JCI Net Earnings Plunge 50%

Johnson Controls Inc. advanced sales 3% to $10.8 billion in its fiscal third quarter ended June 30. But restructuring costs related to its automotive interiors unit cut net earnings to $238 million from $530 million in the same period last year.

Quarterly results are adjusted to reflect the sale of JCI's automotive electronics business.

Sales by JCI's continuing automotive operations rose 7% to $5.7 billion in April-June, boosted by stronger auto production in all regions. Income jumped 22% to $241 million. Revenue in China, mainly seating sales through its joint ventures, surged 28% to $1.8 billion.

Sales by JCI operations related to building heating/cooling systems fell 4% to $3.6 billion, and income dropped 3% to $306 million. Earnings for the company's battery business surged 43% to $193 million as sales climbed 6% to $1.5 billion.

JCI expects earnings in the current quarter will grow 11% compared with the same period in 2013.