Thursday, 21 July 2011

Johnson Controls profit tops estimates




Johnson Controls Inc. reported a stronger-than-expected quarterly profit due to a fast recovery from the impact of the Japan earthquake in March and higher auto production levels in some markets.
The March earthquake, tsunami and nuclear crisis in Japan disrupted the supply of key auto parts and forced automakers to idle plants and cut output.
Johnson Controls' net income attributable to shareholders in the third quarter fell to $357 million, or 52 cents a share, compared with $418 million, or 61 cents a share, in the year- earlier quarter.
Excluding one-time items, it earned 56 cents a share, 2 cents better than the average analyst estimate as polled by Thomson Reuters had expected.

Sales rose 21 percent to $10.4 billion, above the $9.55 billion analysts had expected.
In the fourth quarter, Johnson Controls expects to earn 75 cents per diluted share on a GAAP basis. That figure includes charges of up to 3 cents per share for acquisition-related costs and up to 2 cents per share for production disruptions related to Japan. The company said it would provide more details at its annual analyst day in October. Analysts on average are expecting fourth-quarter earnings of 80 cents per share.


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