Technology and engineering services firm Emerson Electric Co. ( EMR ) on Tuesday posted lower-than-expected fiscal first quarter earnings, hurt by recent flooding in Thailand.
The St. Louis-based company reported fiscal first quarter net income of $371 million, or 50 cents per share, compared with $480 million, or 63 cents per share, in the year-ago period.
Revenue fell 4% from last year to $5.31 billion.
On average, Wall Street analysts expected a higher profit of 51 cents per share, albeit on lower revenue of $5.29 billion.
Looking ahead, EMR said it now expects full-year 2012 earnings to range from $3.45 to $3.60 per share, while analysts are looking for $3.51 per share for the year.
Emerson Electric shares fell $1.77, or -3.3%, in premarket trading Tuesday.
The Bottom Line
Shares of Emerson Electric ( EMR ) have a 3.00% dividend yield, based on last night's closing stock price of $53.37. The stock has technical support in the $47-$50 price area. If the shares can firm up, we see overhead resistance around the $53-$56 price levels.
Emerson Electric Co. ( EMR ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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