Emerson managed to squeeze out higher-than-expected earnings for the fourth quarter despite a sharp drop in sales caused by the global recession.

The Ferguson-based company reported today net income of $506 million, or 67 cents a share, for the quarter ended Sept. 30 versus $688 million, or 88 cents a share, a year ago.

Though profit was lower, it beat Wall Street expectations. Analysts polled by Bloomberg News were expecting fourth-quarter earnings to be 60 cents a share.

“We are well positioned for economic recovery, but the shape and speed of the recovery remains unknown and we expect weakness to continue in the near-term," Emerson Chairman and CEO David Farr said in a press release.

Meanwhile, net sales fell 21 percent to $5.3 billion.

However, Emerson noted that sales were up 4.6 percent from the third quarter. This is the second consecutive quarter in which sales showed sequential growth, which the company says indicates revenue stabilization.

The company will detail its results during a conference call at 2 p.m. today. A Webcast will be available at www.emerson.com/financial.

Emerson makes a wide range of products, including industrial process controls, cooling equipment, network power products, appliances and tools.