Johnson Controls shares rise on strong outlook
Johnson Controls sees 2013 earnings up as much as 4 percent
MILWAUKEE (AP) -- Johnson Controls Inc. said Wednesday that it expects slightly higher automobile production in North America and China to offset lower production in Europe in its 2013 fiscal year.
Johnson Controls forecast earnings of $2.60 to $2.70 per share for the 2013 fiscal year on revenue of $43.5 billion. That tops market expectations, with analysts polled by FactSet expecting $2.59 per share on revenue of $42.29 billion.
The company's outlook amounts to profits of break-even to up 4 percent from this year and revenue 3 to 4 percent above 2012.
"While we recognize the challenges of the near-term global economy, we believe our unique strengths will enable Johnson Controls to outperform our underlying markets," CEO Stephen A. Roell said in a statement.
The Milwaukee-based car parts maker offered the outlook ahead of its meeting with analysts in New York.
Johnson Controls shares rose 99 cents, or 3.4 percent, to $30.21 in midday trading. The stock has traded between $23.37 and $35.95 in the past year.
