) -- With the market for global car production continuing to mend from historic lows, auto parts manufacturer
reported a 15% sales slide. But cost cuts, among other things, helped Johnson Controls beat both top and bottom-line forecasts.
Revenue for Johnson Controls fell to $7.87 billion during the fiscal fourth quarter, slumping from $9.31 billion in the year-earlier period. According to a survey of analysts by Thomson Reuters, expectations were for sales of $7.83 billion.
The company generated $300 million in profit, or 47 cents a share, compared with $16 million, or 3 cents a share, from a year ago. After excluding certain items, earnings were 52 cents a share, down from 73 cents last year, and topped Wall Street forecasts by a penny.
In part because of bigger car production forecasts, Johnson Controls affirmed its outlook for 2010, saying it expects sales to increase by 9% to around $31 billion, while earnings are expected range from $1.35 to $1.45 a share.
--Written by Sung Moss in New York
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