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EX-99.2 - EX-99.2 - JOHNSON CONTROLS INC | c59247exv99w2.htm |
8-K - FORM 8-K - JOHNSON CONTROLS INC | c59247e8vk.htm |
Exhibit 99.1
News release |
FOR IMMEDIATE RELEASE
CONTACT:
|
Glen L. Ponczak (Investors) | July 23, 2010 | ||
(414) 524-2375 | ||||
Jacqueline F. Strayer (Media) | ||||
(414) 524-3876 |
Johnson Controls Q3 2010 revenues increase 22% with significantly higher net income; Company
guides to high end of previous full-year EPS range
MILWAUKEE, July 23, 2010 . . . For the third quarter of fiscal 2010, Johnson Controls reported a
22% increase in revenues with higher sales in each of its three businesses. Net income and segment
margin increased significantly. The company also said earnings for fiscal 2010 are expected to be
at the high end of its previously disclosed guidance.
Highlights for the companys third quarter of 2010 include:
n | Net sales of $8.5 billion vs. $7.0 billion in Q3 2009, up 22% | |
n | Income from business segments of $496 million compared with $282 million a year ago, up 76% | |
n | Net income of $418 million vs. $163 million in Q3 2009 | |
n | Diluted earnings per share of $0.61 vs. $0.26 last year |
The 2010 quarter includes a non-cash tax benefit of $51 million, or $0.07 per share. The 2009
quarter included a non-cash tax benefit of $9 million, or $0.01 per share. Excluding these
non-recurring items, net income in the current quarter was $367 million or $0.54 per share, while
net income in the prior year quarter was $154 million or $0.25 per share. The company said it
believes that using the adjusted numbers provide a more meaningful comparison of its underlying
operating performance.
The company said that the quarter was negatively impacted by approximately $0.03 per share due to
both the weaker Euro and a non-cash impairment charge in its automotive business in Japan.
We are pleased with our third quarter results. We capitalized on the recovery in several of
our markets, leveraging our market leadership and improved cost structure to gain share and improve
profitability, said Stephen A. Roell, Johnson Controls Chairman and Chief Executive Officer.
Sales in our automotive and power businesses grew at a double-digit pace, and our Building
Efficiency business generated top-line growth for the
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News release |
first time in more than a year. In addition, the Building Efficiency order rate increased 9%,
nearly double the pace of the second quarter, which exceeded our expectations.
Mr. Roell said the current market environment has presented opportunities for growth investments.
To support our growth strategies in Asia, we will purchase the remaining shares of our Korean
Power Solutions joint venture, Mr. Roell said. We also made an equity investment in Tachi-S to
enable greater collaboration with this important automotive seating and interiors supplier and to
ultimately expand our relationships with Asian automakers. Additionally, we continue to accelerate
our investments in Power Solutions manufacturing capacity and vertical integration. In Building
Efficiency, increased investments are focused on significantly increasing our service sales and
delivery capabilities, especially in the areas of clean technologies and energy efficiency.
Automotive Experience sales in the quarter increased 43% to $4.2 billion versus $3.0 billion last
year due primarily to higher production volumes and new program launches. North American revenues
increased 76% to $1.7 billion from $1.0 billion last year, while European sales were up 19% to $2.0
billion from $1.7 billion in the 2009 quarter. Sales in Asia increased to $440 million from $262
million in 2009. China revenues, which are mostly generated through unconsolidated joint ventures,
rose 40% to $774 million compared with $553 million a year ago. Johnson Controls has a 45% share of
the Chinese automotive seating market and is launching multiple new interiors programs over the
next three years.
Automotive Experience reported segment income of $171 million in the current quarter, compared with
a loss of $14 million last year due to higher volumes, operational efficiencies and higher
profitability of its automotive joint ventures. The North America segment margin of 5.6% reflects
the increased production volumes and benefits of cost reduction initiatives. Asia segment margin,
including the non-consolidated joint ventures in China, was 5.7%. Europe segment margin was 2.4%,
lower than other geographic regions due to the magnitude of new program launches. The company said
it expected launch costs in Europe to continue at a heightened level through 2011.
