Johnson Controls beats estimates on strong demand, raises annual profit guidance
Reuters
Published May 05, 2023 08:36AM ET
(Reuters) - Johnson Controls (NYSE:JCI) International posted quarterly earnings ahead of analysts' expectations on Friday, underpinned by strong demand for heating and air-conditioning systems from commercial buildings, sending its shares nearly 5% higher before the bell.
The Ireland-headquartered company has benefited from a rise in infrastructure development, with new commercial and residential buildings requiring heating, ventilation, and air conditioning (HVAC).
The company bumped up the lower end of its full-year adjusted profit forecast range to $3.50 per share from $3.30 per share expected previously. It retained the higher end of its forecast range at $3.60 per share.
Johnson Controls provides building systems, such as security, ventilation, and fire detection systems, used in offices, schools and hospitals. It counts Siemens, Schneider and Honeywell (NASDAQ:HON) as its competitors.
The company's adjusted earnings came in at 75 cents per share for the second quarter, compared with 63 cents per share a year earlier. Revenue rose roughly 10% to $6.69 billion.
Analysts on average had expected a profit of 73 cents per share on revenue of $6.51 billion, according to Refinitiv data.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.