Emerson Electric Co. said Tuesday its fiscal third-quarter profit grew 51 percent, as U.S. and European sales climbed and the company received a boost from acquisition of network equipment and software maker Avocent Corp.
The St. Louis company said it earned $585 million, or 77 cents per share, in the three months that ended June 30. That compares to net income of $387 million, or 51 cents per share, in the same quarter last year.
Sales grew 11 percent to $5.64 billion.
Analysts polled by Thomson Reuters expected, on average, earnings of 68 cents per share on $5.57 billion in revenue.
Emerson said it now expects full-year earnings per share of $2.60 to $2.70, based on order trends and improving business conditions. That's up from the company's forecast in May, when it said it expected earnings between $2.40 and $2.60 per share.
Analysts expect earnings of $2.53 per share.
Emerson supplies technology and engineering services, making automation systems for everything from biopharmaceutical companies to chemical refineries in China.
The company said growth resumed in the United States and Europe, with sales rising 11 percent and 9 percent, respectively. Network power sales grew 7 percent in the quarter, mostly due to a favorable impact from the Avocent deal.
"Global markets continue to recover, at a slower pace than previous economic cycles, but in-line with our expectations," Chairman and CEO David N. Farr said in a statement from the company. "We expect this slow, but steady, recovery to continue for the next several years. We do not expect a double-dip recession in our end markets."