(Reuters) - Emerson (NYSE:EMR) Electric reported higher third-quarter earnings on Wednesday, aided by demand for its unit which makes valves, regulators and actuators.
Emerson's measurement and analytical devices have continued to benefit from manufacturers and end customers across the chemical, oil and gas industries.
The company however has pivoted its focus on automation products and services, encouraged by North American manufacturers working to automate their factories and offset a shortage of workers.
During the quarter, Emerson agreed to sell its remaining stake in its Copeland joint venture to Blackstone (NYSE:BX) in a $3.5 billion deal, as part of its streamlining effort.
Emerson's overall revenue in the quarter through June rose 11% to about $4.4 billion compared with the previous year.
The company reported a quarterly adjusted profit of $1.43 per share, compared with $1.29 per share a year ago.