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Johnson Controls Profit Jumps

Sales rise but fall short of estimates.
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Johnson Controls (JCI) - Get Free Report posted a solid fourth-quarter profit, but sales growth fell short of Wall Street expectations.

The Milwaukee-based manufacturer, which agreed this fall to acquire



in a deal expected to close in December, said earnings from continuing operations rose to $284 million, or $1.50 a share, from the year-ago $273 million, or $1.31 a share. Sales rose to $6.9 billion for the latest quarter ended Sept. 30 from $6.44 billion a year earlier.

Analysts surveyed by Thomson First Call had forecast a $1.49-a-share profit on sales of $7.07 billion.

"We are pleased to report record quarterly and full-year results, continuing our track record for growth," said CEO John Barth. "In 2005 we broadened our capabilities, expanded our addressable markets and strengthened the foundation for improved profitability. Our company enters 2006 as the global leader in each of our businesses and with a strong financial position."

Early Monday, Johnson Controls was at $65.87.