Johnson Controls increased its forecast for North American auto production in its 2010 fiscal year
to 11.4 million units (vs. previous estimate of 10.9 million units). The companys production
assumption for Europe is unchanged at 16.7 million units.
Power Solutions sales in the third quarter of 2010 increased 30% to $1.1 billion from $0.9 billion
last year reflecting higher aftermarket and original equipment unit shipments as well as the impact
of higher lead prices. Excluding the lead impact, sales increased 16%. Aftermarket unit shipments
increased 9%, including the initial incremental volume associated with the award of all of
Walmarts automotive battery business, which began shipping in June. Higher global automotive
production resulted in a 36% increase in original equipment battery shipments.
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News release |
Power Solutions segment income was up 27% to $135 million versus $106 million in the third quarter
of 2009. The higher income is primarily the result of the higher volumes and non-recurring charges
incurred in the prior year.
Johnson Controls has accelerated investments to expand lead acid battery production capacity in
China where it expects to add a new manufacturing plant annually for the next few years. In
addition, the construction of a new lead recycling facility in Mexico is nearing completion.
Initial production is expected to launch in the fiscal 2011 first quarter, ramping to full
production over the course of the year. The company said its plans to build a recycling facility in
the United States are progressing as expected, with an expected launch of production in mid-2012.
Upon completion of these facilities, Johnson Controls expects to be able to internally recycle more
than 50% of its lead requirements versus 15% today.
The company said that in conjunction with Volkswagen, it introduced a new technology innovation for
absorbent glass mat (AGM) lead-acid batteries that improves performance and life in high heat
environments. The AGM batteries are designed specifically for Start-Stop vehicles. Industry
forecasts predict that more than 60 percent of vehicles made in Europe by mid-decade will feature
Start-Stop technology. Due to the increasing consumer demand, Johnson Controls is expanding its
AGM manufacturing capacity in Europe by nearly 70%. Johnson Controls currently supplies
approximately 70% of the AGM original equipment batteries in Europe and supplies replacement
batteries to the aftermarket under the VARTA Start-Stop brand.
Building Efficiency sales in the 2010 third quarter were $3.2 billion, up 2% compared with last
year. Higher Global Workplace Solutions, Rest of World and residential HVAC sales more than offset
declines in Europe and North America. Johnson Controls reported that its third quarter orders
increased by 9% globally. Sequentially, the order rate was significantly higher than the 5% order
increase reported for second quarter of 2010. The backlog of uncompleted contracts in the 2010
third quarter was up 1% to $4.4 billion. This represents the third sequential quarterly improvement
in the backlog and the first positive year-over-year backlog number since March 2009.
Building Efficiency reported segment income of $190 million, level with the 2009 quarter. Strong
double-digit income improvements in North America Systems, Rest of World, Global Workplace
Solutions and residential HVAC segments were offset by lower results in Europe and North America
Service. North America Service income declined 66%, due to the continued revenue softness in
discretionary project work and the final costs associated with its NexGen service technology
deployment.
Johnson Controls updated its financial guidance for 2010:
n | Net sales expectation unchanged at $33.5 billion (up 18%), with a revised Euro assumption of $1.30 versus the prior Euro assumption of $1.35. | |
n | Earnings for the 2010 fiscal year are now expected to approximate $1.95 per diluted share. The company had previously guided to $1.90 $1.95 per diluted share. Johnson Controls said that higher automotive production estimates will be partially offset by the negative impact of the lower Euro. |
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News release |
The company will provide a detailed review of its fiscal year 2011 market expectations and growth
strategies at its annual analyst day in New York on October 12, 2010.
As we enter the final quarter of our fiscal year, automotive production forecasts along with the
higher buildings order rate and backlog support our expectations for continued improvements in
sales and income, said Mr. Roell. We will continue to use our strong balance sheet and cash flows
to make strategic investments that will help us further outpace the growth rates of our markets. We
believe we are positioned to deliver sustainable, profitable growth.
###
About Johnson Controls
Johnson Controls is a global diversified technology and industrial leader serving customers in over
150 countries. Our 130,000 employees create quality products, services and solutions to optimize
energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced
batteries for hybrid and electric vehicles; and interior systems for automobiles. Our commitment to
sustainability dates back to our roots in 1885, with the invention of the first electric room
thermostat. Through our growth strategies and by increasing market share we are committed to
delivering value to shareholders and making our customers successful.
