Johnson Controls Turns Profit, Raises Forecast

April 23, 2010
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

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

How Organizations Connect and Engage with Frontline Workers

June 14, 2023
Nearly 80% of the 2.7 billion workers across manufacturing, construction, healthcare, transportation, agriculture, hospitality, and education are frontline. Learn best practices...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!