Diversified U.S. manufacturer Johnson Controls Inc raised its fiscal-year earnings forecast on Friday after posting a better-than-expected quarterly profit amid a recovery in global vehicle production.
For the second quarter ended on March 31, the company reported net income of $274 million, or 40 cents per share, compared with a year-earlier loss of $193 million, or 33 cents per share.
Excluding one-time items, Johnson Controls earned 43 cents per share. On that basis, analysts on average expected profit of 39 cents, according to Thomson Reuters I/B/E/S.
Revenue rose 32 percent to $8.3 billion, beating Wall Street forecasts of $7.92 billion.
Johnson Controls said it now expected fiscal 2010 profit of $1.90 to $1.95 per share, up from its previous range of $1.70 to $1.75. Wall Street has forecast $1.85 per share.
The company also raised its sales forecast for the fiscal year to $33.5 billion from $33 billion.
(Reporting by Soyoung Kim; Editing by Lisa Von Ahn)