Mexican Media Brands
JCI’s Automotive Unit Posts Record Quarterly Results
The automotive seating and interiors operations of Johnson Controls Inc. netted a record $344 million in the fiscal third quarter ended June 30, up 1% from year-earlier results.
#economics #interior
Share
The automotive seating and interiors operations of Johnson Controls Inc. netted a record $344 million in the fiscal third quarter ended June 30, up 1% from year-earlier results.
The group, which is scheduled to spin off as an independent company called Aident by the end of October, attributes the profit surge in part to restructuring and cost-cutting efforts.
The unit’s quarterly revenue fell 19% to $4.4 billion. JCI says unfavorable exchange rates and the cost of deconsolidating an automotive joint venture accounted for 18 points of the decline.
JCI posted a corporate year-on-year revenue decline of 1% to $9.5 billion in April-June. due mainly to the deconsolidation of its automotive interiors joint venture.
RELATED CONTENT
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.