Johnson Controls reports higher quarterly earning, raises revenue forecast

Article by Christian A., 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:

Pin It

Comments

Recommended

Want to go for a sportier look, but don’t have enough cash to burn? Good news for future Ford Edge buyers, as the 2018 model year will have an optional...
by - March 28, 2017
Audi refreshes its portfolio as its go-faster division officially announces the release of six new RS models by the end of 2018. That’s quite a huge number of cars to...
by - March 28, 2017
Has Toyota started the production of a new electric supercharger? Well, a patent that was recently published indicated that they might have. And this electric supercharger looks more durable and...
by - March 27, 2017
The Tesla Model S has finally arrived in South Korean soil and is now available for test drive. But, there’s a catch. You’ll have to wait several months if you...
by - March 27, 2017
Sorry to say this to the Sport Quattro Concept fanatics. If you guys have been hoping for the production of this iconic concept to begin, prepare for your dreams to...
by - March 27, 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