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Johnson Controls 2004 Sales up 17%, Earnings per share up 18% to $4.24
Fourth-Quarter Sales increase 13%, Earnings per share up 22% to $1.41
Burscheid, Germany/Milwaukee, Wisconsin (ots) - Johnson Controls, Inc. (JCI) today reported record sales and earnings for the fourth quarter and full year of 2004. The results qualify 2004 as the company's 58th consecutive year of sales increases and the 14th straight year of increased earnings. John M. Barth, Chairman and Chief Executive Officer, said "We are pleased to have achieved strong growth in 2004. During the year we accelerated the rate of change in our businesses in response to challenging market conditions and to better align our resources with our future growth opportunities. We appreciate the support of our customers, suppliers and employees, as we work to continue to create value for all Johnson Controls constituencies, including our shareholders." Full-Year Results Sales totaled $26.6 billion, 17% higher than the $22.6 billion for the year ended September 30, 2003. The growth in revenues reflects a 20% increase in Automotive Group sales of seating, interiors and batteries, and a 9% increase in sales by the Controls Group. Operating income increased 12%, reaching $1.3 billion compared with the prior year's $1.2 billion. Net income for fiscal 2004 was $818 million, up 20% from $683 million. The net income increase was aided by higher equity income and a lower effective tax rate. Diluted earnings per share for 2004 were 18% higher, reaching $4.24 compared with $3.60 for the prior year. Included in 2004 selling, general and administrative expenses (SG&A), and recorded during the second quarter, was an $84.4 million non-cash gain on the transfer of certain pension obligations and related plan assets, associated with Automotive Group employees in Japan, to the Japanese government. Also recorded in SG&A in the second quarter were $82.4 million of restructuring costs involving workforce reductions and plant consolidations. The company's financial position remained strong. The ratio of total debt to total capitalization of 33.9% increased slightly from 31.6% at June 30, 2004 due to the acquisition of the remaining interest in its Latin American automotive battery joint venture during the 2004 fourth quarter. The ratio of 33.9% was a decline from 35.6% at September 30, 2003. Fourth-Quarter Results Sales for the three months ended September 30, 2004 increased 13% to $6.8 billion from $6.0 billion for the same period of 2003. Operating income was $414 million, up 15% from last year's $360 million. Net income rose 24% to $273 million, up from $220 million for the fourth quarter of 2003. The increase was aided by a lower effective tax rate and lower "miscellaneous-net" expenses. Diluted earnings per share increased 22% to $1.41 for 2004 from $1.16. The tax provision in the quarter benefited from a lower base effective tax rate and a $10 million favorable resolution of worldwide tax audits, which together contributed $.09 to diluted earnings per share. Johnson Controls Automotive Group sales increased 15% for the fourth quarter primarily reflecting the launch of new business and stronger shipments of seating, other interior systems and batteries. Industry vehicle production in North America is estimated to have been slightly below prior year amounts while European production is estimated to have been slightly higher. Operating income for the Group increased 19% over the fourth quarter of 2003. The increase reflects the higher volumes and benefits from operational improvements at the company's European operations. Controls Group sales increased 5% for the fourth quarter, led by stronger facility management activity and technical services revenues. Operating income was 4% above 2003 reflecting the growth in sales. The backlog of uncompleted contracts at the end of 2004 was 5% higher than one year ago. The company said that orders for controls systems installation contracts were below the prior year as lower domestic spending by the federal and state governments more than offset increased bookings in the education and health care sectors. 2005 Guidance Johnson Controls confirmed its October 8, 2004, guidance, which forecast record fiscal 2005 results, among other expectations. Johnson Controls, Inc. is a global market leader in automotive systems and facility management and control. In the automotive market, it is a major supplier of integrated seating and interior systems, and batteries. For non-residential facilities, Johnson Controls provides control systems and services including comfort, energy and security management. Johnson Controls (New York Stock Exchange: JCI), founded in 1885, has its headquarters in Milwaukee, Wisconsin, USA. The company's sales for 2003 totaled US$22.6 billion, the Automotive Group worldwide generating US$17 billion of this figure and Europe accounting for US$5.9 billion. The European headquarters is in Burscheid, Germany. The company's product portfolio also includes instrument panels/cockpits, door systems, overhead systems, interior electronics, electrical energy management and engine electronics. ots Originaltext: Johnson Controls GmbH Internet: www.presseportal.ch Contact: Johnson Controls GmbH Automotive Group Astrid Schafmeister Industriestrasse 20-30 51399 Burscheid, Germany Tel.: +49 2174 65-3189 Fax: +49 2174 65-3219 E-Mail: email@example.com