Johnson Controls Q2 Profit Rises; Updates FY14 Outlook - Quick Facts

(RTTNews) - Auto parts supplier Johnson Controls Inc. (JCI) said that its second-quarter of 2014 net income attributable to the company increased to $261 million from last year's $164 million, with earnings per share improving to $0.39 from $0.24 in the prior year quarter.

Earnings per share from continuing operations were $0.64 higher than the prior year's $0.22.

Second quarter earnings per share, excluding non-recurring items, was $0.66, up from $0.44 in the previous year.

As a result of the previously announced sale of its Automotive Electronics business, the company has reclassified Electronics' results to discontinued operations and prior year financial statements have been revised accordingly.

Excluding restructuring and non-recurring items, earnings per share from continuing operations of $0.64 versus $0.42 in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.65 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter grew to $10.46 billion from $10.10 billion last year. Wall Street expected revenues of $10.68 billion.

For the third quarter of 2014, the company provided earnings guidance from continuing operations of $0.81 to $0.84 per share, up 13% to 17%. Analysts project third-quarter earnings of $0.86 per share.

The company provided updated guidance now that Electronics is reported as a discontinued operation. Previously, the company provided fiscal year 2014 earnings guidance including Electronics of $3.15 - $3.30 per share. Excluding Electronics earnings of approximately $0.10 - $0.12 per share, the adjusted range for continuing operations would be $3.05 to $3.18 per share.

The company's updated guidance for earnings from continuing operations is now $3.10 to $3.15 per share for fiscal 2014. Analysts project annual earnings per share of $3.24.

The updated guidance assumes that underlying earnings from the recently announced Air Distribution Technologies acquisition are neutral in 2014.