Johnson Controls First Quarter Earnings Jump 17 Percent.

Johnson Controls, Inc. said that for the first quarter of fiscal 2003 diluted earnings per share increased 17 percent to $1.48 from $1.27 for the first quarter of fiscal 2002; and, sales increased 8 percent to $5.2 billion from $4.8 billion last year.

For the three months ended December 31, 2002, operating income increased 4 percent to $247.9 million compared with $238.5 million for the prior year. Income before income taxes and minority interests rose 8 percent primarily because of the higher operating income and an increase in equity income. Net income increased 17 percent to $140.4 million from $119.9 million for the first quarter of 2002 aided by, as previously forecast, a decline in the effective income tax rate to 31.0 percent from 35.9 percent.