-
Net sales of $4.7 billion decreased 16 percent, with underlying sales
down 9 percent
-
Reported earnings per share decreased 29 percent to $0.53. Adjusted
earnings per share of $0.56 excludes ($0.03) for separation costs
related to the strategic portfolio repositioning
-
Share repurchase of $554 million in the quarter
Emerson (NYSE: EMR) today announced net sales in the first quarter ended
December 31, 2015 were down 16 percent, with underlying sales down 9
percent (versus up 6 percent in the prior year) excluding unfavorable
currency translation of 4 percent and an impact from divestitures of 3
percent. The first quarter results reflected continued challenging
economic conditions in our served markets as well as difficult
comparisons. Lower oil prices continued to apply downward pressure on
oil and gas spending, particularly upstream projects, as well as power
generating alternators used in upstream applications. Demand in data
center and telecommunications infrastructure spending was mixed. Global
industrial spending remained weak and economic indicators suggest it
weakened as the calendar fourth quarter progressed. Underlying sales
decreased in all segments and all regions, except Europe which was flat.
Profitability decreased due to volume deleverage and unfavorable mix but
was partially offset by savings from restructuring activities completed
in the prior year. Adjusted earnings per share of $0.56 decreased 25
percent but were better than the Company's December expectation of
$0.50. Reported earnings per share of $0.53 decreased 29 percent
including expenses of ($0.03) for separation costs related to the
strategic portfolio repositioning. Operating cash flow was down 15
percent to $487 million reflecting the impact of lower earnings.
"As we expected, the first quarter was impacted by many of the same
trends we saw throughout fiscal 2015," said Chairman and Chief Executive
Officer David N. Farr. "Although many of our end markets remain
volatile, the results for the first quarter were slightly better than
our expectations and we remain well positioned for a challenging 2016.
Despite these difficult economic conditions, we will continue to execute
on our operational plans, while diligently working to complete the
portfolio repositioning actions we announced last June to create a
stronger, more profitable and faster growing Emerson."
Business Segment Highlights
Process Management net sales decreased 14 percent. Underlying
sales were down 11 percent excluding unfavorable currency translation of
4 percent and a 1 percent impact from prior year acquisitions.
Persistently lower, but equally important uncertain, oil prices continue
to impact both operational and capital spending by end customers in the
energy sector. In upstream markets, projects well under way will
continue to completion, but the recent drop in oil and gas prices below
$30 per barrel has placed even more pressure on future projects.
Downstream power and chemical markets continue to be favorable,
particularly in small and medium projects. Underlying sales in North
America were down 11 percent. The U.S. was down 10 percent but did see
favorable activity levels in the chemical and life sciences end markets.
Europe was up 5 percent supported by small to mid-sized projects in the
power and chemical industries. European companies continue to be more
competitive as they benefit from the weaker Euro. Asia was down 14
percent as difficult conditions in China continued. Latin America was
down 21 percent as most of the region continues to be impacted by both
economic and political challenges. Middle East/Africa was down 20
percent as upstream activity remained challenging while downstream
activity remained a bright spot. Segment margin decreased to 15.0
percent, reflecting volume deleverage and unfavorable mix partially
offset by savings from restructuring actions. The completed and on-going
restructuring actions will help to improve profit margins as the year
progresses. Lower oil prices will continue to apply downward pressure on
future upstream projects, but activity levels in power, chemical and
life sciences markets are expected to remain favorable.
Industrial Automation net sales decreased 30 percent, with
underlying sales down 15 percent as currency translation deducted 5
percent and the power transmission solutions divestiture deducted 10
percent. The first quarter results reflected continued weakness in
general industrial spending, upstream oil and gas markets and European
demand. Underlying sales in most regions were down, with North America
down 23 percent, Europe down 6 percent, Asia down 13 percent and Middle
East/Africa up 1 percent. Segment margin decreased primarily due to
volume deleverage and unfavorable mix. Market conditions will remain
difficult during the second quarter with an expectation for improvement
in the second half of the fiscal year.
Network Power net sales decreased 6 percent, as currency
translation deducted 5 percent. Underlying sales declined 1 percent
reflecting mixed conditions in data center and telecommunications
infrastructure spending. Underlying sales in North America were down 6
percent. Europe was flat supported by a large data center project booked
in the prior year. Latin America was up 12 percent reflecting favorable
data center activity levels across the region, particularly Mexico. Asia
was up 1 percent as growth in Australia, India and Southeast Asia more
than offset a modest decrease in China. Segment margin increased 90
basis points to 8.0 percent as savings from restructuring actions more
than offset volume deleverage. Recent order trends have reflected
improving conditions in both data center and telecommunications
investment.
