Johnson Controls, Inc. said today that it posted a quarterly profit higher than it originally expected, and raised its fiscal-year outlook as global auto production volumes recover from steep declines. The company, which is the largest manufacturer of car interiors, said that it expects sales to increase 16% this year to $33 billion from $31 billion. Their profit-per-share forecast for “10 also rose from $1.35-$1.45 to $1.70 to $1.75.
For Q1, which ended on December 31, the company reported a net income of $350 million, compared to the previous year”s loss of $608 million.
The company is swiftly gaining market share from distressed companies after several large competitors went bankrupt in the wake of the recent massive production costs by automakers.
Johnson Controls, Inc. ranks No.6 on the Automotive News list of top 100 global suppliers, having raked up $19.10 billion in sales during the last fiscal year.
– By: Stephen Calogera
Source: Automotive News (Subscription Required)