Johnson Controls Report Record Sales.(Brief Article)(Statistical Data Included)

Johnson Controls, Inc. said it achieved record sales and net income for its year ended September 30, 2001. Fiscal 2001 was the company's 55th consecutive year of sales increases, its 11th straight year of record earnings and the 26th consecutive year of dividend increases, the company added.

Sales for the full year totaled $18.4 billion, up 7 percent from $17.2 billion for 2000. Operating income was $961 million compared with the prior year's $965 million as a decline in operating income from the Automotive Systems Group more than offset an increase in the Controls Group income. Net income for fiscal 2001 was $478 million, up from $472 million. Net income for 2001 was aided by an increase in equity income.

Diluted earnings per share for 2001 were $5.11 compared with $5.09 for the prior year.

The company said its 4th quarter consolidated sales for the three months ended September 30, 2001 increased 14 percent to $4.6 billion from $4.1 billion for the same period of fiscal 2000. Operating income was $291 million in both years, reflecting an increase in controls income being offset by a decline in automotive income. Net income rose 3 percent to $156 million, up from $151 million for the fourth quarter of fiscal 2000, while diluted earnings per share increased to $1.67 for 2001 from $1.63.

The Automotive Systems Group achieved record sales for both the fourth quarter and full year, the company said. Sales increases for both periods reflect new contracts for interior systems and batteries as well as revenue associated with a Japanese seat manufacturer acquired at the end of fiscal 2000. These increases in volume were partially offset by currency translation rates and lower levels of industry vehicle production.

Print Get the Mag Weekly Updates