Johnson Controls quarterly profit falls 17%
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(Reuters) -- Johnson Controls Inc.'s quarterly profit fell 17 percent and the largest U.S.-based auto parts supplier forecast further declines, citing weakness in Europe.
Johnson Controls, which makes car interiors and batteries, forecast a profit of 40 cents to 42 cents per share for the current quarter that ends March 31, below analysts' expectations of 51 cents, according to Thomson Reuters.
"The forecast reflects the current European automotive production environment and short-term delays in flexing labor in the region," the company said in a statement today.
Johnson Controls maintained its full-year outlook of higher profit and sales.
The company's shares slipped 3 percent to close the day at $31.
The company in October said weaker business in Europe would reduce its first-half profit significantly. Restructuring actions initiated in the latter part of 2012 are expected to boost profit in the second half.
Net income for the first fiscal quarter that ended Dec. 31 fell to $354 million, or 52 cents per share, in the first quarter, from $424 million, or 62 cents per share, a year earlier. Revenue rose marginally to $10.42 billion.
Analysts on average had expected earnings of 51 cents per share and revenue of $10.26 billion.
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