Emerson profit meets forecasts

US conglomerate Emerson Electric met Wall Street forecasts with a 17 per cent rise in quarterly profit yesterday, but said its industrial businesses were slowing and its shares fell 1.1 per cent. The maker of factory automation systems and wireless networks used in oil and gas production, kept its full-year profit forecast steady, defying expectations for a cut. Emerson earned a net $683m (£419m) in the third quarter that ended 30 June, up from $585m.