Climate Technologies net sales decreased 13 percent, with
underlying sales down 10 percent as currency translation deducted 3
percent. Global air conditioning sales decreased driven primarily by
strong demand in the prior year which resulted from U.S. residential air
conditioning regulatory changes. This regulatory driven pull forward of
U.S. product will have minimal impact to comparisons over the remainder
of the year. Refrigeration markets grew modestly, reflecting growth in
the U.S. and Asia, partially offset by softness in Europe. Underlying
demand was mixed across the geographies with North America down 14
percent, Europe up 1 percent, Asia down 9 percent, Latin America down 24
percent and Middle East/Africa up 25 percent. Segment margin declined 20
basis points primarily due to volume deleverage partially offset by
savings from cost reductions. Global demand in the air conditioning and
refrigeration markets remains favorable supporting an outlook for modest
levels of growth in 2016.
Commercial & Residential Solutions net sales decreased 18
percent. Underlying sales decreased 2 percent excluding unfavorable
currency translation of 1 percent and the impact of the divestiture of
the commercial storage business and transfer of a small product line to
another segment together deducted 15 percent. Favorable conditions in
U.S. construction markets resulted in growth in both the wet/dry vacuums
and food waste disposers businesses. The professional tools business
continues to be impacted by reduced levels of spending in upstream oil
and gas markets. Segment margin improved 20 basis points primarily due
to a favorable impact from the divestiture. Favorable trends in U.S.
residential and commercial construction markets are expected to
continue, supporting the outlook for modest levels of growth in 2016.
2016 Outlook
The Company expects difficult conditions to persist in our served
markets during fiscal 2016. These market conditions were anticipated and
have not changed the Company's view of its financial objectives that
were developed heading into this fiscal year. Underlying sales for 2016
are still expected to be down approximately 2 to 5 percent excluding
negative currency translation of approximately 2 percent and a 2 percent
deduction from completed divestitures. Reported sales are expected to be
down approximately 6 to 9 percent. Underlying sales for the second
quarter are expected to decline approximately 4 to 6 percent excluding
negative currency translation and an impact from divestitures of
approximately 2 percent each. Reported sales for the second quarter are
expected to be down approximately 8 to 10 percent. We affirm our
guidance for adjusted earnings per share of approximately $3.05 to
$3.25, which excludes estimated separation expenses of approximately
$250 to $350 million related to the planned spinoff of Network Power and
the potential divestitures of the Motors and Drives and Power Generation
businesses. As a result of these lower separation costs, which were
previously expected to be approximately $50 million higher, reported
earnings per share are expected to be approximately $2.55 to $2.90.
Adjusted earnings per share for the second quarter are expected to be
approximately $0.60 to $0.65 excluding approximately $75 million of
separation costs. Reported earnings per share are expected to be $0.49
to $0.54. We remain focused on the completion of both the restructuring
programs and strategic portfolio repositioning activities that were
initiated in the prior year. Our long-standing commitment to return cash
flow to our shareholders will be supported by an expected increase in
operating cash flow in fiscal 2016 to approximately $3 billion.
"Our first quarter results were slightly better than expected and recent
order trends remain in line with our forecasts," Farr said. "As we have
indicated, we expect to encounter strong economic headwinds throughout
the majority of fiscal 2016 and these conditions demand we remain highly
focused on controlling our costs, efficiently executing our portfolio
repositioning and strategically investing in our business to best
position Emerson for the return of favorable market conditions. With our
priorities set for 2016, it's now up to us to execute."
Upcoming Investor Events
Today at 2:00 p.m. ET, Emerson management will discuss the first quarter
results during a conference call. Access to a live webcast of the
discussion will be available at www.emerson.com/financial
at the time of the call. A replay of the conference call will remain
available for approximately three months.
On Wednesday, February 10, and Thursday, February 11, 2016, Emerson will
host its annual investor conference in Austin, Texas. The conference
will begin on Wednesday with facility tours starting at 2:00 p.m. CT
followed by a dinner at 5:30 p.m. CT, and will continue on Thursday
morning with Company presentations from 8:00 a.m. CT to approximately
1:00 p.m. CT. Access to a live webcast of the presentations will be
available at www.emerson.com/financial
at the time of the event. A replay of the conference will remain
available for approximately three months.
