Vehicle interiors specialist Johnson Controls has posted record sales and earnings for the third quarter of fiscal 2007 and, while confirming guidance for full-year sales and earnings records, said fiscal 2007 would be the company’s 61st consecutive year of sales increases and 17th consecutive year for earnings rises.
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Earnings per share from continuing operations were up 16% year on year to $1.98 on a 6% increase in sales.
Q3 2007 sales increased to $8.9bn from $8.4bn for the 2006 third quarter.
But the diverse manufacturer said its automotive experience sales were approximately level with the year-ago period, though building and power product sales rose at double-digit rates. Income from continuing operations for the 2007 third quarter was up 18% to $396m and automotive sales were $4.6bn, compared with $4.7bn last year.
North American sales decreased 2% with the overall market but sales in Europe were up slightly, and helped favourably by foreign exchange.
Segment income was $180m, down 7%, as a double-digit earnings improvement in Europe was more than offset by lower results in North America and Asia. North America margin was 2.6% in the third quarter, while Europe reached a record 6%.
The company reiterated previous guidance for fiscal 2007, including full-year sales of approximately $34.5bn.
