Adient Ltd. & Co. KG

Johnson Controls Second-Quarter Earnings Exceed Expectations

    MILWAUKEE, WISCONSIN - Johnson Controls, Inc. (JCI) today reported
second quarter earnings per diluted share of $.89, which were above
analyst expectations, but 6% below the prior year due to sharply
lower levels of domestic automotive vehicle production. Sales for the
three months ended March 31, 2001, rose 6% over the prior year,
reflecting the company's acquisition of Ikeda Bussan in Japan, new
automotive programs and increased activity by its nonresidential
building controls business. Sales for the March 2001 quarter were
$4.6 billion compared with $4.4 billion for the prior year.
Operating income for the current quarter decreased 1% to $190.6
million compared with the prior year's $192.4 million.
    Net income, reflecting higher minority interests, decreased 7% to
$83.0 million from $88.8 million for the second quarter of fiscal
2000. Diluted earnings per share were $.89 compared with $.95 last
    Automotive Results
    The Automotive Systems Group had sales of $3.4 billion for the
second quarter of fiscal 2001, an increase of 5% over the prior
year's $3.2 billion. North American sales of seating, interior
systems and batteries were 10% lower than the prior year. Johnson
Controls said that its revenues from the domestic market were down
less than the 16% decline in domestic industry light vehicle
production due to new business as well as its mix of customers,
including transplants, vehicle platforms and its aftermarket battery
business. European seating and interiors sales were higher than the
prior year despite adverse currency translation. The largest
contributor to the year-over-year increase were revenues associated
with Ikeda Bussan, a Japanese seating manufacturer, which was
acquired in September 2000.
    Automotive group operating income was $137 million for the current
period versus $147 million last year. Operating income from domestic
seating and interiors operations declined 40% on the lower North
American sales. Largely offsetting the domestic decrease were
improved results from European and South American operations, as well
as increases in Asia.
    Controls Results
    Controls Group sales to the nonresidential buildings market
increased 8% to $1.2 billion from $1.1 billion last year. Worldwide
sales of installed control systems were higher reflecting growth in
the new construction and existing buildings markets. Revenues
associated with integrated facility management contracts were also
    Controls Group operating income was $53 million, 17% higher than
the $45 million reported for the 2000 period. Johnson Controls
attributed the increase to the higher activity levels and improved
execution on system installation contracts.
    First-Half Results and Full-Year Outlook
    Year-to-date, Johnson Controls sales were $9.1 billion or 4% above
the same period of 2000. Net income totaled $186 million ($1.99 per
diluted share,) 1% lower than the 2000 first half of $188 million
($2.01 per diluted share.)  
    Johnson Controls said that for the full year of fiscal 2001, it
continues to anticipate that its Controls Group will achieve sales
growth of 10-15% and modest margin improvement. According to Chairman
and Chief Executive Officer James H. Keyes, the company expects the
year-over-year controls sales comparison to strengthen in the second
half due to its strong backlog of orders for installed control
systems.  In addition, new and regional add-ons to existing facility
management contracts are expected to ramp up during the last six
months of the year.
    Mr. Keyes said that the full-year Automotive Systems Group outlook
is unchanged, with sales anticipated to exceed the prior year by
5-10%, while operating margins are expected to decline modestly. He
explained that sales growth in the coming six months should improve
unless vehicle production levels deteriorate from current industry
    Mr. Keyes commented that "While overall economic conditions, in
particular their effect on automotive sales, are limiting our growth
for fiscal 2001, we continue to believe that we will achieve record
sales and net income. This accomplishment will be a credit to our
successful growth strategies, the diversification of our businesses,
customers and geographic presence, and the dedication of our
employees worldwide."
    Following is a summary of supplementary full-year financial
estimates for 2001:
    Following is a summary of supplementary full-year financial
estimates for 2001:
                                                ($s in millions)
                                          FY2000          FY2001
                                          Actual              Estimates
    Capital Expenditures      $547                 $575-600
    Depreciation                  $385                 $425-440
    Amortization of
    Intangibles                    $76                  $80-85
    Total debt to total
    Capitalization                41%                  ± 38%
    Interest expense,
    net of interest income  $112                 $110-115
    Minority interest in
    net earnings
    of subsidiaries              $44                  $55-65
    The company has made forward-looking statements in this document
that are subject to risks and uncertainties. Forward-looking
statements include information concerning possible or assumed future
risks and may include words such as "believes," "expects,"
"anticipates" or similar expressions. For those statements, the
company cautions that numerous important factors, including industry
vehicle production levels and the assumption of an average euro/U.S.
dollar exchange rate of $.90 for fiscal 2001, and those discussed in
the company's Form 8-K (dated October 26, 2000) could affect the
company's actual results and could cause its actual consolidated
results to differ materially from those expressed in any
forward-looking statement made by, or on behalf of, the company.
    Johnson Controls Inc. is a global market leader in automotive
systems as well as in the fields of control technology, facility
automation and integrated facility management. In the automotive
market the company is one of the major suppliers of seating and
interior systems and car batteries. It is also one of the main
providers of facility automation components and systems and facility
management services for commercial property and public facilities.

    Johnson Controls (NYSE: JCI), founded in 1885, has headquarters in
Milwaukee, Wisconsin. The European headquarter is located in
Burscheid, Germany. Johnson Controls world-wide sales for 2000
totalled US$ 17.2 billion. The Automotive Systems Group's share was
US$ 12.7 billion. In its annual ranking, Industry Week magazine named
Johnson Controls, for the fifth consecutive year, as one of the
World´s 100 Best-Managed Companies.
ots Originaltext: Johnson Controls GmbH

Further information is available from:
Johnson Controls GmbH
Claudia Steinhoff
Industriestraße 20-30
D-51399 Burscheid
Tel.: +49 21 74/65-32 43
Fax: +49 21 74/65-32 19

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