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Johnson Controls Fiscal Year 2001: Earnings per share a record $5.11 / Fourth quarter a record $1.67
Burscheid, Germany (ots) - Johnson Controls, Inc. (JCI) today reported 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. James H. Keyes, Johnson Controls chairman and chief executive officer, said "We appreciate the support of our customers, employees and suppliers in this difficult environment. With their support and with the diversity of our businesses and markets, we are pleased to have achieved another year of improvement."
Full-Year Consolidated Results
Sales for the full year totaled $18.4 billion, up 7% from $17.2 billion for 2000. Both of the company's business groups, automotive and controls, achieved higher revenues. The effect of currency translation reduced Johnson Controls sales for the year by approximately $600 million. 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.
Johnson Controls said that free cash flow totaled $373 million even though capital expenditures were a record $621 million. The company's ratio of total debt to total capitalization declined to 38% at September 30, 2001 from 41% at the end of fiscal 2000.
4th Quarter Consolidated Results
Sales for the three months ended September 30, 2001 increased 14% 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% 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.
Automotive Systems Group (dollars in millions)
4th Quarter Year
2001 2000 % 2001 2000 %
Sales $3,330.6 2,898.1 15 $13,620.5 12,738.5 7
Operating Income $204.0 220.3 (7) $720.5 765.2 (6)
The Automotive Systems Group achieved record sales for both the fourth quarter and full year. 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. Industry production volumes in North America are estimated to have declined 10%, and 11% respectively, for the three and 12-month periods. Volumes in Europe are estimated to have increased slightly over the prior year for both periods. Johnson Controls said that for the fourth quarter, its North American automotive interiors sales increased 7%, primarily associated with higher shipments of systems for new sport utility vehicles and light trucks. European sales increased by 4% (after currency translation) in the quarter, largely due to higher shipment levels in Germany.
The operating margin for the automotive group decreased in both fiscal 2001 periods. The company said that in the quarter it experienced lower margins that are typically associated with new vehicle programs, as well as one-time costs associated with changes made to its network of manufacturing operations. These issues more than offset the inclusion of results from the Japanese seat manufacturer and an improvement in South American operations. Controls Group (dollars in millions)
4th Quarter Year
2001 2000 % 2001 2000 %
Sales $1,318.5 1,190.6 11 $4,806.7 4,416.1 9
Operating Income $87.0 70.3 24 $240.6 199.8 20
The Controls Group supplies nonresidential buildings with a broad line of integrated systems, services and facility management to improve the quality of indoor environments while reducing operating and energy costs. Sales and operating income for both the year and the fourth quarter were records.
In the fourth quarter, sales in North America increased 9% due to higher demand for installed systems, services and integrated facility management. In Europe, sales were 50% higher as a result of double-digit organic growth and the inclusion of the controls company MC International that was acquired during the third quarter of fiscal 2001. Revenues in Asia declined by approximately 40% reflecting the deconsolidation of a joint venture.
The company commented that demand for its controls offerings remains strong, with orders during the fourth fiscal quarter exceeding the prior year. Particular areas of strength for North American orders were the health care and government retrofit markets, while demand for Johnson Controls Metasys( systems was also high in the government and education new construction markets. The backlog of uncompleted control system installation contracts at the end of 2001 was 20% higher than one year ago.
Operating margins for the Controls Group increased in both the three and 12-month periods. The increases reflect the higher volume and the positive effect of productivity and quality management tools.
Johnson Controls, Inc. is a global market leader in automotive systems and facility management and control. In the automotive market, it is a leading supplier of seating and interior systems and batteries. For non-residential facilities, Johnson Controls provides building control components and systems and facility management services.
Johnson Controls (New York Stock Exchange: JCI), founded in 1885, has headquarters in Milwaukee, Wisconsin. The European headquarters is in Burscheid, Germany. Its sales for 2000 totaled 17.2 billion, the Automotive Systems Group alone accounting for 12.7 billion of this figure. In the current "Industry Week" business magazine rankings, Johnson Controls has been listed as one of the top 100 best run companies in the world for the fifth time in succession.
ots Originaltext: Johnson Controls GmbH
Johnson Controls GmbH
Automotive Systems Group
Phone +49 2174/65-3243
Fax +49 2174/65-3219