MILWAUKEE (WTAQ) - Wisconsin's largest company reports a 31 percent increase in its quarterly profits from to a year ago.
Johnson Controls of suburban Milwaukee said Thursday morning it made $469 million from October through December. That's up from $359 million at the same time in 2012.
Earnings per share totaled 69 cents. That's 17 cents more than a year ago, and a penny higher than what independent analysts projected.
CEO Alix Molinaroli said Johnson Controls benefited from an increase in motor vehicle production around the world -- plus cost-cutting in its auto-related businesses that don't involve car seats or state of the art lead-acid batteries.
Johnson Controls is the world's leading supplier on both those items. It also provides heating and cooling systems for large buildings.
Molinaroli said the building business had lower revenues than the year before, but there are signs that the global commercial building market will improve later this year.
As for cutting costs, Johnson Controls recently sold its automotive electronics' operation -- and it's looking into a sale of an auto parts division that does not involve car seats.
(Story courtesy of Wheeler News Service)