JCI earnings slump 68% on divestment charges

Jul 18, 2014 | 03:01 PM | Saranya Kapur

Tags  Johnson Controls, JCI, earnings report, copper, lead, Alex Molinaroli, HVAC, lead-acid battery automotive

NEW YORK — Johnson Controls Inc.’s (JCI’s) earnings plummeted 68 percent in its fiscal third quarter due in part to divestment charges, but results were in line with forecasts.

"Our performance was consistent with the expectations we disclosed in our (fiscal) second-quarter earnings call, with strong overall performance by our automotive and power businesses," Johnson Controls chairman, president and chief executive officer Alex Molinaroli said in a statement accompanying the company’s earnings report. "The overall nonresidential HVAC (heating, ventilation and air conditioning)....

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