Mexican Media Brands
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.
#economics #workforcedevelopment
Share
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.
RELATED CONTENT
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.
-
On Urban Transport, the Jeep Grand Wagoneer, Lamborghini and more
Why electric pods may be the future of urban transport, the amazing Jeep Grand Wagoneer, Lamborghini is a green pioneer, LMC on capacity utilization, an aluminum study gives the nod to. . .aluminum, and why McLaren is working with TUMI.
-
Porsche Doubles EV Target for 2025
Porsche AG says about half the vehicles it sells by 2025 will be equipped with hybrid or all-electric powertrains, twice the ratio it forecast four weeks ago.