Forward-Looking and Cautionary Statements
Statements in this press release that are not strictly historical may be
“forward-looking” statements, which involve risks and uncertainties, and
Emerson undertakes no obligation to update any such statements to
reflect later developments. These risks and uncertainties include
Emerson's ability to successfully complete on the terms and conditions
contemplated, and the financial impact of, its strategic portfolio
repositioning actions, as well as economic and currency conditions,
market demand, pricing, protection of intellectual property, and
competitive and technological factors, among others, as set forth in the
Company's most recent Annual Report on Form 10-K and subsequent reports
filed with the SEC. The outlook contained herein represents the
Company's expectations for its consolidated results, including the
expected full year results for the businesses that are the subject of
the portfolio repositioning actions, and does not assume any gains or
losses on the ultimate disposition of those businesses.
|
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|
|
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|
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|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
Table 1
|
EMERSON AND SUBSIDIARIES
|
CONSOLIDATED OPERATING RESULTS
|
(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31,
|
|
|
Percent
|
|
|
|
|
2014
|
|
|
2015
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
$
|
5,587
|
|
|
|
$
|
4,713
|
|
|
(16
|
)%
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
|
3,307
|
|
|
|
|
2,824
|
|
|
|
SG&A expenses
|
|
|
|
|
1,405
|
|
|
|
|
1,226
|
|
|
|
Other deductions, net
|
|
|
|
|
64
|
|
|
|
|
114
|
|
|
|
Interest expense, net
|
|
|
|
|
46
|
|
|
|
|
46
|
|
|
|
Earnings before income taxes
|
|
|
|
|
765
|
|
|
|
|
503
|
|
|
(34
|
)%
|
Income taxes
|
|
|
|
|
236
|
|
|
|
|
151
|
|
|
|
Net earnings
|
|
|
|
|
529
|
|
|
|
|
352
|
|
|
(33
|
)%
|
Less: Noncontrolling interests in earnings of subsidiaries
|
|
|
|
|
4
|
|
|
|
|
3
|
|
|
|
Net earnings common shareholders
|
|
|
|
$
|
525
|
|
|
|
$
|
349
|
|
|
(34
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted avg. shares outstanding
|
|
|
|
|
694.7
|
|
|
|
|
652.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share
|
|
|
|
$
|
0.75
|
|
|
|
$
|
0.53
|
|
|
(29
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31,
|
|
|
|
|
|
|
|
2014
|
|
|
2015
|
|
|
|
Other deductions, net
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangibles
|
|
|
|
$
|
55
|
|
|
|
$
|
51
|
|
|
|
Rationalization of operations
|
|
|
|
|
9
|
|
|
|
|
13
|
|
|
|
Currency (gain)/loss
|
|
|
|
|
(6
|
)
|
|
|
|
21
|
|
|
|
Repositioning costs
|
|
|
|
|
—
|
|
|
|
|
24
|
|
|
|
Other
|
|
|
|
|
6
|
|
|
|
|
5
|
|
|
|
Total
|
|
|
|
$
|
64
|
|
|
|
$
|
114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 2
|
EMERSON AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
(DOLLARS IN MILLIONS, UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31,
|
|
|
|
|
2014
|
|
|
2015
|
Assets
|
|
|
|
|
|
|
|
Cash and equivalents
|
|
|
|
$
|
3,122
|
|
|
$
|
3,109
|
Receivables, net
|
|
|
|
|
4,404
|
|
|
|
3,842
|
Inventories
|
|
|
|
|
2,121
|
|
|
|
1,903
|
Other current assets
|
|
|
|
|
