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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.
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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.
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