Johnson Controls 3Q profits fall

Special to The Freeman

July 18, 2014

MILWAUKEE Johnson Controls Inc. said Friday that its third-quarter profits were lower compared with the same time last year.

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."