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Sales in its automotive unit, which makes car seats and
interiors for companies such as Toyota Motor Corp and General
Motors Co, fell 19.9 percent to $4.23 billion in the first
quarter, from a year earlier.
The automotive unit accounted for a little over half of its
sales in 2015.
Johnson Controls, which agreed to buy Ireland-based Tyco
International Plc <TYC.N> on Monday, has been preparing to spin
off its automotive seating and interiors business. JCI said the
spinoff of the business - named Adient - was on track for the
early first quarter of 2017.
The company said on Thursday the automotive unit revenue fell
primarily due to "the deconsolidation of the interiors
business".
The company also said it expects a second-quarter profit of
80-83 cents per share.
Analysts on average were expecting a profit of 82 cents in the
second quarter, according to Thomson Reuters I/B/E/S.
Net income attributable to Johnson Controls fell to $450
million, or 69 cents per share, in the quarter ended Dec. 31,
from $507 million, or 76 cents per share.
Revenue fell to $8.93 billion in the quarter from $9.62 billion
last year.
Excluding items, the company earned 82 cents per share.
Analysts had expected a first-quarter profit of 82 cents and
revenue of $9.29 billion.
(Reporting by Radhika Rukmangadhan in Bengaluru; Editing by
Saumyadeb Chakrabarty and Maju Samuel)
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