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EMERSON REPORTS RECORD FIRST QUARTER SALES, NET EARNINGS AND EARNINGS PER SHARE

 EMERSON REPORTS RECORD FIRST QUARTER SALES,
 NET EARNINGS AND EARNINGS PER SHARE
 ST. LOUIS, Feb. 4 /PRNewswire/ -- Emerson Electric Co. (NYSE: EMR) achieved record results in sales, net earnings and earnings per share for the first quarter of fiscal 1992, Charles F. Knight, chairman and chief executive officer, announced today at the company's annual meeting of stockholders.
 The company's net sales for the three months ended Dec. 31, 1991 were $1,816,971,000, an increase of 0.9 percent over sales of $1,800,623,000 for the first quarter a year ago.
 Emerson's net earnings were $152,632,000 for the first quarter of fiscal 1992, an increase of 4.0 percent over net earnings of $146,778,000 for the first quarter of fiscal 1991. Earnings per common share for the three months ended Dec. 31, 1991 were $0.68 per share, an increase of 3.0 percent over earnings per common share of $0.66 for the same period a year ago.
 In announcing results to the stockholders, Knight said, "In light of the current recession, we are pleased with the results for the first quarter. Domestic sales increased above our expectations and domestic operating profit margins improved.
 Emerson's high levels of profitability resulted from its continued emphasis on cost reduction efforts and productivity improvement programs across the company.
 "International subsidiaries reported negative results, resulting from weak European and Canadian economies and unfavorable exchange rates. Exports continue to show strength as sales increased 25 percent compared to the first quarter last year.
 "The strongest sales gains for the quarter were achieved in our fractional motor and heating, ventilating and air conditioning businesses, the latter of which continues to be driven by strong demand for new products and penetration gains. The appliance components business also showed strong gains, due primarily to acquisitions. Consumer tools improved slightly while professional tools declined modestly. The process control and industrial machinery and equipment businesses were soft. The industrial motors and drives business was down due to sluggish worldwide economies and the effect of unfavorable exchange rates. The computer support products business was down due to continuing weakness in these markets.
 "In October 1991, the company completed the purchase of Buehler International, a leader in destructive testing of materials. In January 1992, the company completed the sale of Varec, a tank level gauging business.
 "Emerson finished the quarter in a strong financial position and continues to generate strong cash flow. The company generated $170 million in operating cash flow for the quarter, a 38 percent increase over the first quarter of the prior year. The company's financial strength is a valuable resource which will continue to be used to pursue future growth opportunities.
 "We expect the challenging economic environment to continue in our second quarter. The critical issue is the strength of the recovery of the domestic economy over the balance of the fiscal year. The actions taken to protect margins in fiscal 1991 and this quarter will continue to pay benefits through the balance of fiscal 1992."
 In other actions taken at the annual meeting, the stockholders elected six directors.
 EMERSON ELECTRIC CO. AND SUBSIDIARIES
 CONSOLIDATED OPERATING RESULTS
 (MILLIONS OF DOLLARS EXCEPT PER SHARE AMOUNTS)
 Quarter Ended December 31, Percent
 1991 1990 Increase
 Net sales $1,817.0 $1,800.6 0.9
 Earnings before
 income taxes 242.3 233.0 4.0
 Income taxes 89.7 86.2 4.1
 Net earnings 152.6 146.8 4.0
 Earnings per
 common share 0.68 0.66 3.0
 -0- 2/4/92
 /CONTACT: William K. Anderson or James R. Orso of Emerson Electric, 314-982-1700/
 (EMR) CO: Emerson Electric Co. ST: Missouri IN: SU: ERN


KD -- NY046 -- 6686 02/04/92 12:20 EST
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Publication:PR Newswire
Date:Feb 4, 1992
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