(Corrects 6th paragraph to show auto interiors business to contract; corrects to show auto interiors loss for year, not quarter)
Oct 29 (Reuters) - Johnson Controls Inc, met analyst expectations in posting a record net profit in its fiscal fourth quarter, and said earnings would rise 30 percent in the next quarter, the first of its fiscal 2014.
JCI, a diversified company that is an automotive supplier and maker of power efficiency products for buildings, reported a company record net income of $657 million versus $526 million a year ago. Its quarterly revenue of $11.05 billion was up from $10.39 billion a year earlier.
Both quarterly revenue and diluted earnings per share, excluding one-time items of $95 cents per diluted share, matched expectations of analysts polled by Thomson Reuters I/B/E/S.
New Chief Executive Alex Molinaroli on Tuesday announced, along with the company’s earnings statement, that JCI expects next quarter’s earnings to rise 30 percent, or 35 percent adjusted for the sale of HomeLink, an automotive electronics business sold in late September to Gentex Corp.
Analyst Ravi Shanker of Morgan Stanley said the fiscal first-quarter earnings projections appeared to be conservative. JCI’s fiscal first quarter runs from October to December.
Milwaukee-based JCI also announced its intention to “explore strategic options” to contract its automotive interiors business as part of its previously stated plan to expand its multi-business portfolio. The automotive interiors part of JCI’s business totaled $4.2 billion and lost $13 million in the fiscal year.
Molinaroli took over as CEO on Oct. 1 from Steve Roell, who remains chairman of the company’s board of directors until Dec. 31. JCI has about 168,000 employees.
JCI’s shares were up 1.6 percent at $43.52 in early New York Stock Exchange trading. At one point during the morning, its shares reached $44.11, which beat its 12-month high of $43.49 per share (Reporting by Bernie Woodall; Editing by Maureen Bavdek and Dan Grebler)