Johnson Controls fourth quarter, annual earnings up

Glendale-based Johnson Controls Inc. reported fourth quarter fiscal 2014 net income of $346 million, or 46 cents per share, up from $139 million, or 15 cents per share, in the fourth quarter of 2013.

Net sales were $10.9 billion, up from $10.7 billion in the same period a year ago.

Building Efficiency segment sales were up 1 percent, Automotive Experience division sales were up 3 percent, and Power Solutions segment sales were up five percent in the fourth quarter.

“We ended fiscal 2014 with solid contributions from all of our primary businesses, continuing the strong performance we have seen throughout the year,” said Alex Molinaroli, chairman and chief executive officer. “While the macro-economic environment continues to be challenging in some key markets, each of our businesses generated top line growth in the fourth quarter. Importantly, Building Efficiency orders were higher for the first time in a year. During the quarter, we announced a number of organizational and management changes that we believe will drive further improvements in shareholder value in 2015 and beyond.”

The global multi-industrial firm reported full year net income of $1.3 billion, flat from 2013.

Net sales for 2014 were $42.8 billion, up from $41.4 billion in 2013.

During fiscal 2014, the company repurchased $1.2 billion of shares, acquired ADT, sold the Automotive Electronics business, created a joint venture with Hitachi and announced plans for an Automotive Interiors joint venture, reorganized the Building Efficiency business and announced plans to sell Global Workplace Solutions.

“We began 2014 with a focus on execution and with an action plan to change our portfolio and our organization,” Molinaroli said. “Our earnings performance throughout the year proves our success in driving operational excellence throughout the company, and our progress around portfolio and the organizational changes in just one year exceeded our expectations. We believe initiatives to improve the profitability of our businesses continue to gain momentum. Our 2014 results provide a foundation that we believe will position us to deliver record sales and earnings in 2015.”

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