U.S. diversified manufacturer Emerson Electric Co
The maker of industrial products ranging from factory automation networks to power and cooling systems for server farms expects a profit of $2.40 to $2.60 per share, down from the revised $2.70 to $2.95 range it set in February.
This is the second time the St. Louis-based company has cut its profit target for its 2009 fiscal year, which ends September 30.
Analysts, on average, are looking for profit of $2.47 per share, according to Reuters Estimates.
It expects full-year sales to fall 9 percent to 11 percent.
Late last month, Emerson said its orders fell 20 percent to 25 percent from December through February, reflecting its customers cutting back on capital spending in the face of a severe recession.
Its shares were up 1.6 percent, or 50 cents, at $31.39 on the New York Stock Exchange.
(Reporting by Scott Malone; Editing by Derek Caney)