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Milwaukee, WI-based Johnson Controls (NYSE: JCI), a global multi-industrial company, reported sales for the fiscal year ended Sept. 30 of $42.8 billion, a year-over-year increase of 3 percent. Profit grew 3 percent to $1.2 billion.
In the fourth quarter, sales were $11 billion, up 3 percent over the prior-year period. Profit was $309 million, compared to year-ago profit of $105 million.
"We ended fiscal 2014 with solid contributions from all of our primary businesses, continuing the strong performance we have seen throughout the year," CEO Alex Molinaroli said. "While the macro-economic environment continues to be challenging in some key markets, each of our businesses generated top line growth in the fourth quarter. Importantly, Building Efficiency orders were higher for the first time in a year."
In the fourth quarter, the company announced it was reorganizing its Building Efficiency business, with the North America branch business to operate separately from the global products business to better align with the company's long-term strategies and accelerate profitable global growth. Bill Jackson was named president of Building Efficiency.
R. Bruce McDonald was named vice chairman, a new role designed to drive operational and financial performance within the businesses while also directing specific enterprise functions and strategic initiatives. Brian J. Stief was appointed executive vice president and CFO.
Johnson Controls also plans to divest the Global Workplace Solutions business, reflecting the company's previously stated intention to invest in businesses that are core to its long-term growth strategy and multi-industrial portfolio.
Building Efficiency sales in the fiscal 2014 fourth quarter were $3.9 billion, 1 percent higher than the same quarter last year. Segment income was $393 million, up 11 percent.
Automotive Experience sales in the quarter grew 3 percent to $5.3 billion. Segment income was $261 million, 27 percent higher than the same quarter last year.
Power Solutions sales in the fourth quarter of 2014 increased 5 percent to $1.8 billion. Segment income was level with the fourth quarter of fiscal 2013 at $329 million.