JCI Johnson Controls Q1 misses; lowers 2012 forecast
PROVIDED BY Reuters - 7:18 AM 01/19/2012
Jan 19 (Reuters) - Auto-parts supplier Johnson Controls Inc (JCI) posted quarterly results below expectations, and cut its 2012 earnings forecast citing lower automotive production in Europe and weak aftermarket battery demand.
The U.S.-based company is also assuming an indefinite shutdown of its Shanghai battery plant even as talks with the Chinese government continue.
Johnson Controls (JCI) now expects 2012 profit of $2.70 to $2.85 a share, down from its earlier forecast of $2.85 to $3 a share.
Its first-quarter net income was $410 million, or 60 cents a share, up from $375 million, or 55 cents a share, a year ago.
Revenue rose 9 percent to $10.4 billion.
Analysts expected earnings of 62 cents a share on revenue of $10.52 billion, according to Thomson Reuters I/B/E/S. (Reporting by A. Ananthalakshmi in Bangalore; Editing by Maju Samuel)
Johnson Controls Q1 misses; lowers 2012 forecastPROVIDED BY Reuters - 7:18 AM 01/19/2012
Jan 19 (Reuters) - Auto-parts supplier Johnson Controls Inc (JCI) posted quarterly results below expectations, and cut its 2012 earnings forecast citing lower automotive production in Europe and weak aftermarket battery demand.
The U.S.-based company is also assuming an indefinite shutdown of its Shanghai battery plant even as talks with the Chinese government continue.
Johnson Controls (JCI) now expects 2012 profit of $2.70 to $2.85 a share, down from its earlier forecast of $2.85 to $3 a share.
Its first-quarter net income was $410 million, or 60 cents a share, up from $375 million, or 55 cents a share, a year ago.
Revenue rose 9 percent to $10.4 billion.
Analysts expected earnings of 62 cents a share on revenue of $10.52 billion, according to Thomson Reuters I/B/E/S.
(Reporting by A. Ananthalakshmi in Bangalore; Editing by Maju Samuel)
