Reuters: Global Markets: Johnson Controls expects higher profit on N American demand

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Johnson Controls expects higher profit on N American demand Dec 19th 2012, 17:38 Wed Dec 19, 2012 12:38pm EST (Reuters) - Johnson Controls Inc (JCI.N) forecast higher-than-expected results for the year ending September, as it expects slightly higher automotive production in North America and China to blunt the impact of lower demand in Europe. The company, which makes car interiors and batteries, expects to post earnings of between $2.60 and $2.70 per share on consolidated net sales of about $43.5 billion. Analysts on average were expecting a profit of $2.59 per share on sales of $42.27 billion, according to Thomson Reuters I/B/E/S. The company in October said weaker business in Europe would reduce first half of 2013 fiscal year earnings. Johnson Controls expects sales at its power systems business to increase about 10 to 12 percent during the period on strong demand for car batteries across all regions, led by China. Growth in its auto parts business will remain under pressure on weaker sales in Europe, though demand in North America and Asia is expected to help grow sales at its auto segments - seating and electronics & interiors - by about 2 percent. Jefferies & Co analysts said in a research note on Wednesday that the last few months confirmed an accelerated worsening of the European automotive market. Sales in the building efficiency business, which provides heating, air conditioning and safety systems for commercial buildings, are expected to increase 2 to 4 percent due to growth in emerging markets and a moderate recovery in North America. Shares of Johnson Controls, which has a market capitalization of about $20 billion, were up about 3 percent at $30.12 on the New York Stock Exchange. (Reporting by Ritika Rai in Bangalore) Link this Share this Digg this Email Reprints

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