MILWAUKEE — For the first quarter of fiscal 2011, Johnson Controls reported record sales and earnings with double-digit improvements in all three of its business segments. The company also increased its estimate for full fiscal year 2011 earnings.
The company reported record net sales of $9.5 billion vs. $8.4 billion in the first quarter of 2010, up 13 percent. The company also reported record income from business segments of $533 million vs. $406 million, up 31 percent year-to-year.
Johnson Controls saw record net income of $375 million or 55 cents per diluted share compared with net income of $350 million for the 2011 first quarter, or 52 cents per diluted share in the 2010 first quarter.
"Johnson Controls achieved record revenues and earnings despite the fact that our automotive and buildings markets are still far below historic norms," said Stephen Roell, Johnson Controls chairman and CEO. "Our Automotive Experience and Power Solutions businesses have recovered over the past year and continue to improve. Building Efficiency sales and earnings increased at a double-digit pace with continued strong order and backlog rates. We now have solid momentum in all three of our businesses."
In addition, Johnson Controls said that in 2011 the Hammerstein and Keiper/Recaro acquisitions are expected to contribute approximately $700 million in revenues and to be earnings per share (EPS) neutral, with earnings from the businesses being offset by higher interest expense. In addition, the company expects to incur acquisition and integration-related costs, which have not yet been quantified. In 2012, the acquisitions are forecast to generate approximately $1.4 billion in revenues.