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JCI Quarterly Profit Rises 31%
Johnson Controls Inc. hiked earnings in its first fiscal quarter ended Dec. 31 to $469 million from $359 million in the same period a year earlier as revenue from automotive operations jumped 10% to $5.8 billion.
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Johnson Controls Inc. hiked earnings in its first fiscal quarter ended Dec. 31 to $469 million from $359 million in the same period a year earlier as revenue from automotive operations jumped 10% to $5.8 billion.
The company's overall revenue for the three months rose 5% to $10.9 billion.
Quarterly income from automotive more than doubled to $232 million. JCI says its revenue in China surged 33% to $1.9 billion as the country's vehicle output rose 14%. The company also benefited from production gains of 5% in North America and 2% in Europe.
Income for JCI's automotive lead-acid battery business climbed 12% to $308 million, and revenue advanced 6% to $1.8 billion.
JCI forecasts second-quarter earnings of 64 cents to 66 cents for the second quarter and affirms its 2014 profit forecast of $3.15 a share to $3.30 and free cash flow of $1.6 billion.
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