From Automotive News
Milwaukee, Wisconsin -- Johnson Controls Inc. has reported net income of $449 million for the fiscal fourth quarter that ended 30 Sept, up almost 50 percent from net income of $300 million during the same quarter last year.
The maker of auto interiors and batteries reported revenue of $9040 million during the quarter, up from $7870 million during the same quarter of 2009.
For the fiscal year, the supplier had net income of $1490 million, compared with a loss of $338 million during the previous fiscal year. The company posted revenue of $34 300 million during the year, up from $28 500 million the previous fiscal year.
The results topped Wall Street expectations. The company said the gains stemmed from higher auto production in the United States and Asia and stronger demand for systems to improve the energy efficiency of buildings.
The Milwaukee-based company left its outlook for sales and earnings in the new fiscal year unchanged from the outlook it gave two weeks earlier.
Sales of auto components -- the company's largest unit -- were up 18 percent, led by strong demand in Asia and a rebound in North America, where revenue jumped 32 percent.
Johnson Controls announced that its backlog of net new business for 2011 - 2013 increased by 60 percent to $4000 million, compared with a backlog of $2500 million for 2010 - 2012. It said that the higher backlog "reflects market share gains in seating and interior systems, particularly in Europe and China."
Sales for its building efficiency unit were up 10 percent to $3100 million. The unit makes heating, ventilation and air-conditioning products and offers facility management services.
Johnson Controls reiterated its forecast for fiscal 2011, an outlook analysts are already discounting as conservative in the face of recovering auto production.
The company said it expects a sales gain of 9 percent to about $37 000 million.
Johnson Controls supplies seating and auto interiors as well as batteries for traditional vehicles. It also provides more expensive lithium-ion battery systems for a coming wave of all-electric cars from manufacturers including Ford Motor Co.
The company said its automotive sales in the quarter increased 18 percent to $4100 million versus $3500 million last year due primarily to higher industry production volumes and new programme launches. North American revenues increased 32 percent to $1800 million from $1400 million last year. North American industry production rose 27 percent, JCI said.
European sales were slightly lower than the 2009 quarter at $1800 million which JCI said was due to the negative impact of foreign currency. Excluding the impact of currency, European sales increased 8 percent. Sales in Asia increased 74 percent to $563 million from $323 million in 2009. China revenues, which are mostly generated through unconsolidated joint ventures and are not included in the Asia consolidated sales figures, rose 41 percent to $875 million, compared with $621 million a year ago.
The company ranks No. 8 on the Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $1280 million in its 2009 fiscal year.