Chairman and Chief Executive Dave Cote on Monday called the company's performance good in a tough environment, saying it had several long-term contract wins and strong cash flow. "Economic conditions, however, remain challenging and we are not planning for any recovery in 2009," he added.
Sales for its automation and control systems segment fell 17% as profits declined 11% and margins rose to 11.5% from 10.8% on productivity improvements.
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