UPDATE: Johnson Controls Reports Upbeat Q3 Profit

Johnson Controls Inc JCI reported upbeat quarterly profit. Johnson Controls reported its Q3 net income at $357 million, or $0.52 per share, down from $418 million, or $0.61 per share, in the year-ago quarter. Excluding one-time items, JCI's earnings came in at $0.56 per share. Its sales surged 21% to $10.4 billion. Analysts were expecting earnings of $0.53 per share on revenue of $9.54 billion. JCI projects Q4 earnings of $0.75 per share, which includes $0.03 per share for acquisition-related costs and $0.02 per share for production disruptions from the earthquake in Japan. Analysts are estimating earnings of $0.80 per share. JCI shares dropped 3.64% to $40.00 in pre-market trading.