Johnson Controls Slips To Net Loss In Q3; Sales Rise - Quick Facts

(RTTNews) - Johnson Controls (JCI), a diversified technology company, reported Tuesday third-quarter attributable net loss of $1.17 billion or $1.61 per share, compared to last year's profit of $349 million or $0.53 per share.

The latest results included one month of Tyco results as merger completed on September 2, as well as several special items. The 2016 fourth quarter net charge was $2.82 per share, compared to last year's net charge of $1.04 per share.

Adjusting for special items and excluding the Tyco results, adjusted earnings per share from continuing operations were $1.21, compared to $1.04 in the prior year quarter.

On average, 13 analysts polled by Thomson Reuters expected earnings of $1.06 per share for the quarter. Analysts' estimates typically exclude special items.

For the fourth quarter of fiscal 2016, Johnson Controls reported $10.2 billion in sales, higher than $8.75 billion a year ago.

Adjusted net sales of $9.4 billion grew from $8.7 billion in the prior year quarter, with the increase due primarily to incremental sales from the Johnson Controls-Hitachi joint venture.

Analysts expected revenues of $9.5 billion for the quarter.

Alex Molinaroli, Johnson Controls chairman & CEO, said, "2016 was truly a momentous year in which a new Johnson Controls has emerged as the global leader in building technologies, integrated solutions and energy storage. We believe the company is well-positioned strategically for long term success and to operationally deliver strong growth and profitability in 2017."

In pre-market activity, shares were gaining 5.61 percent to $43.90.