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Johnson Controls Inc JCI
Q3 2011 Earnings Call Transcript

Transcript Call Date 07/20/2011

Operator: Welcome and thank you for standing by. At this time, all participants are in a listen-only mode. After our presentation, we will conduct a question-and-answer session. Today’s conference is being recorded. If you do have any objections, you may disconnect at this time.

I would now like to turn the call over to your host for today, Mr. Glen Ponczak. Sir, please go ahead.

Glen Ponczak - VP, IR: Thank you, Melissa. Good morning, everybody, and thank you for joining us for our Third Quarter 2011 Earnings Conference Call. Before we begin, I'd like to remind you of our forward-looking statement that Johnson Controls has made forward-looking statements in this presentation and documents pertaining to its financial results for 2011 and beyond that are based on preliminary data and are subject to risks and uncertainties. All statements other than statements of historical facts are statements that are or could be deemed forward-looking statements and include terms such as outlook, expectations, estimates or forecasts.

For those statements the Company cautions that numerous important factors such as automotive vehicle production levels, mix and schedules, customer or supplier disruptions, energy or commodity prices, the strength of the U.S. or other economies, currency exchange rates, cancellation of or changes to commercial contracts, as well as other factors discussed in Item 1A of Part I of the Company's most recent Form 10-K filing, which was filed November 23, 2010, 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.

I'm joined this morning by Steve Roell, our Chairman and Chief Executive Officer. Steve will give an overview of the third quarter. After that Bruce McDonald, Executive Vice President and Chief Financial Officer will give a more detailed review of the businesses and a financial review, and that will be followed with questions and answers concluding right at noon, Eastern Time.

With that, I'll turn it over to Steve.

Stephen A. Roell - Chairman, President and CEO: Okay. Thank you, Glen, and good morning, everyone. We’re generally very pleased with our fiscal third quarter results. Our consolidated sales of $10.4 billion was a record for us with each of three business segments, achieving sales growth in excess of 20%. You should note, this was the 7th consecutive quarter of double-digit sales growth for us and six of those have been in excess of 15%. If you exclude the impact of foreign exchange, our revenues were up 15%, but if you correct for the impact of the Japan disaster of almost $400 million, our growth rate was 22%.

Now, in previous presentations, I have highlighted that fact that a large portion of our growth is organic and that’s going to continue to be the case. This quarter we achieved market share gains in the global aftermarket battery segment. We had significant higher sales from new awards on our European seating business and we saw increased demand for energy efficiency and global workplace solution services.

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