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Johnson Controls Reports Second Quarter Earnings of $0.53 Per Share With 4% Sales Growth

MILWAUKEE April 20, 2012 $0.53

  • $10.6 billion $10.1 billion
  • $559 million $521 million $558 million $557 million
  • $364 million $0.53 $354 million $0.51 $363 million $0.53 $383 million $0.56

Steve Roell

Business results excluding non-recurring items

$5.6 billion $5.2 billion North America Asia China $1.0 billion

$236 million North America $121 million $145 million $34 million $52 million Asia Japan $81 million $50 million

North America

$3.6 billion Asia Europe Europe $5.3 billion $5.1 billion Asia North America Europe

$127 million Asia Europe North America

$1.4 billion Europe China North America

$195 million $178 million Shanghai

South Carolina Shanghai

2012 Financial Outlook

Johnson Controls said there are a number of factors that support improved financial results in the second half of 2012 versus the first half of the year. They include:

Power Solutions

  • Pricing actions
  • Benefits of vertical integration (lead recycling)
  • China

Automotive Experience

  • The 2011 impact of the tsunami on Japanese auto production which negatively impacted last year’s second half results
  • Higher North America
  • Normal seasonality in profitability (2H higher than 1H)

Building Efficiency

  • Normal seasonality in profitability (2H higher than 1H)
  • SG&A cost reduction initiatives
  • Pricing actions
  • Improved performance in Service business

Johnson Controls said it was comfortable with the current sell-side consensus for the full fiscal year 2012. The company said that it expects its third quarter earnings to increase approximately 20% vs. the 2011 third quarter, and its fourth quarter earnings to increase approximately 25% from the prior year period.

"Our second half performance forecast is not predicated on improvements in our markets. Our businesses are gaining market share and extending their market-leading positions," Mr. Roell said. "We will continue the aggressive actions to improve efficiencies and to reduce costs, which will accrue increasing benefits throughout the rest of the year and beyond."

About Johnson Controls

http://www.johnsoncontrols.com

November 22, 2011

CONTACT:

Glen L. Ponczak (Investors)

(414) 524-2375

David L. Urban (Investors)

(414) 524-2838

Fraser Engerman (Media)  

(414) 524-2733

 

JOHNSON CONTROLS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per share data; unaudited)

Three Months Ended March 31,

2012

2011

Net sales

$ 10,565

$          10,144

Cost of sales

9,016

8,670

Gross profit

1,549

1,474

Selling, general and administrative expenses

(1,069)

(1,014)

Net financing charges

(63)

(46)

Equity income

79

61

Income before income taxes

496

475

Provision for income taxes

94

90

Net income

402

385

Less: income attributable to noncontrolling interests

38

31

Net income attributable to JCI

$      364

$               354

Diluted earnings per share 

$     0.53

$              0.51

Diluted weighted average shares

690

691

Shares outstanding at period end

680

678

 

 

JOHNSON CONTROLS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per share data; unaudited)

Six Months Ended March 31,

2012

2011

Net sales

$ 20,982

$          19,681

Cost of sales

17,901

16,793

Gross profit

3,081

2,888

Selling, general and administrative expenses

(2,123)

(1,961)

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