring activities for the remainder of 2019. These investments will help position the company for improving profitability in early 2020. We expect to increase full year restructuring spend and other actions to approximately $100 million, which is up approximately $30 million since short-cycle end markets began to soften in the second fiscal quarter.”
Emerson Electric shares are trading down 2.1% at $65.26. The stock has a 52-week high of $79.70 and a 52-week low of $55.38.
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