Home / News / Q1FY15 net income climbs 12.4% at Johnson Controls

Q1FY15 net income climbs 12.4% at Johnson Controls

29 Jan '15

2 min read

Net income from continuing operations climbed 12.41 per cent at NYSE listed and auto interiors producer, Johnson Controls in the first quarter of fiscal 2015.

Net income from continuing operations attributable to Johnson Controls was $507 million, or $0.76 per diluted share, compared with $451 million, or $0.66 per share in the same quarter of last year.

Net sales totaled $10.7 billion, up 1 per cent from $10.6 billion in the 2014 first quarter and excluding the effect of currency translation, sales increased 5 per cent.

However, Automotive Experience revenues in the fiscal first quarter of 2015 were $5.3 billion, down 3 per cent compared to the prior year quarter. Excluding the impact of foreign exchange, sales rose 2 per cent.

Johnson Controls attributed the downside to the impact of the strengthening US dollar versus the Euro.

Automotive industry production in the reporting quarter increased 5 per cent in North America and 6 per cent in China, but declined 2 per cent in Europe, all from a year ago quarter.

Revenues in China, which are primarily related to seating and generated through non-consolidated joint ventures, surged 15 per cent to $2.1 billion.

The Automotive Experience segment income was $249 million as against $197 million reported in the first quarter of fiscal 2014, a surge of 26 percent.

The company said Automotive Experience profitability benefitted from higher Chinese joint venture income and the higher volumes.

Johnson Controls said it expects earnings per diluted share of $0.74-0.76 in the second quarter of fiscal 2015 and also reaffirmed its guidance of $3.55-3.70 for fiscal 2015.

It added that quarterly and fiscal year guidance excludes transaction and integration costs.

“We are focused on increasing profitability and shareholder value and expect 2015 to be a year of record results for Johnson Controls," Alex Molinaroli, Johnson Controls chairman said. (AR)

Fibre2fashion News Desk - India