DETROIT (Reuters) - Johnson Controls Inc (JCI.N) on Tuesday posted a profit that met Wall Street’s expectations and the largest U.S. auto-parts maker reaffirmed its full-year outlook.
Net income attributable to Johnson Controls fell to $148 million, or 21 cents a share, in its fiscal second quarter, compared with $379 million, or 55 cents a share, in the year- earlier quarter.
Excluding one-time items, the company earned 42 cents a share, in line with what analysts polled by Thomson Reuters I/B/E/S had expected.
Revenue slipped 1 percent to $10.43 billion, just below the $10.48 billion analysts had expected.
In January, Johnson Controls, citing weak auto production in Europe, offered a second-quarter profit forecast far below Wall Street’s expectations. It said it would earn 40 to 42 cents a share, while analysts had previously expected 51 cents.
Johnson Controls, which makes car interiors and batteries, said the potential sale of its auto electronics business was in the early stages and it expected to provide an update in the next three to four months. The company said last month it had hired JPMorgan (JPM.N) to run the sale process, which could attract bids topping $1 billion.
The Milwaukee, Wisconsin-based company also reaffirmed its profit outlook for the full-year, saying it expects to earn in the range of $2.60 to $2.70 a share. Analysts were expecting $2.59.
“Despite a challenging global market, we anticipate stronger profitability in the second half of fiscal 2013 consistent with market expectations,” Chief Executive Stephen Roell said in a statement. “Our second-half results will reflect restructuring benefits and improved operating performance.”
Johnson Controls said it was comfortable with Wall Street’s consensus for a third-quarter profit of 75 cents a share.
Reporting by Ben Klayman in Detroit; Editing by Maureen Bavdek