Reuters (Reuters) – Emerson (EMR.N), a U.S. engineering and industrial software provider, boosted its fiscal 2023 projection on Wednesday, as employers expand automation expenditure in response to a tight labor market.
In premarket trade, the stock climbed 3.9%.
Companies across North America are attempting to automate their factories in order to improve productivity and streamline operations in the aftermath of the pandemic.
Emerson now estimates its fiscal 2023 adjusted profit from continuing operations to be between $4.40 and $4.45 per share, up from $4.15 to $4.25 per share before.
The company also anticipates revenue to expand by around 10.5% in 2023, which is higher than the 9%-to-10.5% growth it predicted earlier.
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