Johnson Controls has reported upbeat results for its fiscal first quarter (to December 31) with automotive profitability up 26%, despite a downturn in automotive revenues blamed on exchange rates.
The company reported an 8% increase in profit for the first quarter from last year on higher revenues, particularly at its building efficiency segment. The company results beat analysts’ estimates.
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However, the company said that Automotive Experience revenues in the fiscal first quarter of 2015 were US$5.3 billion, down 3% compared to the 2014 quarter, reflecting the impact of the strengthening dollar versus the euro. Excluding the impact of foreign exchange, revenues increased 2%, Johnson Controls said.
The company said that revenues in China, which are primarily related to seating and generated through non-consolidated joint ventures, increased 15% to US$2.1 billion.
Automotive Experience segment income was US$249 million, versus the US$197 million reported in the first quarter of 2014, an increase of 26%, with improvements in both the company’s seating and interiors businesses. Automotive Experience profitability “benefited from higher Chinese joint venture income and the higher volumes,” Johnson Controls said.
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