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Johnson Controls posts quarterly loss as costs rise

Published 04/21/2016, 07:44 AM
Updated 04/21/2016, 07:50 AM
© Reuters. The logo of the U.S. Johnson Controls company is seen in Nersac, southwestern France

(Reuters) - U.S. auto parts maker Johnson Controls Inc (N:JCI) reported a quarterly loss, compared with a year-earlier profit, hurt by higher costs.

Johnson Controls also said on Thursday it would go ahead with its merger with Ireland-based Tyco International Plc (N:TYC).

Such "inversion deals", which help a company lower its taxes, are under heavy scrutiny by the U.S. Department of Treasury's Temporary and Proposed Tax Regulations.

Johnson Controls reported a net loss of $530 million, or 82 cents per share, attributable to the company for the second quarter ended March 31. The company had a profit of $529 million, or 80 cents per share, a year earlier.

Excluding items, Johnson Controls earned 86 cents per share.

© Reuters. The logo of the U.S. Johnson Controls company is seen in Nersac, southwestern France

Net sales fell 1.8 percent to $9.03 billion.

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