###
Forward Looking Statement
Johnson Controls, Inc. (the Company) has made forward-looking statements in this presentation
pertaining to its financial results for fiscal 2010 and beyond that are based on preliminary data
and are subject to risks and uncertainties. All statements other than statements of historical fact
are statements that are or could be deemed forward-looking statements and included 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,
energy prices, the strength of the U.S. or other economies, currency exchange rates, cancellation
of or changes to commercial contracts, changes in the levels or timing of investments in commercial
buildings, the ability to execute on restructuring actions according to anticipated timelines and
costs as well as other factors discussed in Item 1A of Part I of the Companys most recent Form
10-k filing (filed November 24, 2009) could affect the Companys 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.
###
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July 23, 2010
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JOHNSON CONTROLS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data; unaudited)
Three Months Ended June 30, | ||||||||
2010 | 2009 | |||||||
Net sales |
$ | 8,540 | $ | 6,979 | ||||
Cost of sales |
7,201 | 5,940 | ||||||
Gross profit |
1,339 | 1,039 | ||||||
Selling, general and administrative expenses |
(895 | ) | (787 | ) | ||||
Net financing charges |
(39 | ) | (65 | ) | ||||
Equity income |
52 | 30 | ||||||
Income from continuing operations before income taxes |
457 | 217 | ||||||
Provision for income taxes |
31 | 50 | ||||||
Net income |
426 | 167 | ||||||
Less: income attributable to noncontrolling interests |
8 | 4 | ||||||
Net income attributable to JCI |
$ | 418 | $ | 163 | ||||
Diluted earnings per share |
$ | 0.61 | $ | 0.26 | ||||
Diluted weighted average shares |
684 | 676 | ||||||
Shares outstanding at period end |
673 | 595 | ||||||
July 23, 2010
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JOHNSON CONTROLS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data; unaudited)
Nine Months Ended June 30, | ||||||||
2010 | 2009 | |||||||
Net sales |
$ | 25,265 | $ | 20,630 | ||||
Cost of sales |
21,467 | 18,224 | ||||||
Gross profit |
3,798 | 2,406 | ||||||
Selling, general and administrative expenses |
(2,625 | ) | (2,449 | ) | ||||
Restructuring costs |
| (230 | ) | |||||
Net financing charges |
(117 | ) | (167 | ) | ||||
Equity income (loss) |
156 | (104 | ) | |||||
Income (loss) from continuing operations before income taxes |
1,212 | (544 | ) | |||||
Provision for income taxes |
123 | 109 | ||||||
Net income (loss) |
1,089 | (653 | ) | |||||
Less: income (loss) attributable to noncontrolling interests |
47 | (15 | ) | |||||
Net income (loss) attributable to JCI |
$ | 1,042 | $ | (638 | ) | |||
Diluted earnings (loss) per share |
$ | 1.53 | $ | (1.07 | ) | |||
Diluted weighted average shares |
682 | 594 | ||||||
Shares outstanding at period end |
673 | 595 | ||||||
July 23, 2010
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JOHNSON CONTROLS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in millions; unaudited)
June 30, | September 30, | June 30, | ||||||||||
2010 | 2009 | 2009 | ||||||||||
ASSETS |
||||||||||||
Cash and cash equivalents |
$ | 908 | $ | 761 | $ | 543 | ||||||
Accounts receivable net |
5,452 | 5,528 | 4,910 | |||||||||
Inventories |
1,644 | 1,521 | 1,561 | |||||||||
Other current assets |
2,114 | 2,016 | 1,725 | |||||||||
Current assets |
10,118 | 9,826 | 8,739 | |||||||||
Property, plant and equipment net |
