JCI Commences Production in Hungary - Analyst Blog
April 16 2012 - 2:00PM
Zacks
Johnson Controls Inc. (JCI) has launched
production at its new manufacturing plant in Kecskemet, Hungary.
The plant will supply complete seating systems for
Daimler’s (DDAIF) new Mercedes-Benz B-Class. The
company will produce seating systems for the first and second seat
row of the car.
The plant provides employment to 130 people. The company plans
to add 70 jobs at the plant with the inclusion of a second
shift.
Keeping the quality control aspect in mind, the company will
provide intensive training to the employees in the Labour Center of
Kecskemét and the Türr István Training and Research Institute. The
new plant raised the total number of employees of Johnson Controls
in Hungary to 2,500.
Johnson Controls Automotive Experience has been in operation in
Hungary since 2007. The company produces metal seating components
in Mezolak and Mor plants, while it manufactures leather covered
car interior components in Seton, located in Papa.
Johnson Controls is a supplier of automotive interiors,
batteries and other control equipment. The company is a leading
provider of automotive systems as well as facility management and
control services, employing about 162,000 people worldwide. Its
customers are spread in more than 150 countries.
Johnson Controls recorded a 9% increase in profit to $410
million or 60 cents per share in the first quarter of fiscal 2012
compared with $375 million or 55 cents per share in the
corresponding quarter of last year. The profit was lower than the
Zacks Consensus Estimate by 2 cents per share. The increase in
profit was attributable to higher earnings in Power Solution and
Automotive Experience segments.
Revenues in the quarter augmented by 9% to $10.4 billion
compared with $9.5 billion in the same quarter last year. The
improvement was attributable to backlogs in the automotive and
building markets.
However, revenues were marginally lower than the Zacks Consensus
Estimate of 10.5 billion. Currently, Johnson Controls retains a
Zacks #3 Rank on its stock, which implies a Hold rating for the
short-term.
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