Emerson Lifts Profit Outlook

Emerson Electric's (EMR Quote) third quarter had double-digit sales growth from last year, and the maker of motors and power systems raised its earnings forecast for the fiscal year.

Net income for the quarter ended June 30 totaled $358 million, or 86 cents a share, including a tax charge of $58 million, or 14 cents a share, for repatriating about $1.3 billion of foreign earnings. Before the charge, the St. Louis-based company would have earned $416 million, or $1 a share, 5 cents ahead of estimates.

A year ago, Emerson earned $341 million, or 81 cents a share. Sales for the quarter rose 11% to $4.5 billion, and were up in all segments except climate technologies. ...