'In 2008, we're very pleased at how we ended the year,' Roell said. 'We continue to invest in the future, and that's really a key theme.' Johnson Controls said earnings for the quarter ended Sept. 30 plunged 97 percent to $16 million, or 3 cents per share, from $466 million, or 77 cents per share, in the same quarter last year. Excluding $495 million in restructuring charges, earnings were 73 cents per share, in line with Wall Street's estimates. Such estimates typically exclude one-time charges. Revenue rose 3 percent to $9.31 billion from $9.01 billion in the year-ago quarter. Analysts polled by Thomson Reuters expected $9.48 billion in revenue. Last month, Johnson Controls said it was cutting jobs and consolidating manufacturing facilities in response to reduced demand in the U.S. and European automobile markets. The company has so far said it will shutter a plant employing 559 workers in Cadiz, Ky., that makes frames for car seats. Chief Financial Officer Bruce McDonald said in the conference call he expected restructuring costs to continue to hurt earnings in the first quarter, but will start to improve results by the third quarter. The company has said it expects the restructuring to be complete in 2010. Company officials stressed that they are taking a long-term view. 'We'll be really well positioned when this economy turns around, and we'll generate some great profitability,' Roell said. Johnson Controls has about 140,000 employees in more than 1,300 locations. The tough auto market has posed difficulty for Johnson Controls and other parts makers. Auto sales have declined sharply this year due to record-high gasoline prices, the weak economy and tight credit conditions that have made buying cars difficult. The company's building efficiency and power solutions segments, however, have proven more lucrative, and have helped soften the blow of the sluggish auto market. Revenue in its building efficiency unit, which makes ventilation and other systems, rose 8 percent in the quarter, the company reported. Sales in its power solutions unit, which makes batteries, jumped 7 percent. 'We've seen strong global demand for energy efficiency and sustainability,' Roell said. Johnson Controls said the slowing business in its automotive segment will hurt earnings in the fiscal first quarter. The company expects to earn 22 cents to 24 cents per share. Wall Street was expecting 30 cents per share. Goldman Sachs analyst Patrick Archambault said despite short-term concerns about its earnings, Johnson Controls appears well positioned for the long term due to its building efficiency and power solutions units. He maintained his 'Neutral' rating on the company's stock. 'We do believe the company has solid long-term growth prospects driven by market share gains and cost performance in its building efficiency and battery segments,' Archambault wrote in a note to investors Thursday.