Johnson Controls reports narrow loss on one-time charges
(Reuters) -- Johnson Controls Inc. posted a narrow quarterly loss on weaker sales in its key automotive business in Europe and one-time restructuring and accounting charges, the company said today.
JCI reported a net loss of $8 million, or 1 cents per share, versus a profit of $234 million, or 34 cents per share a year earlier.
Restructuring charges in the quarter were $245 million, or 33 cents per diluted share, and a non-cash charge of $447 million, or 40 cents per diluted share, was taken on changes in pension and retiree medical benefits.
Excluding one-time items, JCI earned 77 cents per share, narrowly beating analyst expectations of 75 cents per share, according to Thomson Reuters I/B/E/S.
Quarterly revenue was $10.39 billion, down from $10.79 billion a year earlier. The maker of interior auto parts and batteries fell short of analyst revenue expectations of $10.84 billion, according to Thomson Reuters I/B/E/S.Contact Automotive News