Glendale-based Johnson Controls Inc. announced fiscal first quarter net income of $469 million, or 69 cents per share, up from $359 million, or 52 cents per share, in the first quarter of 2013.
Revenue for the quarter was $10.9 billion, up 5 percent from $10.4 billion a year ago.
The company completed $1.2 billion in share repurchases and saw a 16 percent increase in its quarterly dividend in the quarter.
The company reiterated that it expects 15 percent growth in segment income, diluted earnings per share of about $3.15 to $3.30, up about 20 percent, and consolidated net sales of about $43.8 billion, up 3 percent for the year.
“The significant improvement in profitability resulted from our focus on execution and cost discipline,” said Alex Molinaroli, chairman and chief executive officer. “We also benefitted from the higher levels of global automotive production. While Building Efficiency revenues were lower than last year, there are early indications of improving global commercial buildings markets, which should positively impact the business later in the year. The results in the quarter are consistent with the expectations we disclosed at our analyst day in December.”