Canadian Plastics

Auto supplier reports strong earnings (June 01, 2005)

Automotive interior supplier Johnson Controls Inc. reported a 28% increase in its quarterly earnings, compared with the same quarter last year. Net income rose to US$202.5 million for the second quart...

June 1, 2005   Canadian Plastics



Automotive interior supplier Johnson Controls Inc. reported a 28% increase in its quarterly earnings, compared with the same quarter last year. Net income rose to US$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, Johnson Controls said it now expects sales to increase 10 to 12%, up from a previous estimate of between 8 to 10%.

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