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UPDATE 1-Johnson Controls quarterly earnings rise

CHICAGO, Jan 21 (Reuters) - Johnson Controls Inc. , the fourth-largest U.S. auto parts maker on Wednesday said quarterly earnings rose as sales increased in its automotive interiors and commercial controls business.

Johnson Controls, which is based in Milwaukee, reported fiscal first-quarter net income of $164.5 million, or 86 cents per share, compared with net income of $140.4 million, or 74 cents per share, a year earlier.

Analysts on average expected Johnson Controls to report earnings of 85 cents per share, according to Reuters Research, a unit of Reuters Group Plc.

Revenue rose to $6.4 billion in the quarter from $5.2 billion. Foreign currency translation added about $420 million to sales in the quarter, the company said.

Looking ahead, Johnson Controls confirmed company forecasts for double-digit earnings per share growth in fiscal 2004. It also said it expects full-year sales to increase by 13 percent to 15 percent after raising prior estimates based on the strengthening of the euro.

The company also expects 2004 automotive operating margins to be flat to slightly lower than in 2003 and the controls group operating margin to be slightly lower.