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October 26, 2004

USA: Johnson Controls full year net up 20%

Johnson Controls has reported record sales and earnings for the fourth quarter and full year 2004.

By bcusack

Johnson Controls has reported record sales and earnings for the fourth quarter and full year 2004.

Operating income increased 12% to $1.3 billion for the year ended September 30, 2003, compared with the prior year’s $1.2 billion. Net income for fiscal 2004 was $818 million, up 20% from $683 million.

The net income increase was aided by higher equity income and a lower effective tax rate. Earnings per share for 2004 were 18% higher, reaching $4.24 compared with $3.60 for the prior year.

Sales totalled $26.6 billion, 17% higher. The growth in revenues reflects a 20% increase in automotive group sales of seating, interiors and batteries, and a 9% increase in sales by the controls group.

Included in 2004 selling, general and administrative expenses (SG&A), and recorded during the second quarter, was an $84.4 million non-cash gain on the transfer of certain pension obligations and related plan assets, associated with automotive group employees in Japan, to the Japanese government. Also recorded in SG&A in the second quarter were $82.4 million of restructuring costs involving workforce reductions and plant consolidations.

Sales for the three months ended September 30, 2004 increased 13% to $6.8 billion from $6.0 billion for the same period of 2003.  Operating income was $414 million, up 15% from last year’s $360 million. Net income rose 24% to $273 million, up from $220 million for the fourth quarter of 2003. The increase was aided by a lower effective tax rate and lower “miscellaneous-net” expenses. Earnings per share increased 22% to $1.41 for 2004 from $1.16.

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