Emerson announced financial results for the company's first quarter ended December 31, 2018. Net sales increased 9%, underlying sales increased 4.5%, currency translation had a negative impact of 1.5% and business acquisitions had a positive impact of 6%.

The increase in underlying sales reflects broad demand in the global industrial market, steady growth in the North American air conditioning market, and good trends in the global cold chain and professional tools markets. Emerson's tracked three-month base order rate growth remained in the 5% to 10% range during the quarter, including a 7% increase in December.

Automation solutions performance

Automation Solutions net sales increased 9% in the first quarter, including a 7% increase in underlying sales, a 2% negative impact from currency translation, and a 4% positive impact from acquisitions. Demand in key services markets continued to be strong, driving a 12 percent increase in underlying orders over the three months tracked in December. Growth continued to reflect strong demand for maintenance and repair (MRO) activities, as well as brownfield investment activities focused on expanding and optimizing existing facilities.

Underlying sales in Asia, the Middle East and Africa grew 8 per cent, driven by infrastructure expansions in China and India, metals and mining activity in Australia, and upstream brownfield projects in the Middle East. Investment activity continues to be driven in part by the trend of sovereign interests looking towards greater self-sufficiency in energy, refining and chemicals production.

Mr Fan said: "Full-year orders, underlying sales, profitability and cash flow are all on track for a strong 2019 financial year. Within our earnings per share guidance, we included a 3 cent operating M&A charge in our operations, increasing our guidance range by 5 cents in light of the stronger-than-expected first quarter. We will continue to make a difference in 2019, with teams around the world ready to deliver higher value to customers and shareholders."