3,706 | 3,986 | 3,969 | |||||||||
Goodwill |
6,217 | 6,542 | 6,420 | |||||||||
Other intangible assets net |
695 | 746 | 745 | |||||||||
Investments in partially-owned affiliates |
766 | 718 | 713 | |||||||||
Other noncurrent assets |
2,584 | 2,270 | 1,880 | |||||||||
Total assets |
$ | 24,086 | $ | 24,088 | $ | 22,466 | ||||||
LIABILITIES AND EQUITY |
||||||||||||
Short-term debt and current portion of long-term debt |
$ | 727 | $ | 798 | $ | 777 | ||||||
Accounts payable and accrued expenses |
5,928 | 5,306 | 4,633 | |||||||||
Other current liabilities |
2,377 | 2,612 | 2,533 | |||||||||
Current liabilities |
9,032 | 8,716 | 7,943 | |||||||||
Long-term debt |
2,638 | 3,168 | 4,001 | |||||||||
Other noncurrent liabilities |
2,771 | 2,865 | 2,093 | |||||||||
Shareholders equity attributable to JCI |
9,424 | 9,138 | 8,227 | |||||||||
Noncontrolling interests |
221 | 201 | 202 | |||||||||
Total liabilities and equity |
$ | 24,086 | $ | 24,088 | $ | 22,466 | ||||||
July 23, 2010
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JOHNSON CONTROLS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
Three Months Ended June 30, | ||||||||
2010 | 2009 | |||||||
Operating Activities |
||||||||
Net income attributable to JCI |
$ | 418 | $ | 163 | ||||
Income attributable to noncontrolling interests |
8 | 4 | ||||||
Net income |
426 | 167 | ||||||
Adjustments to reconcile net income to cash provided by operating activities: |
||||||||
Depreciation and amortization |
168 | 180 | ||||||
Equity in earnings of partially-owned affiliates, net of dividends received |
6 | (4 | ) | |||||
Deferred income taxes |
(51 | ) | (20 | ) | ||||
Impairment charges |
11 | | ||||||
Other net |
17 | 47 | ||||||
Changes in working capital, excluding acquisitions: |
||||||||
Accounts receivable |
(182 | ) | (27 | ) | ||||
Inventories |
(111 | ) | 135 | |||||
Restructuring reserves |
(32 | ) | (53 | ) | ||||
Accounts payable and accrued liabilities |
219 | 87 | ||||||
Change in other assets and liabilities |
(44 | ) | (18 | ) | ||||
Cash provided by operating activities |
427 | 494 | ||||||
Investing Activities |
||||||||
Capital expenditures |
(215 | ) | (103 | ) | ||||
Sale of property, plant and equipment |
10 | 5 | ||||||
Acquisition of businesses, net of cash acquired |
(17 | ) | | |||||
Other net |
(63 | ) | (41 | ) | ||||
Cash used by investing activities |
(285 | ) | (139 | ) | ||||
Financing Activities |
||||||||
Decrease in short and long-term debt net |
(5 | ) | (30 | ) | ||||
Payment of cash dividends |
(87 | ) | (77 | ) | ||||
Other net |
88 | (16 | ) | |||||
Cash used by financing activities |
(4 | ) | (123 | ) | ||||
Increase in cash and cash equivalents |
$ | 138 | $ | 232 | ||||
July 23, 2010
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JOHNSON CONTROLS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
(in millions; unaudited)
Nine Months Ended June 30, | ||||||||
2010 | 2009 | |||||||
Operating Activities |
||||||||
Net income (loss) attributable to JCI |
$ | 1,042 | $ | (638 | ) | |||
Income (loss) attributable to noncontrolling interests |
47 | (15 | ) | |||||
Net income (loss) |
1,089 | (653 | ) | |||||
Adjustments to reconcile net income (loss) to cash provided by operating activities: |
||||||||
Depreciation and amortization |
524 | 561 | ||||||
Equity in earnings of partially-owned affiliates, net of dividends received |
(38 | ) | 207 | |||||
Deferred income taxes |
(95 | ) | 202 | |||||
Impairment charges |
30 | 156 | ||||||
Other net |
79 | 89 | ||||||
Changes in working capital, excluding acquisitions: |
