UPDATE: Emerson Electric FQ1 Profit Rises 22%

Emerson Electric Co

reported a 22% rise in its fiscal first-quarter profit. Emerson Electric's quarterly profit surged to $454 million, or $0.62 per share, from $371 million, or $0.50 per share, in the year-ago period. Its revenue rose 4.6% to $5.55 billion. However, analysts were expecting earnings of $0.62 per share on revenue of $5.43 billion. Emerson Electric expects full-year earnings of $3.53 to $3.63 per share, versus analysts' estimates of $3.59 per share. It projects sales growth of 2% to 5%, versus estimates of 3% growth. Emerson Electric shares closed at $57.49 yesterday.