Johnson Controls has reported a 20% increase in its full year sales as the company swung back into profit.
The components group said that sales reached US$34.3bn compared with $28.5bn for 2009, with net income reaching $1.5bn compared to a loss of $350m last year.
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The company affirmed its 2011 financial guidance that it issued earlier this month, anticipating a sales increase of 9%, to approximately $37bn.
“The 2011 expectations are the result of a global market recovery in its buildings business, modestly higher automotive production levels and growth across the businesses in emerging markets, as well as market share gains. Earnings are forecast to increase to approximately $2.30 – $2.45 per diluted share. Sales, earnings and margin improvements are expected in all three of its businesses in 2011,” the company said.
Johnson Controls chairman and CEO Steve Roell said: “We have good momentum as we begin fiscal 2011 as evidenced by our strong financial performance in the fourth quarter of 2010 and the substantial increases in our automotive and buildings backlogs. Our objective is to consistently grow at twice the rate of our underlying markets,”
Roell added. “With our strong balance sheet and cash flows, we are accelerating our investments ahead of the recoveries of our markets to take advantage of growth opportunities and to further grow our share. I believe Johnson Controls is well-positioned to deliver record earnings in 2011 and sustainable, profitable growth over the long-term.”
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By GlobalDataIn the fourth quarter, net sales reached $9bn versus $7.9bn in the same period last year, up 15%. Net income was $449m up from $300m in 2009.
“We continued to capitalize on the improvement in our markets in the fourth quarter while gaining share and expanding in key geographic markets. In addition, we continue to benefit from the growth investments we maintained through the economic downturn and from our improved cost structure,” said Roell.
The full Johnson Controls release can be found here.
