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JCI Profit Rises 3%
Johnson Controls Inc. posted a $364 million net profit in the fiscal second quarter ended March 31 compared with $354 million a year earlier.
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Johnson Controls Inc. posted a $364 million net profit in the fiscal second quarter ended March 31 compared with $354 million a year earlier. Revenue grew 4% to a record $10.6 billion.
Income excluding one-time items slipped to $363 million from $383 million.
JCI's automotive unit hiked revenue 7% to $5.6 billion on gains in all regions. But income dropped 4% to $236 million, including a decline of 17% to $121 million in North America. The company cites the expense of opening a new factory and launching new products. In Europe profits plunged 35% to $34 million in Europe because of production inefficiencies. Strong earnings in Japan boosted Asian profit 62% to $81 million.
The battery business' profit jumped 10% to $195 million. Revenue increased less than 1% to $1.4 billion. Income at the company's building climate control unit income dipped 4% to $127 million as sales edged up 1% to $3.6 billion.
JCI predicts earnings to climb 20% year over year to $460 million in the current quarter and 25% to $673 million in the final three months of the fiscal year.
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