Johnson Controls has reported a Q2 net loss of EU$530m from continuing operations with US9bn of revenue, down from US$9.2bn.
The net revenue result was due primarily to the deconsolidation of the company’s Automotive Interiors business and foreign exchange, partially offset by higher organic volumes across the business (up 3%) and incremental revenues from its Johnson Controls-Hitachi (JCH) joint venture.
“I could not be more proud of the continued execution by our team,” said Johnson Controls chairman, president and CEO, Alex Molinaroli. “This quarter we drove organic growth in each of our businesses while delivering significant margin expansion.
“Automotive Experience generated record profitability while our China investments in Power Solutions resulted in record battery shipments in the region.
“In Building Efficiency, the Johnson Controls-Hitachi joint venture is exceeding our expectations and we continue to see positive momentum in our Systems and Services North America business with 9% organic revenue growth in the quarter.”
Johnson Controls is a global technology and industrial company serving customers in more than 150 countries with 150,000 employees in the sectors of: operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and seating components and systems for automobiles.