Johnson Controls Inc. reported record fiscal fourth quarter net income of $538 million, or 78 cents per share, up from $449 million, or 66 cents per share, in the same period a year ago.
The Glendale-based company’s quarterly net sales grew to $10.8 billion, up 19 percent from $9.0 billion a year earlier.
The firm’s Automotive Experience sales in the quarter increased 24 percent to $5.1 billion vs. $4.1 billion last year due to higher global production volumes, incremental volume from recent acquisitions, new program launches and a favorable foreign currency impact.
North American revenues increased 7 percent to $1.9 billion from $1.8 billion last year, approximately equal to the increase in industry vehicle production levels. European sales were significantly higher than the 2010 fourth quarter at $2.6 billion due to higher production volumes and the impact of acquisitions.
Johnson Controls recently announced that its 2012-2014 backlog of net new business increased to $4.2 billion, compared with a backlog of $4.0 billion for 2011-2013.
"We are pleased to report another quarter of record sales and earnings. All of our businesses grew at a double-digit pace as they have throughout fiscal 2011. Across the company, we continued to gain significant market share in our industries as a result of our growth investments and unique strategic positioning," said Stephen Roell, Johnson Controls chairman and chief executive officer.
For the 2011 fiscal year, Johnson Controls sales increased 19 percent to $40.8 billion compared with $34.3 billion in 2010.
Johnson Controls affirmed the 2012 financial guidance it issued on Oct. 12. The company anticipates a sales increase of 8 percent to approximately $44.2 billion. The 2012 expectations are the result of modestly higher global automotive production levels, growth across the businesses in emerging markets as well as market share gains.
"We are optimistic as we begin fiscal 2012. We have good momentum resulting from the strong backlogs in our automotive and buildings businesses, our market leadership position in new battery technologies and continued growth opportunities in emerging geographic markets," Roell said. "Our long-term objective is to profitably grow faster than our underlying industries and we will make record levels of investment in 2012 to support that goal. We have the strategies and processes in place to improve our profitability. With the support of our customers and employees around the world, I am confident that 2012 will be another record year for Johnson Controls."
