Johnson Controls has reported that net income in the quarter ended June 30 rose 17% year-on-year to US$417 million.
However, the results were seen as disappointing and Johnson Controls acknowledged that it was hit by the weak euro and weak demand in core product markets (such as aftermarket batteries).
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Automotive sector sales in the quarter increased 7 percent to $5.5 billion due primarily to higher production volumes in North America and Asia and new program launches, which were partially offset by lower production volumes in Europe and the weaker euro.
Johnson Controls also shaved its outlook, sending the share price down. It said that due to continued softness in its global markets and expectations for a lower euro, it expects 2012 fourth quarter earnings to be up 0-5% year-over-year versus earlier expectations for double-digit earnings improvements.
