Automotive revival propels Johnson Controls to record quarter; ZBB lands energy contracts in China
Automotive revival propels Johnson Controls to record quarter
Johnson Controls Inc. reported record sales and earnings in its fiscal first quarter, with double-digit improvements by all three of its businesses. The company also increased its estimate for full fiscal year 2011 earnings.
The Glendale-based company reported record net income of $375 million, or 55 cents per share, up from $350 million, or 52 cents per share, in the same period a year ago.
The company also reported record net sales of $9.5 billion, up from $8.4 billion a year earlier.
Johnson Controls is a global diversified technology and industrial leader serving customers in more than 150 countries. The company’s 137,000 employees create products, services and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and interior systems for automobiles.
Automotive Experience sales in the quarter increased 12 percent to $4.6 billion from $4.1 billion last year, due primarily to higher production volumes and launches of new automotive seating and interior programs.
"Johnson Controls achieved record revenues and earnings despite the fact that our automotive and buildings markets are still far below historic norms," said Stephen Roell, Johnson Controls chairman and chief executive officer. "Our Automotive Experience and Power Solutions businesses have recovered over the past year and continue to improve. Building Efficiency sales and earnings increased at a double-digit pace with continued strong order and backlog rates. We now have solid momentum in all three of our businesses."
ZBB lands energy contracts in China
Menomonee Falls-based ZBB Energy Corp., a developer of intelligent, renewable energy power platforms, has secured contracts in China to provide ZBB technology to one of the world’s leading solar companies, as well as a major petrochemical producer.
ZBB chief executive officer Eric Apfelbach said the company’s next generation energy storage and power electronics technology will provide the two manufacturers with a more clean, reliable, consistent and energy efficient power platform.
"We have found that there are many compelling needs in the China market for large scale energy storage and advanced power electronics. Our systems will enable protection from grid instability, scaling of renewable energy and a reduction in the use of diesel fueled back-up systems. The market is growing very quickly," Apfelbach said.