DETROIT, July 18 Johnson Controls Inc on
Thursday posted a stronger-than-expected quarterly profit and
said it would sell part of its auto electronics business for
about $700 million.
The deal to sell the HomeLink product line to Gentex Corp
is expected to close late this quarter or early in the
next fiscal year. Johnson Controls said it is targeting an
announcement to sell the rest of its electronics business before
its next earnings announcement.
Net income attributable to Johnson Controls rose 38 percent
to $594 million, or 83 cents a share, in the third quarter ended
on June 30, compared with $431 million, or 63 cents a share, a
Excluding one-time gains, the company earned 78 cents a
share, 3 cents above what analysts polled by Thomson Reuters
I/B/E/S had expected.