Johnson Controls’ has reported net sales for the fiscal year third quarter ended 30 June 2014 was up 3% to $10.8bn. However, income from continuing operations before income taxes was down 11.5% to $425m.
Johnson Controls net sales for the nine months ended 30 June 2014 was up 3.7% to $31.8bn compared with $30.7bn in the year ago period. Income from continuing operations before income taxes were up 19.7% to $1.59bn compared with $1.33bn in the 2013 period. Net income of the company was down 14.2% to $989m compared with $1.15bn in the previous year.
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“Our performance was consistent with the expectations we disclosed in our second quarter earnings call, with strong overall performance by our automotive and power businesses and margin improvement in Building Efficiency,” said Alex Molinaroli, Johnson Controls chairman and chief executive officer. “The overall non-residential HVAC markets remain challenged, but we are starting to see some increased demand in certain vertical markets. While orders are still lower than last year, the institutional building sector started showing some improvement as we exited the quarter.”
“We continue to execute well across all of our businesses, improving our operational performance while making significant changes to our businesses that we expect will drive future growth and increased shareholder value,” said Molinaroli. “I thank our employees for their dedication and commitment during a period of significant change in our organisation.”
