Johnson Controls first-quarter revenues top estimates

January 23, 2014
The logo of the U.S. Johnson Controls company is seen in Nersac, southwestern France
The logo of the U.S. Johnson Controls company is seen in Nersac, southwestern France, January 31, 2008. REUTERS/Regis Duvignau

(Reuters) - Johnson Controls Inc on Thursday reported a fiscal first-quarter profit that met Wall Street expectations and reaffirmed its fiscal 2014 outlook.

Revenue was $10.91 billion, beating expectations of analysts polled by Thomson Reuters I/B/E/S of $10.73 billion, and $10.42 billion a year ago.

Net profit for the quarter was $469 million, 69 cents per share, up from $359 million, or 52 cents per share, a year ago.

The company forecast profit between $3.15 and $3.30 per share for 2014. A month ago, the company issued a forecast that disappointed Wall Street, which had expected 2014 earnings of $3.31 per share.

Johnson Controls makes car interiors, batteries and heating, ventilation and cooling systems for buildings.

Earlier this month, the company sold its automotive electronics business to Visteon Corp for $265 million in cash.

(Reporting by Bernie Woodall in Detroit; Editing by Jeffrey Benkoe)