||||||||
Accounts receivable |
(218 | ) | 1,297 | |||||
Inventories |
(208 | ) | 476 | |||||
Restructuring reserves |
(156 | ) | (22 | ) | ||||
Accounts payable and accrued liabilities |
595 | (1,666 | ) | |||||
Change in other assets and liabilities |
(154 | ) | (288 | ) | ||||
Cash provided by operating activities |
1,448 | 359 | ||||||
Investing Activities |
||||||||
Capital expenditures |
(526 | ) | (529 | ) | ||||
Sale of property, plant and equipment |
34 | 8 | ||||||
Acquisition of businesses, net of cash acquired |
(32 | ) | (32 | ) | ||||
Other net |
(131 | ) | (121 | ) | ||||
Cash used by investing activities |
(655 | ) | (674 | ) | ||||
Financing Activities |
||||||||
Increase (decrease) in short and long-term debt net |
(574 | ) | 704 | |||||
Payment of cash dividends |
(251 | ) | (231 | ) | ||||
Other net |
179 | 1 | ||||||
Cash provided (used) by financing activities |
(646 | ) | 474 | |||||
Increase in cash and cash equivalents |
$ | 147 | $ | 159 | ||||
July 23, 2010
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FOOTNOTES
1. Business Unit Summary
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||
(in millions) | 2010 | 2009 | % | 2010 | 2009 | % | ||||||||||||||||||
Net Sales |
||||||||||||||||||||||||
Building efficiency |
$ | 3,217 | $ | 3,167 | 2 | % | $ | 9,208 | $ | 9,219 | 0 | % | ||||||||||||
Automotive experience |
4,213 | 2,956 | 43 | % | 12,482 | 8,532 | 46 | % | ||||||||||||||||
Power solutions |
1,110 | 856 | 30 | % | 3,575 | 2,879 | 24 | % | ||||||||||||||||
Net Sales |
$ | 8,540 | $ | 6,979 | $ | 25,265 | $ | 20,630 | ||||||||||||||||
Segment Income (1) |
||||||||||||||||||||||||
Building efficiency |
$ | 190 | $ | 190 | 0 | % | $ | 398 | $ | 259 | 54 | % | ||||||||||||
Automotive experience |
171 | (14 | ) | * | 481 | (618 | ) | * | ||||||||||||||||
Power solutions |
135 | 106 | 27 | % | 450 | 212 | * | |||||||||||||||||
Segment Income |
$ | 496 | $ | 282 | $ | 1,329 | $ | (147 | ) | |||||||||||||||
Net financing charges |
(39 | ) | (65 | ) | (117 | ) | (167 | ) | ||||||||||||||||
Restructuring costs |
| | | (230 | ) | |||||||||||||||||||
Income from continuing operations before
income taxes and noncontrolling interests |
$ | 457 | $ | 217 | $ | 1,212 | $ | (544 | ) | |||||||||||||||
Net Sales |
||||||||||||||||||||||||
Products and systems |
$ | 6,798 | $ | 5,304 | 28 | % | $ | 20,116 | $ | 15,668 | 28 | % | ||||||||||||
Services |
1,742 | 1,675 | 4 | % | 5,149 | 4,962 | 4 | % | ||||||||||||||||
$ | 8,540 | $ | 6,979 | $ | 25,265 | $ | 20,630 | |||||||||||||||||
Cost of Sales |
||||||||||||||||||||||||
Products and systems |
$ | 5,783 | $ | 4,608 | 25 | % | $ | 17,254 | $ | 14,243 | 21 | % | ||||||||||||
Services |
1,418 | 1,332 | 6 | % | 4,213 | 3,981 | 6 | % | ||||||||||||||||
$ | 7,201 | $ | 5,940 | $ | 21,467 | $ | 18,224 | |||||||||||||||||
* | Metric not meaningful | |
(1) | Management evaluates the performance of the segments based primarily on segment income, which represents income from continuing operations before income taxes and noncontrolling interests, excluding net financing charges and restructuring costs. |
Building efficiency Provides facility systems and services including comfort, energy and security
management for the non-residential buildings market and provides heating, ventilating, and air
conditioning products and services for the residential and non-residential building markets.
Automotive experience Designs and manufactures interior systems and products for passenger cars
and light trucks, including vans, pick-up trucks and sport/crossover utility vehicles.
