Johnson Controls Q3 Profit Plummets - Quick Facts

(RTTNews) - Auto parts supplier Johnson Controls, Inc. (JCI) posted a sharp plunge in third-quarter net income attributable to the company to $176 million, from last year's $550 million, with earnings per share falling significantly to $0.26 from $0.80 a year ago.

On the other hand, adjusted earnings from continuing operations, excluding restructuring and non-recurring items in the quarter, were $0.84, and net revenues rose 3% to $10.8 billion, from $10.5 billion last year. On average, 20 analysts polled by Thomson Reuters expected earnings per share of $0.83 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales for the latest quarter reached $10.81 billion, compared with $10.5 billion, as revised, in the prior-year quarter. Eighteen analysts estimated $10.84 billion sales for the quarter.

Because of the prior announced sale of its Automotive Electronics unit, the firm has classified Electronics results as discontinued operations and prior year financial statements have been revised accordingly.

For the fourth quarter of 2014, the company issued guidance for earnings from continuing operations of $1.00 - $1.02 per share, excluding any transaction-related costs. Analysts project fourth-quarter earnings of $1.01 per share. Further, it reaffirmed its annual free cash flow guidance of $1.6 billion and segment margin improvements in all three of its businesses. The updated outlook assumes that underlying earnings from the recently announced Air Distribution Technologies acquisition are not material in the fourth quarter.