First-quarter profit at Johnson Controls jumps 59% to $261 million

Article by Christian Andrei, on April 26, 2014

Johnson Controls Inc. posted a 59-percent surge in profit in the first quarter of 2014 to $261 million, or 39 cents per share, as sales of auto parts like car seats were boosted by higher vehicle production in key markets. The company said that auto industry production surged 5 percent in North America, 5 percent in Europe and 9 percent in China in the first quarter of 2014.

Excluding items, first-quarter earnings were 66 cents per share, surpassing the average analyst estimate by 1 cent. Johnson Controls’ automotive unit logged an 11-percent rise in first-quarter sales to $5.62 billion, which represented over half of the company’s total revenue.

Johnson Controls posted a 4-percent rise in revenues to $10.46 billion. Analysts had expected $10.68 billion, according to Thomson Reuters I/B/E/S. Johnson Controls has been reducing its dependence on the automotive industry; it has already divested its automotive electronics operations and has been exploring options for its car interiors business.

The company saw its sales in the heating and cooling systems operations drop 5 percent, as higher sales in Asia were offset by weak demand in North America, Europe and the Middle East.

For the full year 2014, Johnson Controls is expecting lower earnings as it adjusts for the sale of the electronics business. The company is now expecting to post $3.05-$3.18 per share in adjusted earnings, from a previous forecast of $3.15-$3.30.

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Nearly a decade after Opel and sister brand Vauxhall introduced the Insignia large family car, these companies are now getting ready to unveil the second generation of this offering from...
by - December 7, 2016
After we caught a glimpse of the revamped Amarok, VW Australia once again wants to give its ute a sinister look inspired by the Mad Max movie franchise. The “Korama”...
by - December 7, 2016
Customers in the European market are known for leaning towards style and with this in mind, Nissan has revealed the special LEAF Black Edition. While the production run of this...
by - December 7, 2016
When Volkswagen unveiled the VW Atlas, it declared that this SUV is being developed for the United States and is set to arrive as a 2018 model. It also unveiled...
by - December 7, 2016
Did you miss the opportunity to get a brand new Dodge Viper? Well, here’s something you don’t want to miss. Dodge has announced a “final call” for orders for its...
by - December 6, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries