Johnson Controls Turns Profit, Raises Forecast

Auto industry improvements boost earnings

Johnson Controls Inc. said April 23 it earned $274 million in its fiscal second quarter, as sales improved across all its business lines.

The maker of building systems and automotive parts also raised its earnings forecast for the year, citing improvement in the auto industry.

The company said its automotive segment posted a profit of $189 million during the quarter compared with a loss of $269 million a year ago. Its power solutions segment doubled its profit to $134 million, while profit in its building efficiency segment rose 16% to $104 million.

Johnson Controls said its profit for the three months ended March 31 was 40 cents per share. That's compared with a loss of $193 million, or 33 cents per share, in the same period last year.

Excluding a tax charge, restructuring costs and other one-time items, the company earned 43 cents per share. Revenue jumped 32% to $8.32 billion.

Analysts surveyed by Thomson Reuters expected 39 cents per share on $7.92 billion in sales, on average. Such estimates typically exclude one-time items.

Company shares rose 84 cents, or 2.4%, to $35.85 in premarket trading.

Copyright 2010 The Associated Press

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