Auto supplier reports strong earnings (April 22, 2005)

Automotive interior supplier Johnson Controls Inc. reported this week a 28% increase in its quarterly earnings, compared to the same quarter last year. Net income rose to $202.5 million for the second quarter ending March 31, from $157.7 million a year earlier. The company attributed the increase in earnings to both a weak US dollar and an increase in sales in its auto interior and commercial air conditioning business.
The Milwaukee, WI-based company said its automotive group sales rose 14% to $5.7 billion on higher interiors and battery volumes, while controls sales rose 9% to $1.4 billion on North American operations. For the full year, Johsnon Controls said it now expects sales to increase 10 to 12%, up from a previous estimate of between 8 to 10%.