Johnson Controls lifts 2011 revenue forecast

By @ibtimes on

Johnson Controls Inc posted higher second-quarter earnings on Monday and raised its revenue forecast for fiscal year 2011 due to the stronger euro and higher growth estimates for its building efficiency unit.

The company reported net income of $354 million, or 51 cents per share, up from $274 million, or 40 cents per share, a year earlier.

Excluding one-time costs linked to acquisitions, the company earned 56 cents per share, slightly better than the 55 cents per share analysts, on average, had expected, according to Thomson Reuters I/B/E/S.

Revenue in the quarter rose 22 percent to $10.14 billion.

The March 11 earthquake and tsunami in Japan has forced Japanese automakers to halve their production at home and disrupted the supply of key electronics and parts.

Johnson Controls, one of the world's biggest auto suppliers, said the loss of auto production in Japan after last month's earthquake would lower revenue by $500 million in the third quarter, or between 16 cents and 18 cents per share.

The company expects to recoup those losses in the first half of its fiscal 2012 year.

The company forecast $39.5 billion in revenue for 2011, up $1 billion from its previous forecast of $38.5 billion. The company projects its building efficiency unit-- which makes heating and ventilation systems for buildings-- will see a 15 percent jump in revenue in 2011.

The company expects to earn between 51 cents and 53 cents per share in the third fiscal quarter.

(Reporting by Deepa Seetharaman, editing by Maureen Bavdek, Dave Zimmerman)

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