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Tuesday, October 27, 2009
Johnson Controls Beats Street, Sees Revenue Fall
By Kathryn Glass
FOXBusiness
Milwaukee-based Johnson Controls (JCI) reported fourth-quarter earnings that beat analyst expectations, Tuesday before the market open.
The company saw profit rise to $300 million, or 47 cents per share, compared to $16 million or 3 cents per share in the fourth quarter of last year.
Adjusted earnings which excluded one-time items, came to 52 cents per share, compared to earnings of 73 cents per share a year ago.
Revenue slid 16% during the quarter to $7.87 billion during the quarter, compared to $9.31 billion a year earlier.
The results beat analyst projections of 51 cents per share on revenue of $7.83 billion, according to analysts polled by Thomson
Reuters.
Gross margins slipped to 14.5%, compared to 15.3%.
Shares of the automotive supplies-maker dipped $1.25 or 4.76% to $25.03 per share during Tueday’s session.
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