Johnson Controls reports strong first quarter

Glendale-based global multi-industrial firm Johnson Controls Inc. today reported fiscal 2015 first quarter net income of $546 million, or 76 cents per share, up from $502 million, or 69 cents per share, in the first quarter of 2014.

Net income from continuing operations was $546 million, up from $484 million in the same period a year ago. The building efficiency segment recorded a 38 percent increase in income.

Revenue was $10.7 billion, up from $10.6 billion in the first quarter of 2014. Revenue was negatively impacted by foreign currency translation, the company said.

“Profitability improved significantly in the quarter, as we benefitted from higher volumes and our continuing focus on execution improvements,” said Alex Molinaroli, chairman and chief executive officer. “The results in the quarter are better than the expectations we provided at our analyst day in December.”

The company on Wednesday announced it has entered into a definitive agreement to form a global joint venture with Hitachi Ltd. and Hitachi Appliances Inc. The company expects the joint venture to close in the fourth quarter, and generate 2016 sales of about $3 billion.

“Our definitive agreement with Hitachi marks another significant step toward our transformation to a more product-focused, multi-industry company, to the benefit of our shareholders and customers,” Molinaroli said. “We are focused on increasing profitability and shareholder value and expect 2015 to be a year of record results for Johnson Controls.”

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