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Johnson Controls Profit Tumbles 61%
Johnson Controls Inc. netted $148 million in the fiscal second quarter ended March 31 compared with $379 million a year earlier.
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Johnson Controls Inc. netted $148 million in the fiscal second quarter ended March 31 compared with $379 million a year earlier. Revenue dipped 1% to $10.4 billion.
JCI says weak sales in Europe and restructuring costs there eroded income in the latest quarter. The company predicts stronger profits in the second half.
Quarterly sales slipped 3% to $5.4 billion at the company's auto components unit, dragged down by a 13% drop in sales of electronic parts. Revenue climbed 10% to $1.6 billion at JCI's battery business.
Adjusted pretax earnings dropped 21% to $185 million for the auto unit and jumped 19% to $22 million for batteries.
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