UPDATE 1-Johnson Controls profit falls 17 percent
Jan 18 (Reuters) - Johnson Controls Inc's quarterly profit fell 17 percent and the largest U.S. auto parts supplier forecast further declines, citing weakness in Europe.
The company's shares dropped 4 percent to $30.70 in premarket trading.
Johnson Controls, which makes car interiors and batteries, forecast a second-quarter profit of 40 cents to 42 cents per share, below analysts' expectations of 51 cents, according to Thomson Reuters I/B/E/S.
"The forecast reflects the current European automotive production environment and short-term delays in flexing labor in the region," the company said on Friday.
Johnson Controls maintained its full-year outlook of higher profit and sales.
The company in October said weaker business in Europe would reduce its first-half profit significantly. Restructuring actions initiated in the latter part of 2012 are expected to boost profit in the second half.
Net income fell to $354 million, or 52 cents per share, in the first quarter, from $424 million, or 62 cents per share, a year earlier.
Revenue rose marginally to $10.42 billion.
Analysts on average had expected earnings of 51 cents per share and revenue of $10.26 billion.