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

Article by Christian A., 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

Recommended

A lot of us know Singer Vehicle Design and their signature work of reimagining Porsche 911s, and making them look like hot rods from the 70s. They are not alone...
by - August 20, 2017
August 17, 2017 is a sad day for the Dodge Viper, its fans, enthusiasts and its admirers. It is the day when the last Dodge Viper rolled off the assembly...
by - August 20, 2017
A few months ago, Mercedes-Benz promised that they will be treating everyone to a “big surprise” during the Monterey Car Week. And true enough, many of us were stunned as...
by - August 19, 2017
McLaren has already shown some interest in electrifying their models. And initially, we thought that they will just use hybrid systems to use across their current lineup. Nevertheless, we have...
by - August 19, 2017
Fifty years after its glorious victory at the 24 Hours of Le Mans, Ford launches the 2018 Ford GT ’67 Heritage Edition at the 2017 Monterey Car Week. The red...
by - August 18, 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