Emerson reported Tuesday that its fiscal third-quarter earnings fell 13 percent, but the company affirmed its forecasts for full-year earnings and cash flow. Sales rose 5 percent in the quarter.

Emerson earned $712 million, or 97 cents a share, which was in line with analysts' estimates. Emerson shares rose 2 percent Tuesday, which RBC Capital Markets analyst Deane Dray said reflected "the absence of any significant new negatives."

Emerson said growth was "below management expectations" in the quarter for both its automation and commercial and residential businesses.