Johnson Controls Q1 Profit Climbs, But Misses View; Backs FY14 Targets

(RTTNews) - Auto parts supplier Johnson Controls, Inc. (JCI) said its first-quarter earnings grew by 31 percent on higher revenues and improved profitability, also benefitting from the higher levels of global automotive production.

For the quarter, net income advanced to $469 million, or $0.69 per share, from $359 million, or $0.52 per share in the prior-year quarter.

Quarterly net sales stood at $10.91 billion, up 5 percent from $10.42 billion, as revised, in the 2013 first quarter.

On average, 10 analysts polled by Thomson Reuters expected earnings per share of $0.71, on $10.89 billion revenues for the quarter. Analysts' estimates typically exclude one-time items.

Looking ahead, the company sees earnings per share of $0.64 - $0.66 in the second quarter of fiscal 2014.

Further, Johnson Controls confirmed its earnings guidance of $3.15 - $3.30 per share, free cash flow of $1.6 billion and segment margin improvements in all three of its businesses for fiscal 2014. Analysts anticipate annual earnings of $3.23 per share.