Home / Knowledge / News / Textiles / Johnson Controls expects 30% earnings hike in Q1'14
Johnson Controls expects 30% earnings hike in Q1'14
30
Oct '13
Johnson Controls expects earnings increase 30% in Q1’ 2014 and announces intention to explore strategic options for automotive interiors business.

For the fiscal 2013 fourth quarter, Johnson Controls reported net income of $105 million, or $0.15 per share, on $11.0 billion in revenues. Excluding restructuring and non-recurring items in the 2013 and 2012 fiscal fourth quarters, highlights (non-GAAP) include:

-Net revenues of $11.0 billion vs. $10.4 billion in Q4 2012, up six percent
-Record income from business segments of $920 million compared with $725 million a year ago, up 27 percent
-Record net income of $657 million versus $526 million in Q4 2012, up 25 percent
-Diluted earnings per share of $0.95 versus $0.77 in the same quarter last year, up 23 percent
-Cash provided by operating activities of $1.0 billion; net debt reduction of approximately $1.2 billion, including HomeLink divestiture proceeds

Non-recurring items that impacted reported Q4 2013 and Q4 2012 earnings include:

2013 fourth quarter (net charge of $0.80 per share):

-A $454 million net gain ($235 million after-tax) on the sale of two businesses, primarily related to the HomeLink automotive electronics business which was sold to Gentex Corporation on September 27, 2013
-A $758 million ($694 million after-tax) restructuring and non-cash impairment charge related primarily to severance costs ($215 million) and a write-down of Automotive Interiors business goodwill ($430 million)
-A non-cash mark-to-market gain of $405 million ($236 million after-tax) associated with pension and retiree medical benefits and a $69 million ($42 million after-tax) pension settlement gain
-Tax charges of $371 million primarily related to valuation allowance provisions and the repatriation of Automotive Electronics accumulated foreign earnings
 
2012 fourth quarter (net charge of $0.78 per share):
 
-A $245 million ($228 million after-tax) restructuring charge
-A non-cash mark-to-market charge of $447 million ($271 million after-tax) associated with pension and retiree medical benefits
-A tax charge of $35 million

"While the macro-economic environment continues to be challenging, each of our businesses generated top line growth in the fourth quarter. Even more importantly, they all had significant improvements in profitability. It is particularly pleasing that our efforts to improve execution and control costs are gaining traction," said Alex Molinaroli, Johnson Controls chief executive officer.

"I would like to thank Steve Roell, who retired as CEO on September 30, for his many years of service to the company and our customers. Steve led Johnson Controls through some of the most difficult market and economic conditions in our history, and we will always appreciate his leadershipand vision," said Molinaroli. Steve Roell remains chairman of the company's Board of Directors until December 31, 2013.

Johnson Controls


Must ReadView All

Textiles | On 20th Jul 2017

Provide safety net for cotton growers: Congress to Trump

A bipartisan Congressional coalition has called attention of...

Courtesy: ITMF

Textiles | On 20th Jul 2017

ITMF'17 themed on tech, trade, climate in disruptive times

The International Textile Manufacturers Federation (ITMF), an...

Textiles | On 20th Jul 2017

RIL’s Q1 FY18 petrochemicals revenue up 22.9% y-o-y

Reliance Industries Limited (RIL) has reported its financial...

Interviews View All

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X