The one consistent theme running through the current earnings season has been the weaker-than-expected spending from oil and gas and heavy industry businesses. Just a few days before Emerson Electric (NYSE:EMR) reported earnings, its fellow industrial company Rockwell Automation (NYSE:ROK) reduced its full-year sales outlook referencing delays in large projects in heavy industries. Therefore it was hardly surprising to see Emerson Electric lower its outlook. Let's take a look at what happened in the company's third quarter.
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