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Johnson Controls Reports Record Sales and Earnings for Q1 2011; Company Raises Full-Year Forecast

MILWAUKEE Jan. 20, 2011

Highlights of the company’s first quarter of 2011 include:

  • $9.5 billion $8.4 billion
  • $533 million $406 million
  • $375 million $0.55 $350 million $0.52 $62 million $288 million $0.43

Stephen A. Roell

Business results

$4.6 billion $4.1 billion North America Asia China $1.0 billion China

$177 million $121 million

$700 million $1.4 billion $0.10

$1.6 billion $1.3 billion North America Europe

China Chongqing

$217 million $181 million

Mexico South Carolina

$3.4 billion $3.0 billion Asia December 31, 2010 $4.9 billion

$139 million $104 million Asia

Increased sales, earnings guidance for 2011

Johnson Controls updated its assumptions and earnings guidance for 2011:

  • $38.5 billion $37 billion North America Europe
  • North America
  • $2.50 – $2.55 $2.30 – $2.45 $0.52 to $0.54
  • $1.4 billion $1.2 billion

"We are increasingly confident in our expectations for record results in 2011," said Mr. Roell. "As we look beyond 2011, we are using the strength of our balance sheet to accelerate near-term investments to achieve long-term, sustainable growth. We believe our recent acquisitions and higher levels of capital spending will enable us to consistently outperform our markets and increase shareholder value."

Johnson Controls is a global diversified technology and industrial leader serving customers in more than 150 countries. Our 137,000 employees create quality products, services and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and interior systems for automobiles. Our commitment to sustainability dates back to our roots in 1885, with the invention of the first electric room thermostat. Through our growth strategies and by increasing market share we are committed to delivering value to shareholders and making our customers successful.

November 24, 2009

JOHNSON CONTROLS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per share data; unaudited)

Three Months Ended December 31,

2010

2009

Actual

Actual

Net sales

$                        9,537

$                        8,408

Cost of sales

8,123

7,172

Gross profit

1,414

1,236

Selling, general and administrative expenses

(947)

(883)

Net financing charges

(35)

(35)

Equity income

66

53

Income before income taxes

498

371

Provision for income taxes

95

5

Net income

403

366

Less: income attributable to noncontrolling interests

28

16

Net income attributable to JCI

$                           375

$                           350

Diluted earnings per share

$                          0.55

$                          0.52

Diluted weighted average shares

688

681

Shares outstanding at period end

677

672

JOHNSON CONTROLS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(in millions; unaudited)

December 31,

September 30,

December 31,

2010

2010

2009

ASSETS

Cash and cash equivalents

$                           321

$                          560

$                          791

Accounts receivable – net

6,142

6,095

5,154

Inventories 

1,939

1,786

1,571

Other current assets

2,313

2,211

2,160

Current assets

10,715

10,652

9,676

Property, plant and equipment – net

4,215

4,096

3,918

Goodwill 

6,523

6,501

6,506

Other intangible assets – net

751

741

735

Investments in partially-owned affiliates

766

728

760

Other noncurrent assets

3,023

3,025

2,210

Total assets

$                      25,993

$                     25,743

$                     23,805

LIABILITIES AND EQUITY

Short-term debt and current portion of long-term debt

$                           850

$                          737

$                          367

Accounts payable and accrued expenses

6,296

6,548

5,357

Other current liabilities

2,643

2,625

2,663

Current liabilities

9,789

9,910

8,387

Long-term debt

2,684

2,652

3,077

Other noncurrent liabilities

2,768

2,808

2,785

Redeemable noncontrolling interests

204

196

155

Shareholders’ equity attributable to JCI

10,431

10,071

9,317

Noncontrolling interests

117

106

84

Total liabilities and equity

$                      25,993

$                     25,743

$                     23,805

JOHNSON CONTROLS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions; unaudited)

Three Months Ended December 31,

2010

2009

Operating Activities

Net income attributable to JCI

$          375

$          350

Income attributable to noncontrolling interests

28

16

Net income

403

366

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation and amortization

169

180

Equity in earnings of partially-owned affiliates, net of dividends received

(22)

(12)

Deferred income taxes

(62)

Other – net

29

29

Changes in working capital, excluding acquisitions:

Accounts receivable

47

352

Inventories

(99)

(56)

Restructuring reserves

(30)

(58)

Accounts payable and accrued liabilities

(280)

143

Change in other assets and liabilities

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