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:

Comments

Recommended

Opel revealed it has sweetened the pot for 2017 Insignia Grand Sport customers with the Opel Exclusive program. Through this program, the brand hopes to introduce a wide selection of...
by - February 22, 2017
Fireball Performance Cars has been known to make the fastest sixth generation LT1 Camaros in the world. Once again it has managed to walk the talk as it hit a...
by - February 22, 2017
The North American unit of German premium carmaker BMW is recalling around 19,000 units of its BMW i3 electric vehicle because of the risk of fuel leak. You may ask,...
by - February 22, 2017
A publication by the U.S. Patent and Trademark Office revealed that Honda is still looking into the Project 2&4 Concept. Officially unveiled during the 2015 Frankfurt Motor Show, the Project...
by - February 22, 2017
Barely a month before its official debut, Hyundai gave everyone a taste of what’s to come with the 2017 Hyundai i30 Wagon. Despite what little was shown, it did not...
by - February 22, 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