Emerson Reports Third Quarter 2020 Results and Raises Full Year 2020 Guidance (excerpt)

Emerson (NYSE: EMR) today reported results for the third fiscal quarter ended June 30, 2020 and announced updated guidance for the full year. Third quarter GAAP net sales were down 16 percent and underlying sales were down 15 percent excluding unfavorable currency of 1 percent. Revenue declines were in-line with management expectations, as COVID-19 negatively affected nearly all end markets and geographies throughout the quarter. The company continued to see particular weakness in North American markets while China grew by 3 percent. Third quarter trailing three-month underlying orders were down 19 percent, reflective of customers across industrial, commercial and residential markets cutting costs and budgets in response to COVID-19 related operating restrictions and a general drop in economic activity.