Johnson Controls 2008 Sales are Up 10 Percent - aftermarketNews

Johnson Controls 2008 Sales are Up 10 Percent

JCI's net income for the year totaled $979 million with diluted earnings per share from continuing operations of $1.63.

MILWAUKEE — Johnson Controls has reported record sales of $38.1 billion for its 2008 fiscal year, up 10 percent from $34.6 billion in 2007.

Net income for the year totaled $979 million with diluted earnings per share from continuing operations of $1.63.

Segment income, which excludes the previously announced $495 million restructuring charge, increased 10 percent to $2.1 billion versus $1.9 billion last year. Excluding the charge, net income totaled $1.4 billion, up 8 percent from $1.3 billion in 2007. Diluted earnings per share from continuing operations were $2.33 compared to $2.10 ($2.16 including the impact of 2007 non-recurring tax adjustments).

For the 2008 fourth quarter, the company reported record sales of $9.3 billion, an increase of 3 percent versus $9 billion last year as a result of higher Building Efficiency and Power Solutions revenues. Net income was $16 million, with diluted earnings per share of 3 cents.

"We achieved a record year with solid profitability despite the unprecedented market challenges and economic volatility," said Chairman and Chief Executive Officer Stephen Roell. "In recognition of the difficult environment, we took pre-emptive action in the fourth fiscal quarter to improve and better align our cost structure with future market conditions. This will improve our long-term profitability and further enhance our competitive advantage."

The company re-affirmed the fiscal 2009 guidance it provided on Oct. 14, for diluted earnings per share of $1.95 to $2.10.

For the first quarter of fiscal 2009, the company said it expects earnings of 22 cents to 24 cents per diluted share, down from 39 cents in the 2008 quarter. 


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