From Automotive News
New York -- Johnson Controls Inc. said 13 Oct that it expects higher sales next year as global auto production recovers, US stimulus efforts pay off and emerging markets improve, but the company's forecast disappointed some on Wall Street and its shares fell more than 2 percent.
The maker of car seats and interiors, batteries and building-efficiency systems said it is gaining market share in many of its businesses and is benefiting from recent cost cuts, while higher auto production levels should support volumes.
The company said it expects to earn 40 to 42 cents per share for its fourth quarter, ended 30 Sept, on sales of about $7900 million, with all of its geographic automotive businesses posting a profit. The result would be above the 39 cents per share analysts have been expecting, according to Thomson Reuters.
For the new fiscal year now under way, it said sales should rise 9 percent to about $31 000 million, above the $30 200 million analysts have been expecting, and it should earn $1.35 per share to $1.45 per share. Analysts, on average, have forecast $1.44.
"Profitable growth is back. We see improvements across our businesses," ceo Stephen Roell said in an interview, on the sidelines of an analyst meeting in New York.
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