Johnson Controls reports higher quarterly earning, raises revenue forecast

Article by Christian Andrei, on April 25, 2011

For fiscal year 2011, Johnson Controls Inc. reported higher quarterly earnings and raised its revenue forecast mainly because the euro is getting stronger and as there are higher growth estimates for its building efficiency unit.

During the second fiscal quarter that ended March 31, JCI posted a net income of $354 million, or 51 cents per share. This is a marked increase from $274 million, or 40 cents per share, posted the previous year.

Thomson Reuters said that excluding one-time costs related to acquisitions, JCI earned 56 cents per share. This is a bit better than the 55 cents per share analysts, on average, had anticipated.

In the quarter, its revenue increased by 22% to $10.14 billion. Japanese automakers cut their domestic production by half as the supply of key electronics and parts was disrupted.

JCI said that the resulting production loss would reduce revenue by $500 million in the fiscal quarter that ends June 30, or between 16 cents and 18 cents per share. JCI would have to recover its losses in the first half of its fiscal 2012 year.

For 2011, JCI had predicted a $39.5 billion in revenue, up $1 billion from its previous forecast of $38.5 billion. For the third fiscal quarter, JCI expects to earn between 51 cents and 53 cents per share.

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

As BMW continues to pursue its plans for the coming years, President-elect Donald Trump gave out a warning to car manufacturers to prevent them from exporting their cars to the...
by - January 17, 2017
Audi recently unveiled its Q8 full-size coupe SUV concept at the 2017 North American International Auto Show. Bearing the traditional functionality of an SUV and the sexy and sporty styling...
by - January 17, 2017
The highlight of this year’s Consumer Electronics Show may be based on some of these keywords---connectivity, integration and partnership. Just like in the previous year, you’ve probably heard and read...
by - January 16, 2017
Less than three weeks to go and the Super Bowl LI – one of the most awaited and most watched sports events in television – will commence on February 5,...
by - January 16, 2017
New Tesla vehicles will have to pay when charging at any of the carmaker’s Supercharger stations once they exceed their annual limits. This comes as Tesla Motors announced revisions in...
by - January 16, 2017
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