Power solutions Services both automotive original equipment manufacturers and the battery
aftermarket by providing advanced battery technology, coupled with systems engineering, marketing
and service expertise.
2. Restructuring Costs
As part of its continuing efforts to reduce costs and improve the efficiency of its global
operations, the Company announced a restructuring plan in the second quarter of fiscal year 2009
and recorded a $230 million restructuring charge. This restructuring charge included a $46 million
impairment charge of which $25 million related to the North America automotive experience segment,
$16 million related to the Asia automotive experience segment and $5 million related to the Europe
automotive experience segment.
The restructuring charge relates to cost reduction initiatives in its automotive experience,
building efficiency and power solutions businesses and includes workforce reductions and plant
consolidations. The Company expects to substantially complete the initiatives in 2010. The
automotive-related restructuring is in response to the fundamentals of the European, North American
and Japanese automotive markets. The actions target reductions in the Companys cost base by
decreasing excess manufacturing capacity due to lower industry production and the continued
movement of vehicle production to low-cost countries, especially in Europe. Power solutions
actions are focused on optimizing its regional manufacturing capacity to reflect lower overall
demand for original equipment batteries resulting from lower vehicle production levels.
July 23, 2010
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3. Impairment Charges
The Company reviews long-lived assets, including property, plant and equipment and other intangible
assets with definite lives, for impairment whenever events or changes in circumstances indicate
that its carrying amounts may not be recoverable.
At June 30, 2010, the Company recorded a $11 million impairment charge related to property, plant
and equipment in the Asia automotive experience segment.
At March 31, 2010, the Company recorded a $19 million impairment charge related to property, plant
and equipment in the North America automotive experience segment as part of the Companys revised
restructuring actions. This impairment charge was offset by a decrease in the Companys
restructuring reserve for $19 million due to lower employee severance and termination benefit cash
payouts than previously calculated.
At December 31, 2008, the Company recorded a $77 million and $33 million impairment charge related
to property, plant and equipment in the automotive experience business in North America and Europe,
respectively. The impairment charges are included in cost of sales in the accompanying Condensed
Consolidated Statements of Income. At December 31, 2008, the Company also recorded a $152 million
charge related to an impairment of an equity investment in a 48%-owned joint venture with US
Airconditioning Distributors, Inc. in the Companys building efficiency business. This impairment
charge is included in equity loss in the accompanying Condensed Consolidated Statements of Income.
4. Income Taxes
The Companys annual estimated effective tax rate before consideration of discrete tax items for
the year ending September 30, 2010 is 18 percent. The effective tax rate inclusive of discrete tax
items for the third quarter of fiscal 2010 is 6.8 percent, as compared to 23.0 percent for the
third quarter of fiscal 2009. The third quarter of fiscal 2010 reflects a $51 million ($.07/share)
tax benefit related to the resolution of tax audits and a valuation allowance release and the third
quarter of fiscal 2009 reflects a net $9 million ($.01/share) tax benefit.
5. Earnings per Share
The following table reconciles the numerators and denominators used to calculate basic and diluted
earning per share (in millions):
Three Months Ended | Nine Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Income Available to Common Shareholders |
||||||||||||||||
Basic income (loss) available to common
shareholders |
$ | 418 | $ | 163 | $ | 1,042 | $ | (638 | ) | |||||||
Financing costs related to the convertible
senior notes and equity units, net of tax |
1 | 13 | 4 | | ||||||||||||
Diluted income (loss) available to common
shareholders |
$ | 419 | $ | 176 | $ | 1,046 | $ | (638 | ) | |||||||
Weighted Average Shares Outstanding |
||||||||||||||||
Basic weighted average shares outstanding |
672.7 | 594.7 | 671.6 | 593.9 | ||||||||||||
Effect of dilutive securities: |
||||||||||||||||
Stock options |
6.2 | 1.8 | 6.1 | | ||||||||||||
Convertible senior notes |
0.1 | 36.0 | 0.1 | | ||||||||||||
Equity units |
4.5 | 43.7 | 4.5 | | ||||||||||||
Diluted weighted average shares outstanding |
683.5 | 676.2 | 682.3 | 593.9 | ||||||||||||