said it expects fiscal 2011 per-share earnings to rise 17% to 25% on sales of about $37 billion, up 9%.
Johnson Controls, which makes auto parts and heating and cooling systems, said it expects fiscal 2011 earnings of $2.30 to $2.45 a share; analysts surveyed by Thomson Reuters forecast the company will earn $2.37 a share on revenue of $36.27 billion.
"We are substantially increasing our investments to drive organic growth," said Stephen Roell, chairman and CEO, in a statement Tuesday. "Higher capital expenditures in 2011 will support the significant growth opportunities in our power solutions business and further expansion in all of our businesses in the fast-growing geographic markets. Our balance sheet and cash flows are very strong, allowing us to pursue acquisitions that will provide us with platforms for accelerated growth."
Johnson Controls said revenue at its power solutions business is expected to increase 10% to 15% "due to volume growth across all regions resulting from market share gains and growth in emerging markets."
The company expects, from a market perspective, moderately higher 2011 automotive production in North America, with flat European production vs. 2010. China automotive production is expected to increase in the coming year, though at a slower pace than in 2010, Johnson Controls said.
Johnson Controls meets with analysts at 8:30 a.m. EDT Tuesday in New York.
-- Written by Joseph Woelfel
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