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.