Suara Malaysia
ADVERTISEMENTFly London from Kuala LumpurFly London from Kuala Lumpur
Tuesday, November 5, 2024
More
    ADVERTISEMENTFly London from Kuala LumpurFly London from Kuala Lumpur
    HomeTechEmerson boosts 2023 forecast on industrial automation demand.

    Emerson boosts 2023 forecast on industrial automation demand.

    -

    Fly AirAsia from Kuala Lumpur

    (Reuters) – U.S. engineering and industrial software firm Emerson on Wednesday raised its fiscal 2023 forecast, as companies increase spending on automation in response to a tight labor market.

    The company’s shares rose 3.9% in premarket trading.

    Companies across North America are working towards automating their factories in order to enhance efficiency and streamline operations amid a shortage of workers following the pandemic.

    Emerson now expects its fiscal 2023 adjusted profit from continuing operations between $4.40 and $4.45 per share, up from its previous outlook of $4.15 to $4.25 per share.

    The company also expects its 2023 revenue to grow about 10.5%, at the higher end of a 9%-to-10.5% growth it forecast earlier.

    The St. Louis, Missouri-based company has been on a streamlining spree over the past few years, including executing a string of deals, to cash in on strong demand for industrial automation.

    The company’s results were helped in the recent quarters from “strategic benefits of its exposure to attractive-end-markets,” CEO Lal Karsanbhai said on Tuesday.

    The industrial conglomerate reported adjusted earnings per share of $1.29 for the quarter through June, beating analysts’ average estimates of $1.10 per share.

    Net sales for the quarter came in at $3.95 billion, above a Wall Street consensus figure of $3.88 billion.

    (Reporting by Shivansh Tiwary in Bengaluru; Editing by Shinjini Ganguli and Shailesh Kuber)


    Credit: The Star : Tech Feed

    Wan
    Wan
    Dedicated wordsmith and passionate storyteller, on a mission to captivate minds and ignite imaginations.

    Related articles

    ADVERTISEMENTFly London from Kuala Lumpur

    Subscribe to Newsletter

    To be updated with all the latest news, offers and special announcements.

    Latest posts