UPDATE: Johnson Controls Posts Higher Q1 Profit

Johnson Controls Inc. (NYSE: JCI) reported a rise in its profit for the first quarter. The Milwaukee, Wisconsin-based company posted a quarterly profit of $507 million, or $0.76 per share, versus a year-ago profit of $451 million, or $0.66 per share. Excluding transaction and integration-related costs, diluted earnings from continuing operations came in at $0.79 per share.Its net sales gained 1% to $10.67 billion, while sales, excluding currency impacts, surged 5%. Analysts were projecting earnings of $0.77 per share on revenue of $10.67 billion.Building Efficiency sales in the quarter rose 5% to $3.5 billion, while Automotive Experience revenue declined 3% to $5.3 billion. Power Solutions sales rose 4% to $1.8 billion in the quarter."Profitability improved significantly in the quarter, as we benefitted from higher volumes and our continuing focus on execution improvements," said Alex Molinaroli, Johnson Controls chairman and chief executive officer. "The results in the quarter are better than the expectations we provided at our analyst day in December."For the current quarter, the company projects earnings from continuing operations of $0.74 to $0.76 per share, versus analysts' estimates of $0.76 per share. Johnson Controls reaffirmed its forecast for the fiscal year.Johnson Controls shares gained 1.35% to close at $45.85 yesterday.