Johnson Controls , a US parts supplier, announced that its operating income for the third fiscal quarter of this fiscal year (April to June 2013) reached US$10.83 billion, which was a year-on-year increase of 2.4%; net profit was even higher than that of the same period of last year. 32%, and the profits of its three business units have both experienced double-digit year-on-year growth.
In the third quarter, Johnson Controls achieved profitability in the auto parts business in the European market, and its performance in automotive metal parts business improved. The company’s net profit in the third fiscal quarter surged from US$430 million in the same period last year to US$570 million. The year-on-year increase of 32.5%.
As for the first three fiscal quarters of this fiscal year (October 2012 to June 2013), Johnson Controls' operating revenue totaled 31.68 billion U.S. dollars, compared with 31.56 billion U.S. dollars in the same period of last year, a slight increase of 0.4% year-on-year; net profit totaled 1.07 billion. The US dollar still fell 13% compared with the 1.23 billion U.S. dollars in the same period last year.
European auto parts business turned losses, and the profit growth of the three major business groups reached double digits:
Among all business units, Power Solutions Group’s revenue in the third fiscal quarter reached US$1.4 billion, up 8% year-on-year; the demand for battery products in North America and Europe in the previous quarter did not reach the expected level, but the sector’s profit still reached 1.71. Billion US dollars, climbing 12% year-on-year.
Despite the continuous decline in European vehicle production in the last quarter, driven by the North American and Asian markets, Johnson Controls Automotive Interiors Group’s third-quarter revenue increased by 4% year-on-year to US$5.7 billion, of which revenue in the Chinese market reached 1.4 billion. The US dollar surged 23% year-on-year.
Automotive Interiors Group's profit for the third fiscal quarter reached US$279 million, a 33% year-on-year increase; thanks to the growth of automotive metal parts business and the benefits of restructuring measures, automotive interior groups have ceased to be continuous in Europe. In a loss-making state, its third-quarter profit reached US$11 million.
Johnson Controls announced in its financial report a few days ago that it will sell HomeLink automotive electronics business of automotive interiors group to Jingtai for US$700 million; HomeLink is an on-board system that enables drivers to automatically open garage doors, lighting and security remotely. Systems, etc., account for about half of Johnson Controls' automotive electronics business.
In addition, the building facilities benefit group’s operating income fell by 2% year-on-year in the previous quarter, and its operating income outside of Asia fell. However, in the third quarter, the sector’s profits increased by 14% year-on-year to US$314 million.
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