Johnson Controls has reported record sales and earnings for its 2007 fourth quarter. Earnings per share rose 26% to US$0.78 from $0.62 a year ago.
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Sales rose 11% to $9.0bn while income from continuing operations was up 27% to $469m as a result of the higher revenues and increased operational efficiencies.
Full-year sales were up 7% to $34.6bn. Income from continuing operations rose 25% to $1.3bn and earnings per share were $2.16 versus $1.75.
Fiscal year 2007 was the supplier’s 61st consecutive year of sales increases and 17th consecutive year of earnings increases.
Automotive sales in the fourth quarter were 3% higher at $4.2bn. North American sales increased 2% and European sales rose 5%, approximately in line with overall vehicle production levels.
Sales in the Asia/Pacific region declined 3% due to lower volumes in Japan.
Unconsolidated sales in China increased 48%. Segment income was $183m, up 24% from $148m last year as a result of a substantial improvement in North American profitability and a continued strong performance in Europe.
Battery sales increased 27% to $1.3bn due to higher unit prices resulting from the passing on of increased lead costs, as well as slightly higher unit shipments. Segment income increased 7% to $161m due to the higher volume and improved operational efficiencies.
For fiscal 2008, Johnson Controls expects a sales increase of 10% to approximately $38bn. Income from continuing operations is estimated to increase approximately 18%, to $2.45- $2.50 per share.
For the first quarter of 2008, the company expects earnings per share to increase 25%-32% to a range of $0.35 to $0.37.
