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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (63391)	5/2/2002 11:41:00 PM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Emerson Electric 2nd-Qtr Profit Falls, Sales Decline (Update2) By Carol Wolf quote.bloomberg.com St. Louis, May 2 (Bloomberg) -- Emerson Electric Co., the world's biggest maker of power systems for telecommunications networks, said its fiscal second-quarter profit fell 23 percent because of slumping demand for network-power equipment. Net income declined to $274.7 million, or 65 cents a share, from $358.7 million, or 83 cents, a year ago. Sales dropped 17 percent to $3.42 billion in the quarter ended March 31. Chief Executive David Farr said on a conference call with analysts and investors that he's encouraged by an increase in sales and orders from the first quarter. Telecommunications companies have been spending less on Emerson's power converters and products that back up data networks and computer servers. ``It's good to see some signs of recovery,'' said Jeff Graff, an analyst at Victory Capital Management, which manages assets of about $70 billion, including Emerson shares. ``If we assume there will be improvement in the economy, this stock could easily trade into the $60s.''