Mexican Media Brands
JCI’s Fourth-Quarter Earnings Plunge on Sale of Business Unit
Johnson Controls Inc. reports its net income from continuing operations in the fiscal fourth quarter ended Sept. 30 plummeted to $3 million from $331 million in July-September 2014.
#economics
Share
Johnson Controls Inc. reports its net income from continuing operations in the fiscal fourth quarter ended Sept. 30 plummeted to $3 million from $331 million in July-September 2014. Net revenue fell 13% to $8.7 billion.
The skewed results reflect the company’s sale of its Global Workplace Solutions business, which manages corporate facilities and real estate, to CBRE Group Inc., a large commercial real estate services and investment firm.
Quarterly income by JCI’s automotive operations slipped 1% to $248 million. Sales shrank 21% to $4.2 billion because of the transfer of its interiors operations to Yanfeng Automotive Interiors, a new Chinese venture with SAIC in which JCI holds a 30% stake.
July-September revenue from JCI’s automotive starter battery business dropped 6% to $1.7 billion. The company says unfavorable foreign exchange rates reversed a 3% gain. The unit’s segment income rose 5% to $340 million.
For the full fiscal year, JCI’s net sales declined 4% to $37.2 billion, and net income from continuing operations rose 2% to $1.4 billion.
RELATED CONTENT
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.
-
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.