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JCI Quarterly Profit Drops 17%
Johnson Controls Inc. netted $354 million in the fiscal first quarter ended Dec. 31 compared with $424 million in the same period of 2011.
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Johnson Controls Inc. netted $354 million in the fiscal first quarter ended Dec. 31 compared with $424 million in the same period of 2011. Revenue was unchanged at $10.4 billion.
The company attributes the profit decline to Europe's sluggish auto market, which was partially offset by stronger demand in China and North America.
JCI predicts that earnings per share in the current quarter will slide about 10 cents year over year to 40 cents-42 cents. The company still forecasts higher income and revenue for the full fiscal year, citing the payoff from restructuring actions it began last summer.
In the October-December period, profit from JCI's auto parts unit plunged 50% year over year to $101 million, and revenue was flat at $5.2 billion. Earnings at the company's battery business slipped 3% to $268 million as sales rose 4% to $1.7 billion.
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