Johnson Controls Q4 Profit Tops View

(RTTNews) - Auto parts supplier Johnson Controls Inc. (JCI) said its fourth-quarter profit increased from the prior year, helped by discontinued operations. Adjusted earnings topped Wall Street estimates.

Attributable net income increased to $349 million from $309 million. Earnings per share grew to $0.53 from $0.46.

Income from discontinued operations was $346 million, compared to a loss of $17 million last year.

Earnings per share from continuing operations were $0.00, in comparison with $0.49 last year.

Adjusted earnings per share rose to $1.07 from $1.04 in the same quarter last year. On average, 20 analysts polled by Thomson Reuters expected earnings of $1.01 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues fell to $8.75 billion from $10.0 billion in the prior year, due primarily to the deconsolidation of the company's automotive interiors business and foreign exchange. Analysts expected revenues of $8.79 billion.

Excluding the impact of the deconsolidation of the interiors business and foreign exchange, sales increased 3 percent.

For the first quarter of 2016, the company expects earnings of $0.80 - $0.83 per share, an increase of 8 -12 percent versus the prior year first quarter. This guidance excludes transaction, integration, separation and non-recurring items. Analysts look for earnings of $0.84 per share.