MILWAUKEE (Reuters) -- Johnson Controls Inc. posted lower net income from continuing operations for the fiscal fourth quarter on Thursday, largely due to the sale of a business segment.
The largest U.S. auto parts supplier expects earnings of 80 to 83 cents per diluted share in the first quarter of fiscal 2016, which it said would be an increase of 8 to 12 percent over the year-ago quarter.
Johnson Controls, which makes automotive batteries and building heating and cooling systems, posted net income from continuing operations of $3 million, down from $331 million in the same quarter a year ago.
The 99 percent decrease in profits from ongoing operations was attributed to the sale of its Global Workplace Solutions business, which was completed on Sept. 1, and other one-time nonrecurring items, Johnson Controls' investor relations director, Kathryn Campbell, said.
The supplier's shares fell 2 percent to $44.09 in Thursday trading.
The company posted net income of $23 million in the fiscal fourth quarter ended Sept. 30, but $20 million of that was attributed to non-majority joint venture partners.
Revenue from all three of its business segments declined to $8.75 billion, compared with $9.95 billion a year ago, the company said in a statement.
Adjusted non-GAAP earnings from continuing operations were $1.04 per share, up from a revised 97 cents in the same period a year ago. Analysts had expected earnings per share for the quarter of $1.01.
Johnson Controls said the target date for the spin-off of its automotive segment into a separate publicly traded entity is Oct. 1, 2016.
The company said in July it planned to spin off its low-margin automotive interiors business within 12 months and would focus on expanding its battery-manufacturing and building heating and cooling segments.