MILWAUKEE — Johnson Controls Inc. said Friday that its
third-quarter profits were lower compared with the same time
The Glendale-based company said net income for the quarter was
$176 million, or 26 cents per
share, down 68 percent from $550 million, or 80 cents, compared
with a year ago. Johnson Controls, which makes batteries and
building management technology, said that excluding the
restructuring costs and nonrecurring items, net revenue for the
quarter rose 3 percent to $10.8 billion.
The company is forecasting earnings of $1
to $1.02 a share in the fiscal fourth quarter.
"Our performance was consistent with the expectations we
disclosed in our second quarter earnings call, with strong
overall performance by our automotive and power businesses and
margin improvement in building efficiency," said Alex Molinaroli,
Johnson Controls chairman and chief executive. "The overall
nonresidential HVAC markets remain challenged, but we are
starting to see some increased demand in certain vertical
markets. While orders are still lower than last year, the
institutional building sector started showing some improvement
as we exited the quarter."