Emerson Beats Estimates, Ups Dividend

ST. LOUIS (TheStreet) -- Emerson Electric (EMR Quote) reported fiscal fourth-quarter earnings that beat expectations despite falling from a year ago.

Emerson said it had net earnings of $506 million, or 67 cents a share, for the quarter ended Sept. 30, falling from a year-ago profit of $688 million, or 88 cents a share.

Net sales slid 21% from a year ago to $5.32 billion, Emerson said.

Analysts were looking for a profit of 60 cents a share on revenue of $5.30 billion, according to a poll by Thomson Reuters.

Emerson also said its board of directors approved a dividend increase of 1.5% to 33.5 cents a share.

Looking ahead, Emerson said underlying sales for fiscal 2010 are expected to be down 5% to 7%. Fiscal first quarter underlying sales are expected to be down 17% to 20%, the company said. Operating profit margin for fiscal year 2010 is expected to be flat to slightly down.

-- Written by Robert Holmes in New York.

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