Johnson Controls Net Rises 50%

Johnson Controls affirms its earnings forecast for next fiscal year after reporting a fourth-quarter earnings beat.
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NEW YORK (TheStreet) -- Johnson Controls (JCI) - Get Report affirmed earnings expectations for next year as it reported a fourth-quarter earnings beat.

Johnson Controls affirmed earnings for next fiscal year of about $2.30 to $2.45 a share on sales of $37 billion vs. the average analyst expectation of earnings of $2.44 a share on sales of $36.76 billion. The company said the projections are based on expectations of a global recovery in its buildings business, higher auto production levels, growth across emerging markets businesses, and market-share gains.

For the fourth quarter, Johnson Controls said net income rose about 50% to $449 million, or 66 cents a share, from $300 million, or 47 cents, the previous year. Excluding items, earnings per share were 60 cents vs. the consensus estimate of 57 cents.

Net sales for Johnson Controls rose 15% to $9 billion from $7.9 billion last year; analysts were expecting revenue of $8.73 billion.

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