Johnson Controls, Inc. today reported record sales and earnings for its 2007 fourth quarter. Diluted earnings per share from continuing operations totalled US$0.78, up 26% from US$0.62 last year.

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Sales for the 2007 fourth quarter totalled US$9.0bn, up 11% from US$8.2bn in 2006 as the company increased its share of its global markets. Income from continuing operations was US$469m versus US$368m last year, an increase of 27% as a result of the higher revenues and increased operational efficiencies.


For the 2007 fiscal year, Johnson Controls sales totalled US$34.6bn compared with US$32.2bn for 2006, an increase of 7%. Income from continuing operations increased 25% to US$1.3bn. Diluted earnings per share from continuing operations in 2007 were US$2.16 versus US$1.75.


Excluding a non-recurring tax benefit in the second quarter, 2007 diluted earnings per share from continuing operations were US$2.10.


“We are pleased to deliver record results for the fourth quarter and for the full fiscal year,” said Chief Executive Officer Stephen A. Roell.

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“We expect to continue to win share and grow at a faster pace than our underlying industries through our innovation, cost advantages and world-class quality.”


Automotive sales in the quarter were US$4.2bn, 3% higher than US$4.0bn in 2006. 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%.


For the first quarter of 2008, the company expects diluted earnings per share to increase 25% – 32% versus the 2007 first quarter, to a range of US$0.35 to US$0.37.


“We have excellent visibility to our expected 2008 sales through our large and growing backlogs of new business,” Mr. Roell said. “We are executing well on our growth strategies and expect a strong start to 2008.”