Johnson Controls posts higher-than-expected quarterly profit
By Andrew C., 30 Aug, 2010. 0 Comments
As global car production slowly recovers, Johnson Controls Inc., the world's largest maker of car interiors, posted a higher-than-expected quarterly profit.
Johnson Controls, which also makes building efficiency systems and automotive batteries, raised its fiscal-year outlook and said that it expects sales to rise 16% to $33 billion this fiscal year, up from its previous forecast of $31 billion. Johnson Controls predicts that its fiscal 2010 profit would be $1.70 to $1.75 per share, up from its earlier outlook of $1.35 to $1.45. In previous reports, analysts on average had expected Johnson Controls to earn $1.53 per share on sales of $31 billion, according to Thomson Reuters I/B/E/S. Johnson Controls reported a net income of $350 million, or 52 cents per share, for the first quarter period that ended on Dec. 31, compared with a loss of $608 million, or $1.02 per share, a year earlier. Furthermore, revenue increased 15% to $8.4 billion.
[via autonews - sub. required]
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