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Johnson Controls swings to 1Q loss
Analysts polled by Thomson Reuters expected a profit of 1 cent per share for the quarter. Those estimates typically exclude one-time items. Sales fell 23 percent to $7.34 billion from $9.48 billion in the year-ago period. Analysts expected sales of $8.48 billion in sales. 'While we are disappointed to report a loss in the quarter, we are addressing the challenges by improving our cost structure and preserving our liquidity,' Stephen A. Roell, the company's chairman and chief executive, said in a statement. The company said it expects to report a second-quarter loss similar to the first quarter's operating loss, but with better results at its building efficiency and Power Solutions businesses. Analysts, on average, expect a profit of 18 cents per share for that quarter. Late last year, Johnson Controls warned that it expected to post a loss for the quarter, blaming the steep drop in demand for automotive components. Most U.S.-based auto suppliers have seen their sales tumble this year as a result of severe production cutbacks at the automakers. Johnson Controls said Friday that its automotive sales plunged 32 percent to $3.13 billion, citing the drops in demand from automakers in both North America and Europe. The company added that it continues to be notified of significant production cuts at its European customers. Excluding currency, automotive sales dropped 25 percent. The company's Power Solutions business, which makes vehicle batteries, also posted a sales drop of 32 percent to $1.12 billion, mainly as a result of lower lead prices and lower volumes. Battery sales to automakers were hurt by lower vehicle production, while aftermarket demand was effected by lower stocking levels and decisions by some customers to put off orders. Building efficiency sales fell 4.8 percent to $3.09 billion. Excluding currency effects, sales were up slightly. Johnson Controls said higher North American sales of building efficiency systems were more than offset by double-digit drops at its North American residential business and in Europe.