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JCI Slashes Profit Outlook, May Cut Jobs
Johnson Controls Inc. expects net profit in its fiscal fourth quarter, which ends Sept. 30, will be flat to 5% higher than a year earlier down from its previous forecast of a 25% increase.
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Johnson Controls Inc. expects net profit in its fiscal fourth quarter, which ends Sept. 30, will be flat to 5% higher than a year earlier down from its previous forecast of a 25% increase.
The Milwaukee, Wis.-based company says its lower outlook reflects weakness in global markets. JCI tells analysts it may divest underperforming businesses and cut jobs but offers no details.
Net income in the three months ended June 30 jumped 17% to $417 million. Revenue edged up 2% to $10.6 billion.
JCI's auto parts unit boosted sales 7% to $5.5 billion and profit 42% to $202 million in the quarter, thanks to stronger vehicle production in Asia and North America.
Revenue for the company's battery business slipped 3% to $1.3 billion, and income dropped 9% to $149 million. The company cites weak demand for replacement batteries in North American and original-equipment units in Europe.
Earnings at JCI's building-efficiency unit surged 28% to $264 million as record-high temperatures in North America boosted demand.
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