836
|
|
|
|
840
|
Total current assets
|
|
|
|
|
10,483
|
|
|
|
9,694
|
Property, plant & equipment, net
|
|
|
|
|
3,631
|
|
|
|
3,520
|
Goodwill
|
|
|
|
|
6,940
|
|
|
|
6,601
|
Other intangible assets
|
|
|
|
|
1,649
|
|
|
|
1,467
|
Other
|
|
|
|
|
1,021
|
|
|
|
270
|
Total assets
|
|
|
|
$
|
23,724
|
|
|
$
|
21,552
|
|
|
|
|
|
|
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
Short-term borrowings and current maturities of long-term debt
|
|
|
|
$
|
3,484
|
|
|
$
|
3,409
|
Accounts payable
|
|
|
|
|
2,468
|
|
|
|
2,075
|
Accrued expenses
|
|
|
|
|
2,640
|
|
|
|
2,616
|
Income taxes
|
|
|
|
|
285
|
|
|
|
102
|
Total current liabilities
|
|
|
|
|
8,877
|
|
|
|
8,202
|
Long-term debt
|
|
|
|
|
3,289
|
|
|
|
4,043
|
Other liabilities
|
|
|
|
|
2,002
|
|
|
|
1,810
|
Total equity
|
|
|
|
|
9,556
|
|
|
|
7,497
|
Total liabilities and equity
|
|
|
|
$
|
23,724
|
|
|
$
|
21,552
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 3
|
EMERSON AND SUBSIDIARIES
|
CONSOLIDATED STATEMENT OF CASH FLOWS
|
(DOLLARS IN MILLIONS, UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31,
|
|
|
|
|
2014
|
|
|
2015
|
Operating activities
|
|
|
|
|
|
|
|
Net earnings
|
|
|
|
$
|
529
|
|
|
|
$
|
352
|
|
Depreciation and amortization
|
|
|
|
|
207
|
|
|
|
|
202
|
|
Changes in operating working capital
|
|
|
|
|
(192
|
)
|
|
|
|
(145
|
)
|
Other, net
|
|
|
|
|
27
|
|
|
|
|
78
|
|
Net cash provided by operating activities
|
|
|
|
|
571
|
|
|
|
|
487
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
(207
|
)
|
|
|
|
(145
|
)
|
Purchase of businesses, net of cash and equivalents acquired
|
|
|
|
|
(143
|
)
|
|
|
|
(6
|
)
|
Other, net
|
|
|
|
|
(26
|
)
|
|
|
|
(12
|
)
|
Net cash used by investing activities
|
|
|
|
|
(376
|
)
|
|
|
|
(163
|
)
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
Net increase in short-term borrowings
|
|
|
|
|
999
|
|
|
|
|
861
|
|
Payments of long-term debt
|
|
|
|
|
(251
|
)
|
|
|
|
(251
|
)
|
Dividends paid
|
|
|
|
|
(326
|
)
|
|
|
|
(310
|
)
|
Purchases of common stock
|
|
|
|
|
(509
|
)
|
|
|
|
(507
|
)
|
Other, net
|
|
|
|
|
(59
|
)
|
|
|
|
(4
|
)
|
Net cash used by financing activities
|
|
|
|
|
(146
|
)
|
|
|
|
(211
|
)
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and equivalents
|
|
|
|
|
(76
|
)
|
|
|
|
(58
|
)
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and equivalents
|
|
|
|
|
(27
|
)
|
|
|
|
55
|
|
|
|
|
|
|
|
|
|
Beginning cash and equivalents
|
|
|
|
|
3,149
|
|
|
|
|
3,054
|
|
|
|
|
|
|
|
|
|
Ending cash and equivalents
|
|
|
|
$
|
3,122
|
|
|
|
$
|
3,109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 4
|
EMERSON AND SUBSIDIARIES
|
SEGMENT SALES AND EARNINGS
|
(DOLLARS IN MILLIONS, UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31,
|
|
|
|
|
2014
|
|
2015
|
Sales
|
|
|
|
|
|
|
Process Management
|
|
|
|
$
|
2,099
|
|
|
$
|
1,806
|
|
Industrial Automation
|
|
|
|
|
1,152
|
|
|
|
808
|
|
Network Power
|
|
|
|
|
1,119
|
|
|
|
1,051
|
|
Climate Technologies
|
|
|
|
|
900
|
|
|
|
787
|
|
Commercial & Residential Solutions
|
|
|
|
|
480
|
|
|
|
392
|
|
|
|
|
|
|
5,750
|
|
|
|
4,844
|
|
Eliminations
|
|
|
|
|
(163
|
)
|
|
|
(131
|
)
|
Net sales
|
|
|
|
$
|
5,587
|
|
|
$
|
4,713
|
|
|
|
|
|
|
|
|
Earnings
|
|
|
|
|
|
|
Process Management
|
|
|
|
$
|
