UPDATE: Emerson Electric Q1 Earnings Top Expectations

reported stronger-than-expected earnings for the first quarter. The St. Louis, Missouri-based company's quarterly net earnings attributable to common shareholders climbed to $525 million, or $0.75 per share, compared to $462 million, or $0.65 per share, in the year-ago period. Its revenue declined 0.3% to $5.59 billion. However, analysts were projecting earnings of $0.72 per share on revenue of $5.59 billion. Process Management net sales gained 3%, while Industrial Automation net sales came in flat. Network Power net sales shrank 14%, while Climate Technologies net sales climbed 15%. Commercial & Residential Solutions net sales surged 3%. "The first quarter was a solid start to the year despite an increasingly uncertain and volatile macroeconomic backdrop," said Chairman and Chief Executive Officer David N. Farr. "The strength of the U.S. dollar and rapid decline of oil prices present a challenging and unpredictable global operating environment. Emerson's margin expansion and underlying sales growth reflected solid execution and the benefits of recent portfolio repositioning.” For 2015, Emerson Electric now projects sales to drop 1% to 4%. It also expects earnings of $4.50 to $4.60 per share, including a significant reduction from currency translation, an estimated divestiture gain of $0.75 per share and accelerated restructuring costs of $0.05 per share. Analysts expected earnings of $3.92 per share Emerson Electric shares fell 0.71% to $58.55 in pre-market trading.