JOHNSON CONTROLS’ 2nd-QUARTER EARNINGS 6% BELOW PRIOR YEAR
Johnson Controls Inc., a provider of building control systems and services and supplier of automobile seating and interior systems, reports second-quarter earnings per diluted share of 89 cents, which were above analyst expectations, but 6-percent below the prior year. However, its Controls Group sales to the nonresidential market, which includes building control systems and services, increased 8 percent to $1.2 billion from $1.1 billion in 2000.
Sales for the three months ended March 31 rose 6 percent over the prior year. This reflects the company’s acquisition of Ikeda Bussan in Japan, new automotive programs and increased activity by its nonresidential building controls business.
Sales for the quarter were $4.6 billion, compared with $4.4 billion for the prior year. Net income decreased 7 percent to $83 million from $88.8 million for the second quarter of fiscal 2000. The Controls Group’s operating income was $53 million, 17-percent higher than the $45 million reported for the 2000 period.
The company attributes the increase to higher activity levels and execution on system installation contracts.
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