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EMERSON REPORTS RECORD RESULTS IN SALES, NET EARNINGS AND EARNINGS PER SHARE FOR THIRD QUARTER AND FIRST NINE MONTHS

 ST. LOUIS, Aug. 3 /PRNewswire/ -- Sales, net earnings and earnings per share of Emerson Electric Co. (NYSE: EMR) for the third quarter and first nine months of fiscal 1993 were the highest for any quarter and first nine-month period in the company's history, it was announced today by Charles F. Knight, chairman and chief executive officer.
 The company's net sales for the quarter were $2,092,082,000, an increase of 6.0 percent versus net sales of $1,973,170,000 for the third quarter a year ago.
 Emerson's earnings per common share for the three months ended June 30, 1993 were $0.83 per share, representing an increase of 6.4 percent over earnings per common share of $0.78 for the same period a year ago. Net earnings were $187,223,000 for the third quarter of fiscal 1993, an increase of 7.3 percent over net earnings of $174,431,000 for the third quarter of fiscal 1992.
 Emerson's net sales for the nine months ended June 30, 1993 were $6,132,589,000, an increase of 7.3 percent from net sales of $5,714,071,000 for the first nine months a year ago.
 Emerson's earnings per common share for the nine months ended June 30, 1993 were $2.35, an increase of 6.3 percent over earnings per common share of $2.21 for the same period a year ago. Net earnings for the nine-month period were $528,137,000, an increase of 6.7 percent over net earnings of $494,960,000 for the first nine months of the prior year.
 Discussing the results for the quarter, Mr. Knight said, "We are pleased with the record third quarter results which were achieved despite the continuing difficult global economic environment.
 "Total domestic sales, including exports, increased over 8 percent from the third quarter of fiscal 1992, including the previously announced acquisition of Fisher Controls International and the contribution of the Skil operations to the 50-50 S-B Power Tool Company joint venture. Underlying domestic sales rose modestly with comparisons up for the eighth consecutive quarter. Total export sales experienced their strongest quarter this year, rising over 20 percent, with underlying exports increasing almost 8 percent.
 "International subsidiary sales rose approximately 2 percent from the third quarter of fiscal 1992 reflecting the addition of Fisher. Underlying international subsidiary sales were down due to continued weakness in Europe and unfavorable exchange rates.
 "The addition of Fisher and a modest increase in domestic sales resulted in the process control business achieving the largest sales gains in the quarter. The appliance components business continued to deliver double digit sales increases due to improvements in appliance end markets. The fractional motor business showed slight gains reflecting improved domestic shipments. Sales in the industrial components and equipment, computer support products and industrial motors and drives businesses were soft reflecting weak international subsidiary sales which more than offset continued strengthening of domestic sales trends. Sales in the heating, ventilating, and air conditioning business were down due to strong prior year performance and continuing high inventory levels. Underlying sales in the tools business declined moderately, while the performance of the S-B Power Tool Company joint venture continued to exceed expectations.
 "Consolidated third quarter profit margins improved from the high levels of the prior year, reflecting a solid increase in operating profit margin which was achieved despite the lower operating margin of Fisher Controls. Increased domestic margins more than offset international margin declines as a result of our ongoing commitments to cost reduction efforts and productivity improvement programs across the company.
 "Emerson finished the quarter in a strong financial position and continued to generate strong cash flow. The company's financial strength is a valuable resource which will continue to be used to pursue future growth opportunities.
 "The company expects the current economic environment to continue over the balance of the year. We believe that the actions taken to improve core company profitability will result in 1993 being another year of record performance, our 36th consecutive year of increased earnings and earnings per share," Mr. Knight said.
 EMERSON ELECTRIC CO. AND SUBSIDIARIES
 CONSOLIDATED OPERATING RESULTS
 (DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS)
 Three Months Ended June 30, Percent
 1993 1992 Increase
 Net Sales $2,092.1 $1,973.2 6.0
 Earnings before
 income taxes 294.8 272.6 8.2
 Income taxes 107.6 98.1 9.6
 Net earnings 187.2 174.5 7.3
 Earnings per
 common share $ 0.83 $ 0.78 6.4
 Nine Months Ended June 30, Percent
 1993 1992 Increase
 Net Sales $6,132.6 $5,714.1 7.3
 Earnings before
 income taxes 831.7 779.3 6.7
 Income taxes 303.6 284.3 6.8
 Net earnings 528.1 495.0 6.7
 Earnings per
 common share $ 2.35 $ 2.21 6.3
 -0- 8/3/93
 /CONTACT: William K. Anderson, 314-982-1700, for Emerson/
 (EMR)


CO: Emerson Electric Co. ST: Missouri IN: CPR SU: ERN

SH -- NY049 -- 8889 08/03/93 12:06 EDT
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Publication:PR Newswire
Date:Aug 3, 1993
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