Johnson Controls Q3 Profit Rises - Quick Facts

(RTTNews) - Auto parts supplier Johnson Controls, Inc.'s (JCI) third-quarter net income attributable to the company advanced to $571 million, or $0.83 a share, from $431 million, or $0.63 a share, last year. The company said the 2013 quarter includes non-recurring tax benefits of $140 million which were partially offset by pre-tax restructuring charges of $143 million related mainly to severance costs and asset impairments, resulting in a net benefit of $0.05 per diluted share; whereas the prior-year quarter included pre-tax restructuring charges of $52 million, partially offset by non-recurring tax benefits of $22 million, resulting in a net charge of $0.03 per share.

Excluding items, Johnson Controls' net income was $535 million, or $0.78 a share for the period. On average, 22 analysts polled by Thomson Reuters expected earnings per share of $0.75 for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the third quarter increased two percent year-over-year to $10.83 billion, from $10.58 billion. Analysts estimated revenues of $11.00 billion for the quarter.