Auto parts supplier Johnson Controls, Inc. (JCI) Tuesday said second-quarter profit plunged from the year-ago period, amid lower sales, but backed its full year earnings forecast.
Net income attributable to JCI plunged to $148 million from $379 million in the previous year. Earnings per share fell to $0.21 from $0.55.
Excluding restructuring and non-recurring items, earnings per share were $0.42 versus $0.55 in the same quarter last year.
On average, 24 analysts polled by Thomson Reuters expected earnings of $0.42 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales slid to $10.43 billion from last year's $10.57 billion. Analysts expected revenues of $10.48 billion.
Looking ahead, Johnson Controls reaffirmed its previous earnings guidance of $2.60 - $2.70 per share for 2013. Analysts expect full year earnings of $2.59 per share.
In January, the company had also said it expects consolidated net sales of about $43.5 billion for the year.
The firm said it is comfortable with analyst consensus of $0.75 per share for third quarter earnings.
Stephen Roell, CEO, said, ''Despite a challenging global market, we anticipate stronger profitability in the second half of fiscal 2013 consistent with market expectations. Our second half results will reflect restructuring benefits and improved operating performance. We feel confident with our previously issued guidance for higher Johnson Controls earnings in 2013."
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