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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.
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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.
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