Washington Mutual Inc. (NYSE: WM) announced after the market closed Thursday that it swung to a loss of $1.87 billion, or $2.19 per share, due to the disarray in the mortgage and credit markets. WaMu had been preparing Wall Street for the hit since December. Still, revenues fell 5% to $3.41 billion in the quarter, missing Wall Street's estimate of $3.51 billion. For 2007, WaMu posted a loss of $67 million, or 12 cents per share, on $11.11 billion in revenue, compared to a profit of $3.56 billion, or $3.64 per share, on $13.68 billion in revenue in 2006. CEO Kerry Killinger said in a conference call that 2008 won't be much better. However, by midday Friday shares were up more than 6%.

Johnson Controls Inc. (NYSE: JCI) reported Friday that its fiscal first-quarter profit rose 45% with growth across all divisions. Earnings grew to $235 million, or 39 cents per share, in the quarter ended December 31, from $162 million, or 27 cents per share, in the same period a year ago. Quarterly revenue climbed 16% to $9.48 billion from $8.21 billion a year ago. Analysts surveyed by Thomson Financial had expected profit of 37 cents per share on revenue of $9.1 billion. The company maintained its full-year 2008 forecast for earnings of $2.45 to $2.50 per share and revenue of $38 billion. After opening at $34.35 on Friday, shares fell to near $30 in morning trading.

For more Friday results, see also:
General Electric (GE) earnings match expectations and lift markets
IBM earnings call: Lightning in a bottle
Schlumberger (SLB) fourth-quarter profit rises but misses estimates
AMD: Will the last one to leave please turn out the lights

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