Johnson Controls has posted a 32.5% increase in net income for its fiscal third quarter as building efficiency product gains helped offset a downturn in its auto interiors operations.
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The downturn led the company to lower its full-year earnings guidance, Dow Jones reported.
The supplier posted net income of $338m, or $1.71 a share, in fiscal Q3, up from $255m, or $1.31 a share, a year ago, the news agency said, adding that sales climbed to $8.39bn from $7.06bn.
Dow Jones noted that Q3 net income includes a $137m after-tax restructuring charge and a $141m tax benefit – the restructuring involves the company’s North American auto interiors business and building-efficiency operations in Europe.
The report added that Johnson has lowered its earnings-per-share guidance for the fiscal year to $5.25 to $5.30 a share from $5.25 to $5.35 a share, reflecting lower-than-expected auto interior sales and operating income.
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By GlobalDataIt still plans full-year sales of $32bn, Dow Jones said.
