Emerson Electric

(EMR) - Get Report

was up 1.7% in early trading after announcing that it expects second-quarter earnings to rise "modestly" from the year-earlier figure of 82 cents.

The Street is expecting 87 cents. Emerson, an electrical-equipment maker, forecast a sales increase of about 5% from the same period last year.

The company said its growth initiatives have been successful but it is not immune to the economic slowdown.