Johnson Controls, Inc. (Public, NYSE:JCI), manufacturer of automotive and building systems, on Thursday stated that its profit for the 4th quarter increased by 20% as it recorded a double-digit increase in sales in its three business units.
Profit for the quarter ending on 30th Sept. soared $538 million, or 78 cents per share, in comparison from $449 million, or 66 cents per share, earned for the same quarter in the F.Y 2010.
The company after excluding restructuring charges and other one-time items posted an adjusted profit of $514 million, or 75 cents per share, more from $409 million, or 60 cents per share, in the previous year.
Sales sprung by 19% to $10.79 billion from $9.04 billion.
According to Factset, analysts on average estimated a profit of 76 cents per share on $10.58 billion in revenue.
The company’s sales at its automotive division went up by 24% to $5.1 billion as the global demand for automotive parts increased. However sales at its Power Solutions business, makers of batteries for traditional cars as well as hybrid and electric models, increased by 19% to $1.6 billion due to high sales volumes and increase in raw material costs.
The company’s sales in building systems, including heating and cooling systems, rose by 14% to $4.1 billion as demand from customers in the U.S. and Asia increased.
The 4th quarter reserve at the business went up by 8% to $5.1 billion.
The company’s earning for the F.Y 2011 soared $1.62 billion, or $2.36 per share, from $1.49 billion, or $2.19 per share, earned in the F.Y 2010. Sales went up to $40.83 billion from $34.31 billion.
The company projects a profit between $2.85 and $3 per share on about $44.2 billion in sales.
However analysts expected a profit of $2.99 per share on $44.06 billion in sales for the year.
Shares of Johnson Controls went down by 23 cents to $32.37 in the morning trading.
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