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Emerson Announces Third Quarter 2009 Results

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• Sales of $5.1B, flat with second quarter 2009
• Earnings per share of $0.51
• Free Cash Flow of $800M, Up 19% from third quarter 2008;
  Operating Cash Flow of $916M, Up 11%
• Expects full year earnings per share $2.20 to $2.30

ST. LOUIS, August 4, 2009 – Emerson (NYSE: EMR) announced net sales for the third quarter ended June 30, 2009 of $5.1 billion, a decrease of 22 percent compared with $6.6 billion for the same period last year.  Underlying sales in the quarter declined 19 percent, which excludes a 4 percent unfavorable impact from currency exchange rates and a 1 percent positive impact from acquisitions.  On a sequential basis, sales in the third quarter 2009 were essentially flat with the second quarter, an encouraging sign of stabilization, but below what we had expected a few months ago.

Fiscal Year 2009 Outlook
The bottom of the global economic recession is forming and we expect to see the bottom in the global GFI (gross fixed investment) decline in our fourth fiscal quarter, but we do not expect to see any significant recovery until late 2010.  This will be discussed during our conference call later today.  Based on results for the first three quarters of fiscal 2009 and current order trends, Emerson expects full year earnings per share in the range of $2.20-$2.30.  Underlying sales are expected to decline 12 to 13 percent from 2008 levels, which excludes an estimated 4 percent unfavorable impact from currency translation and a 1 percent favorable impact from completed acquisitions resulting in a net sales decline in the range of 15 to 16 percent to $20.8 to $21.1 billion.  Fiscal 2009 operating cash flow is targeted to be $3 billion and the free cash flow target is $2.4 to $2.6 billion.  We will continue to reduce our global inventory until the global recovery is clearly happening, early in calendar year 2010.  The company expects to incur approximately $280 to $300 million of restructuring expense in fiscal 2009.

Siemens Earnings Release Q3 2009

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Financial highlights:

· Siemens’ strong order backlog softened the impact of the global recession on revenue and profit. Backlog for the Sectors totaled €84.3 billion.

· Third-quarter revenue of €18.348 billion was 4% lower than in the prior-year quarter.

· Orders of €17.160 billion were well below the prior-year level, due in part to a high basis of comparison that included exceptionally large orders at Mobility. The book-to-bill ratio was 0.94.

· Lower revenue held back Total Sectors profit at €1.667 billion, despite a 40% increase in Sector profit in Energy.

· Net income was €1.317 billion, an increase from the second quarter but a decline compared to the strong third quarter of fiscal 2008.

· Free cash flow declined due in part to substantial outflows related to previously reported project reviews and initiatives to safeguard profitability.

MTOM vs. Streaming vs. Compression – Large attachments over WCF

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MTOM is related to Bandwidth while Streaming is related to Buffering.

Compression – WCF’s extensible channel architecture allows us to easily plug-in a compression channel. So, how about not using MTOM or binary, and just applying compression on what we are about to transfer? First compression doesn’t come for free, it costs a lot in terms of CPU. You need to weigh the CPU cost of compression / decompression vs. Latency cost (i.e. is bandwidth a bottleneck?). For Binary encoding, I think it doesn’t make sense (I would encourage you to do your own test, but it didn’t show me much difference), for MTOM encoding I would prefer sending an already offline compressed attachment (i.e. a compressed .bmp instead of .bmp) & for Text encoding, yes, it may make sense. Say, you want to send 10000 customers (though you shouldn’t be doing that) and you need to use Text for interoperability reasons. I recommend to use compression by all means for such scenarios.

Schneider-Electric Q2, 2009 results

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Q2 SALES CONTINUED TO BE IMPACTED BY GLOBALLY WEAK MARKET CONDITIONS

Second quarter 2009 sales reached €3,933 million, down 15.1% on a current structure and exchange rate basis. Organic growth was -19.7%.

Following is sector wise percentage.

Electrical Distribution -16.0%

Automation & Control -27.6%

Critical Power & Cooling -17.6%

Total -19.7%

 

Most affected in the quarter was Schneider’s Automation & Control division, 24% off the prior-year period.