Johnson Controls has reported record results for the third quarter of fiscal 2004 with diluted earnings per share increasing 15% to $1.15 from $1.00 for the prior year. Sales increased 14%, reaching $6.8 billion, reflecting strong growth by each of its businesses.
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Chairman and CEO John Barth said, ” In each of our industries, the business environment continues to be challenging.”
Sales for the third quarter of 2004 increased 14% to $6.8 billion from $6.0 billion last year. Automotive revenues increased 16% and controls sales rose 7%. Sales growth excluding the benefit of foreign currency translation was a strong 11%.
Operating income was $365 million, 15% above the comparable prior year amount of $316 million. Net income of $222 million versus $190 million for 2003 represents a 17% increase. Diluted earnings per share totaled $1.15 versus $1.00 for the third quarter of 2003.
Automotive Group sales of seating, interiors and batteries increased 16% for the quarter as the company continued to achieve strong market share growth.
Industry vehicle production in Europe and North America is estimated to have been comparable to the prior year. Revenue growth and improved efficiencies resulted in an 18% increase in operating income.
Capital spending during the third quarter increased to $188 million from $171 million for the prior year, primarily in support of future new vehicle interior programmes.
Full year financial estimates for the 12 months ending September 30, 2004 remain virtually unchanged from those issued on April 15 – consolidated sales growth of 14-16% (revised from +13-15%) and double-digit increases in operating income and net income; automotive group sales growth of 13-18%; North American light vehicle production of approximately 15.9 million units and European production of 19.8 million units; and a flat to slightly lower operating margin percentage; controls group sales growth of 10-12% and a slightly lower operating margin.
IMSA sells battery joint venture holding to Johnson Controls
