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Emerson Electric fiscal Q3 profit falls YOY

Emerson Electric Co. said its normalized net income for the fiscal third quarter ended June 30 amounted to 76 cents per share, compared with the S&P Capital IQ consensus estimate of 83 cents per share.

EPS declined 19.6% year over year from 95 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $510.0 million, a decrease of 23.5% from $666.9 million in the year-earlier period.

The normalized profit margin declined to 9.3% from 10.6% in the year-earlier period.

Total revenue declined 12.8% year over year to $5.50 billion from $6.31 billion, and total operating expenses decreased 10.8% from the prior-year period to $4.63 billion from $5.19 billion.

Reported net income fell 22.4% from the prior-year period to $561.9 million, or 84 cents per share, from $724.4 million, or $1.03 per share.