MILWAUKEE (Reuters) -- Johnson Controls Inc., the largest U.S. auto parts supplier, reported higher quarterly net profit on fatter margins across the company's main three business segments.
"Our automotive and power businesses delivered significant margin improvements, while building efficiency saw higher revenues, backlog and orders," Alex Molinaroli, Johnson Controls chairman and CEO said in a statement.
In the fiscal third quarter, net income from continuing operations rose to $503 million, or 76 cents per share, compared with $230 million or, 34 cents per share, in the same quarter a year ago.
Adjusted non-GAAP earnings from continuing operations was 91 cents per share, slightly exceeding the 90 cents expected by analysts.
The company said net revenue dropped to $9.6 billion, from $9.8 billion in the same quarter last year. Excluding the impact of foreign exchange, sales increased 5 percent.
Income from continuing operations in JCI's automotive business rose 19 percent to $342 million, or a gain of 25 percent excluding the impact of currency rates, compared to $288 million in the third quarter of 2014. The increase in income reflects profitability improvements in JCI's seating and interiors businesses because of higher production volumes and benefits from restructuring moves.
Automotive revenues from continuing operations in the fiscal third quarter of 2015 were $5.4 billion, down 6 percent compared to the 2014 quarter. The company said slightly higher global automotive production was more than offset by the unfavorable impact of foreign currency rates.
Excluding the unfavorable impact of foreign exchange, sales increased in the company's power solutions and building efficiency segments.
Last month the company said it was exploring options to exit the automotive seating business to focus on its higher-margin building efficiency and automotive battery operations.
Johnson Controls said it plans to pursue a tax-free spin-off of its automotive experience business. In 12 months, the segment will operate as an independent, publicly traded company with Bruce McDonald as CEO; he is now vice chairman and vice president of the company.