Johnson Controls Stock Down on Higher Net Income, Auto Strength

The company beats analyst estimates by 4 cents and posts higher sales.

Author:: Michael Dunn
Publish date:: Apr 16, 2002 8:45 AM EDT

Johnson Controls

beat second-quarter analyst estimates on strength in its automotive business.

The auto parts and building control system maker posted net income of $114.8 million, or $1.21 a share, up from $99.0 million, or $1.06 a share, in the year ago period. Analysts polled by Thomson Financial/First Call had been expecting the company to earn $1.16 a share.

Sales for the quarter rose 5% to $4.8 billion from $4.6 billion in the year ago quarter, but came in below the First Call estimate of $4.944 billion. Sales in the company's automotive systems group rose 6% over last year, due primarily to higher domestic sales and worldwide operational efficiencies.

The company said that, based on this quarter's results, it now expects its sales in its controls business to increase 6% to 10% for the year, slightly below the 8% to 12% previously forecast.

Shares of JCI closed at $91.13 Monday, close to the company's 52-week high of $93.20, but the stock was recently down 3.51% to $87.93.