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Non-Tech : JCI--Johnson Controls (NYSE)

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From: Fuzzy	10/26/2004 7:40:18 AM
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Associated Press Johnson Controls Profit Up 25 Percent Tuesday October 26, 7:23 am ET Johnson Controls 4Q Profit Climbs 25 Percent, Helped by a Lower Tax Rate MILWAUKEE (AP) -- Johnson Controls Inc. on Tuesday said its fourth-quarter profit rose 25 percent, helped by a lower tax rate and decreased miscellaneous net expenses. The automotive and facility management systems company reported quarterly earnings of $273 million, or $1.41 per share, up from $220.3 million, or $1.16 per share a year ago. Sales grew to $6.76 billion from about $6 billion last year. ADVERTISEMENT Analysts polled by Thomson First Call expected the company to earn $1.32 per share on sales of $6.65 billion. The company reported fiscal-year earnings of $4.24 per share on $26.55 billion in sales. Johnson Controls had expected to report fiscal 2004 sales growth of 14 percent to 16 percent and double-digit earnings growth. Analysts expected the company to earn $4.15 per share on sales of $26.45 billion for the fiscal year. "During the year we accelerated the rate of change in our businesses in response to challenging market conditions and to better align our resources with our future growth opportunities," said chairman and chief executive John M. Barth in a statement. The company backed its expectations for the first quarter and fiscal 2005. On Oct. 8, Johnson said it expected first-quarter operating earnings and earnings per share to decrease, and forecast fiscal 2005 sales growth of 8 percent to 10 percent and double-digit earnings growth.

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