392
|
|
|
$
|
271
|
|
Industrial Automation
|
|
|
|
|
164
|
|
|
|
95
|
|
Network Power
|
|
|
|
|
79
|
|
|
|
84
|
|
Climate Technologies
|
|
|
|
|
126
|
|
|
|
109
|
|
Commercial & Residential Solutions
|
|
|
|
|
103
|
|
|
|
85
|
|
|
|
|
|
|
864
|
|
|
|
644
|
|
Differences in accounting methods
|
|
|
|
|
58
|
|
|
|
55
|
|
Corporate and other
|
|
|
|
|
(111
|
)
|
|
|
(150
|
)
|
Interest expense, net
|
|
|
|
|
(46
|
)
|
|
|
(46
|
)
|
Earnings before income taxes
|
|
|
|
$
|
765
|
|
|
$
|
503
|
|
|
|
|
|
|
|
|
Rationalization of operations
|
|
|
|
|
|
|
Process Management
|
|
|
|
$
|
3
|
|
|
$
|
4
|
|
Industrial Automation
|
|
|
|
|
2
|
|
|
|
3
|
|
Network Power
|
|
|
|
|
1
|
|
|
|
4
|
|
Climate Technologies
|
|
|
|
|
2
|
|
|
|
1
|
|
Commercial & Residential Solutions
|
|
|
|
|
1
|
|
|
|
1
|
|
Total
|
|
|
|
$
|
9
|
|
|
$
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations of Non-GAAP Financial Measures & Other
|
|
Table 5
|
The following reconciles non-GAAP measures (denoted by *) with the
most directly comparable GAAP measure (dollars in millions, except
per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Process
|
|
Industrial
|
|
Network
|
|
Climate
|
|
Comm &
|
|
|
2016 Q1 sales change
|
Mgmt
|
|
Auto
|
|
Power
|
|
Tech
|
|
Res Solns
|
|
Total
|
|
Underlying*
|
(11
|
)%
|
|
|
(15
|
)%
|
|
|
(1
|
)%
|
|
(10
|
)%
|
|
(2
|
)%
|
|
(9
|
)%
|
|
Acq/Div
|
1
|
%
|
|
|
(10
|
)%
|
|
|
—
|
%
|
|
—
|
%
|
|
(15
|
)%
|
|
(3
|
)%
|
|
FX
|
(4
|
)%
|
|
|
(5
|
)%
|
|
|
(5
|
)%
|
|
(3
|
)%
|
|
(1
|
)%
|
|
(4
|
)%
|
|
Reported
|
(14
|
)%
|
|
|
(30
|
)%
|
|
|
(6
|
)%
|
|
(13
|
)%
|
|
(18
|
)%
|
|
(16
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q1 sales change
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Underlying*
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Acq/Div
|
(3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
FX
|
(3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
Reported
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 earnings per share
|
|
2015
|
|
2016
|
|
Change
|
|
|
|
|
|
Reported
|
|
$
|
0.75
|
|
|
$
|
0.53
|
|
|
(29
|
)%
|
|
|
|
|
|
Portfolio Repositioning Costs
|
|
|
—
|
|
|
$
|
0.03
|
|
|
—
|
|
|
|
|
|
|
Adjusted*
|
|
$
|
0.75
|
|
|
$
|
0.56
|
|
|
(25
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016E earnings per share
|
|
|
|
|
|
|
|
|
|
Adjusted*
|
|
$3.05 to $3.25
|
|
|
|
|
|
|
|
Portfolio Repositioning Costs
|
|
($0.50 to $0.35)
|
|
|
|
|
|
|
|
Reported
|
|
$2.55 to $2.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2E earnings per share
|
|
|
|
|
|
|
|
|
|
Adjusted*
|
|
$0.60 to $0.65
|
|
|
|
|
|
|
|
Portfolio Repositioning Costs
|
|
$(0.11)
|
|
|
|
|
|
|
|
Reported
|
|
$0.49 to $0.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016E sales change
|
|
|
|
|
Q2E sales change
|
|
|
|
Underlying*
|
~(5)-(2)%
|
|
|
|
Underlying*
|
|
~(6)-(4)%
|
|
|
|
Acq/Div
|
~(2)%
|
|
|
|
Acq/Div
|
|
~(2)%
|
|
|
|
FX
|
~(2)%
|
|
|
|
FX
|
|
~(2)%
|
|
|
|
Reported
|
~(9)-(6)%
|
|
|
|
Reported
|
|
~(10)-(8)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Underlying sales and orders exclude the impact of
acquisitions, divestitures and currency translation.
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160202005794/en/
Copyright Business Wire 2016