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USA: Johnson Controls finishes record year with 20% jump in profit

Updated: Oct. 27, 2011 7:55 a.m. |(35) Comments

Johnson Controls Inc. on Thursday said its fourth-quarter earnings rose 20%, as the company completed a record fiscal year that saw sales top $40 billion for the first time.

Sales rose 19% to $10.8 billion in the quarter from $9 billion a year ago. Net income was $538 million, or 78 cents a share, compared with $449 million, or 66 cents a share, last year.

For the fiscal year that ended Sept. 30, Johnson Controls said record sales of $40.8 billion helped boost earnings to $1.62 billion, or $2.36 per share, from $1.49 billion, or $2.19 a share, last year.

“All of our businesses grew at a double-digit pace as they have throughout fiscal 2011. Across the company, we continued to gain significant market share in our industries as a result of our growth investments and unique strategic positioning,” said Steve Roell, chairman and chief executive, in a statement.

Based on annual sales, Glendale-based Johnson Controls (JCI) is the largest company in the Wisconsin.

The company said earlier this month it was forecasting sales of $44 million and another record year of earnings in the fiscal year that began Oct. 1.

Earnings growth is projected to come from all three of the company’s businesses, powered in particular by expansion in China and other emerging markets and the company’s investment in advanced batteries that boost a vehicle’s gas mileage by stopping the engine temporarily during idling.

More jsonline.com

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