NEW YORK (AP) -- Johnson Controls Inc. said Friday it earned $274 million in its fiscal second quarter, reversing a year-ago loss as sales improved across all its business lines.
The maker of building systems and automotive seat components raised its earnings forecast for the year, citing improvement in the auto industry. CEO Steve Roell said the company expects conditions in the battered auto industry to continue improving in 2010.
The company said its automotive segment posted a profit of $189 million during the quarter compared with a loss of $269 million a year ago. Its power solutions segment doubled its profit to $134 million, while profit in its building efficiency segment rose 16 percent to $104 million.
"Both power solutions and automotive experience benefited from the strong automotive production levels," Roell said. "We now are convinced that those trends will continue into the second half of the year."
Milwaukee-based Johnson Controls said its profit for the three months ended March 31 was 40 cents per share. That's compared with a loss of $193 million, or 33 cents per share, in the same period last year.
Excluding a tax charge, restructuring costs and other one-time items, the company earned 43 cents per share. Revenue jumped 32 percent to $8.32 billion.
Analysts surveyed by Thomson Reuters expected 39 cents per share on $7.92 billion in sales, on average. Such estimates typically exclude one-time items.
The company now expects 2010 earnings of $1.90 to $1.95 per share, up from $1.70 to $1.75 per share. It forecast sales of $33.5 billion.
Analysts expect $1.85 per share on $33.19 billion in sales.
Company shares rose fell 19 cents $34.82 in midday trading.
