Johnson Controls (JCI) Releases 1st Quarter Results, Posts A Loss

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08:29:20 am on January 21, 2009

Johnson Controls released its results last week for the first quarter of fiscal year 2009. The company performed below analysts’ expectations, posting a net loss of $608 million, which breaks down to $1.02 per share. Last year, the company posted a net profit of $235 million or .39 per share. Revenue also plummeted to $7.34 billion, a decrease of 23 percent from last year’s $9.48 billion.

On a non-GAAP basis, the company still posted a loss of .14 per share,  where analysts had expected a loss of a penny per share. The company will cut 9,300 jobs, has eliminated annual executive bonuses, instituted a hiring and salary freeze, and may cut down the workweek to 4 days.

Here’s what some of the company’s executives had to say about the results:

"It became more apparent and evident that the depth and duration of the U.S. economic slowdown and recession was going to be greater than what we had initially expected," Johnson Controls Chief Executive Steve Roell said on a conference call.

Chief Operating Officer Keith Wandell added, "Our customers, especially in North America, are almost inevitably going to do some downsizing. We’ll have to respond accordingly."

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