JCI lifts 2010 profit view as fiscal 1st-qtr. net hits record

Jan 25, 2010 | 12:43 PM | Tatyana Shumsky

Johnson Controls Inc. (JCI) posted record net income for its fiscal first quarter ended Dec. 31 on a 14.6-percent gain in sales, leading it to raise its profit outlook for fiscal 2010 amid expectations of continuing market improvement.

Milwaukee-based JCI, which makes batteries, auto interiors and building efficiency systems, posted quarterly net income of $350 million on sales of $8.4 billion, a solid turnaround from a net loss of $608 million on sales of $7.3 billion in the same year-ago period.

"We achieved record results in the first quarter despite what is still a very challenging economic environment in all of our markets. We benefited from higher sales supported by the cost improvement initiatives we took over the past year," Stephen A. Roell, JCI's chairman and chief executive officer, said in a statement.....

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