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Johnson Controls predicts 2010 profits On Stimulus, Boosts Guidance
By Elizabeth Haggar for CEOWORLD Magazine Updated:October 13, 2009
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Automotive parts supplier, Johnson Controls Inc (JCI.N) (NYSE:JCI) said on Tuesday it expects higher sales next year as global auto production recovers, U.S. stimulus efforts pay off and emerging markets improve, but the company’s forecast disappointed some on Wall Street and its shares fell nearly 3 percent.
The maker of car interiors, batteries and building-efficiency systems said it is gaining market share in many of its businesses and is benefiting from recent cost cuts, while higher auto production levels should support volumes.
During the 2010 fiscal year, which ends in September next year, the company expects revenue will jump 9% to $31 billion. The company expects to report earnings per share of $1.35 to $1.45 next year, which it said is “significantly higher than 2009.”
Johnson controls plans to release its 2009 fiscal year financial results Oct. 27. During Johnson Controls’ fourth quarter, ending in September 2009, the company said it posted earnings per share of 40 cents to 42 cents.
The company expects that the weakness in North America will be offset by the less economically sensitive institutional markets and several of the emerging markets. In addition, Johnson Controls said that cost structure improvements taken in the last year are expected to provide an increasing benefit to the company’s profitability.
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