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Auto Recovery Lifts Johnson Controls 3Q Net Income
MILWAUKEE (AP) -- Johnson Controls Inc. says its net income in the fiscal third quarter more than doubled as the recovery in car and truck production lifted its automotive parts business.

Separately, the company says it will acquire a majority stake in a South Korean automotive battery manufacturer.

Johnson Controls makes auto batteries and climate-control systems for buildings.

It reported net income of $418 million, or 61 cents per share, during the three months ended June 30. That's up from $167 million, or 26 cents per share, a year ago.

Excluding one-time items, the company says it earned 54 cents per share. That's a penny below analysts' expectations.

It says revenue rose 22 percent to $8.54 billion. Analysts expected revenue of $8.48 billion.

(Copyright 2010 by The Associated Press. All Rights Reserved.)
07 23 10 by Newsroom
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