Emerson Process Management Reports Full Year and Fourth Quarter Results
Emerson Process Management sales increased 18% in the fourth quarter, as global energy investment and backlog conversion related to the Thailand flooding drove growth across all businesses.
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Underlying orders, which exclude the impact of currency translation, acquisitions, and divestitures, grew 5% in the quarter, led by 20% growth in the systems business, which was partially subdued by weakness in Europe and difficult comparisons. Segment margin of 24.3% increased 200 basis points from the prior year, primarily driven by volume leverage and cost reduction benefits. Recovery of sales delayed by the Thailand flooding progressed as expected, contributing to strong volume leverage, and the supply chain distribution impact has now been fully recovered. Consecutive years of double-digit sales and orders growth in 2011 and 2012 reflect a strong process automation industry position built on technology innovation and integrated solutions. Looking ahead, continued project activity in oil and gas, chemical, and power end markets is expected to support solid growth in the near term that will drive another excellent year.
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