Glendale-based Johnson Controls Inc. reported fourth quarter net income of $16 million, or 3 cents of diluted earnings per share, way down from $466 million, or 77 cents of diluted earnings per share, in the fourth quarter of 2007. The company said its fiscal fourth-quarter profit was nearly wiped out by charges from job cuts and other restructuring costs during the quarter.
For the full 2008 fiscal year the company reported net income of $979 million, or $1.63 diluted earnings per share, down from $1.25 billion, or $2.09 diluted earnings per share, for the 2007 fiscal year.
However, the company reported record sales of $38.1 billion for the 2008 fiscal year, up 10 percent from $34.6 billion in 2007. For the 2008 fourth quarter, the company reported record sales of $9.3 billion, an increase of 3 percent compared to $9.0 billion during the 2007 fourth quarter last year
"We achieved a record year with solid profitability despite the unprecedented market challenges and economic volatility," said chairman and CEO Stephen A. Roell. "In recognition of the difficult environment, we took pre-emptive action in the fourth fiscal quarter to improve and better align our cost structure with future market conditions. This will improve our long-term profitability and further enhance our competitive advantage." For 2009, the company is expecting diluted earnings per share of $1.95 to $2.10. For the first quarter of fiscal 2009, the company said it expects earnings of 22 cents to 24 cents per diluted share, down from 39 cents in the 2008 quarter.
"While we face uncertainties in 2009, we begin the year in a strong position with record backlogs in our automotive and buildings businesses, global market leadership and our proven ability to improve our cost structure," said Roell. "Johnson Controls will aggressively execute on our strategies and continue to invest for sustainable long-term growth."
Johnson Controls reports minimal 4th quarter profit
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