ST. LOUIS — Emerson Electric said late last week that its potential revenue loss from the coronavirus outbreak could be twice as much as earlier projected.
The Ferguson-based technology and engineering conglomerate (NYSE: EMR) said Friday in a regulatory filing it expects second-quarter sales in fiscal 2020 to be reduced by at least $100 million to $150 million because of the outbreak of the new coronavirus, or COVID-19. At a mid-February investor conference, the company had projected a $75 million to $100 million revenue hit, promising then to provide another update by the end of the month.
Emerson said it currently expects to recover half its anticipated sales loss from coronavirus this fiscal year, which ends Sept. 30.
“However, the longer the coronavirus endures, the lower the likelihood of sales recovery this year,” the company said. “For the full year, the ultimate impact of coronavirus in China and globally is uncertain. We are continuing to monitor and evaluate the impact of this evolving situation.”
Emerson has significant operations in China, where the coronavirus outbreak started late last year. The company has reopened all of its major Chinese facilities, with about 85% of its production workers back on the job there. It has 10,700 employees in China.
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