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

When Chevrolet came out with the 2018 Equinox last September, the facelifted model was offered in a diesel option for the first time, plus it weighed much less at 400...
by - July 23, 2017
If you are a huge fan of the hardcore GTS version, you probably know that the closest you could get to that model is the upgraded model of the M4...
by - July 23, 2017
Audi’s intention to bring out the Renn Sport Racing version of the Q5 was made clear when it unveiled the Audi SQ5 at the 2017 Detroit Motor Show early this...
by - July 22, 2017
Kia’s Sorento midsize sports utility vehicle is reaching its mid-cycle for the 2018 model year. Thus, its fans, enthusiasts and satisfied customers are expecting the Sorento to receive an update...
by - July 22, 2017
The Lotus Evora Sport 410 astonished the world after arriving as the more powerful and lighter edition of the already impressive Evora 400. Now, Lotus Cars is throwing in another...
by - July 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