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    HomeTechEmerson boosts 2023 forecast on industrial automation demand.

    Emerson boosts 2023 forecast on industrial automation demand.

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    (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

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