Johnson Controls revenues rise

May 10, 2010
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For the second quarter of fiscal 2010, Johnson Controls Inc. (NYSE: JCI) reported a double-digit increase in sales with each of the company's businesses reporting higher profitability. The company also increased its estimate for 2010 earnings.

"We are pleased with our second quarter results. Our automotive and power solutions businesses are executing very well on the higher production levels in North America and Europe. The Building Efficiency business has started to see signs of recovery with global orders increasing by 5 percent on a year-over-year basis," Stephen A. Roell, Johnson Controls chairman and CEO, said in a news release. "Globally our markets are improving, and each of the businesses generated significant margin improvements through our focus on cost and quality.”

Highlights for the company's second quarter of 2010 include:

Net sales of $8.3 billion vs. $6.3 billion in Q2 2009, up 32 percent.

Income from business segments of $427 million compared with a Q2 2009 loss of $119 million.

Net income of $274 million vs. a Q2 2009 loss of $193 million.

Earnings per share of 40 cents vs. a Q2 2009 loss of 33 cents.

The 2010 quarter includes a non-cash tax charge of $18 million, or 3 cents per diluted share, associated with the recent U.S. health care reform legislation. The 2009 quarter included restructuring charges and other non-recurring items that negatively impacted earnings per diluted share by 17 cents.

"We continue to be encouraged by the steady improvement in the automotive industry and therefore have increased our earnings outlook for 2010," Roell said. "In the first half of our fiscal year, we have demonstrated the ability to capitalize on the higher production levels with strong execution occurring in all geographic regions. Strong cash flow from our operations has allowed us to accelerate our investments in growth initiatives across all of our businesses."

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