UPDATE: Emerson Electric Q1 Net Profit Declines 23%

Emerson Electric Co (NYSE: EMR) reported a 23% drop in its first-quarter net profit.

Emerson Electric's quarterly net earnings declined to $371 million, or $0.50 per share, from $480 million, or $0.63 per share, in the year-ago period. Its sales dropped 4% to $5.3 billion. However, analysts were expecting earnings of $0.51 per share on revenue of $5.28 billion.

Emerson Electric expects earnings for the full year between $3.45 and $3.60 per share.

Emerson Electric shares closed at $53.37 yesterday.