USA: Johnson Controls boost first quarter earnings - report
Johnson Controls on Wednesday said quarterly earnings rose as sales increased in its automotive interiors and commercial controls business, Reuters reported.
The report said the Milwaukee-based company earned fiscal first-quarter net income of $US164.5 million compared with net income of $140.4 million a year earlier.
According to Reuters, revenue rose to $6.4 billion in the quarter from $5.2 billion. Foreign currency translation added about $420 million to sales in the quarter.
Looking ahead, Johnson Controls confirmed company forecasts for double-digit earnings per share growth in fiscal 2004 and also said it expects full-year sales to increase by 13 to 15% after raising prior estimates based on the strengthening of the euro, the report added.
Reuters said the company also expects 2004 automotive operating margins to be flat to slightly lower than in 2003 and the controls group operating margin to be slightly lower.