(Recasts first paragraph, adds earnings details, background)
CHICAGO, Oct 22 (Reuters) - Johnson Controls Inc. on Wednesday reported record quarterly earnings, fueled by new automotive interiors business and stronger sales of commercial building systems.
The fourth-largest U.S. auto parts maker said its net income in the fiscal fourth quarter rose to $220 million, or $2.31 a share, from $191 million, or $2.02 a share, a year ago.
Analysts on average had expected earnings of $2.28 a share, with estimates ranging from $2.20 a share to $2.34, according to Reuters Research, a unit of Reuters Group Plc.
The Milwaukee-based company, which is benefiting from a push by auto makers to upgrade the quality of their vehicles' interiors, said its fourth-quarter sales climbed to $6.0 billion from $5.2 billion.
Automotive sales increased 18 percent in the fourth quarter, driven by new interior systems business including seating, instrument panels, overhead, door and electronic components, with the weaker dollar contributing one-third of the revenue gain.
The company said a 7 percent rise in North American sales of interiors and batteries more than offset the effect of a 5 percent decline in industry vehicle production in the quarter.
North American battery revenues fell slightly due to lower demand for replacement batteries in the aftermarket.
Building controls group sales rose 8 percent, boosted primarily by demand in the North American non-residential facilities market. The company said its backlog of uncompleted contracts at the end of the fiscal year was 6 percent higher than a year ago, reflecting improved demand in the domestic education, health care and government markets and higher orders in Europe.
Johnson Controls last week forecast 2004 sales would increase by 10 percent to 12 percent, helped by new seating, interiors and electronics business.