Johnson Controls Sees Q2 Earnings In Line Or Below Market; Cuts FY24 View - Update

(RTTNews) - Johnson Controls Inc (JCI), while announcing higher first-quarter earnings and slightly higher revenues, on Tuesday issued second-quarter earnings view in line or below market estimates. Further, the company trimmed forecast for fiscal 2024 earnings.

In pre-market activity on the NYSE, Johnson Controls shares were losing around 2.1 percent to trade at $55.45.

For the second quarter, the company projects adjusted earnings per share before special items of around $0.74 to $0.78, and organic revenue to be flat compared to last yer.

Analysts on average expect the company to report earnings of $0.78 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Further, for fiscal 2024, the company now expects adjusted earnings per share before special items of around $3.60 to $3.75, lower than prior range of around $3.65 to $3.80. The Street is looking for earnings of $3.66 per share for the year.

In its first quarter, Johnson Controls announced a profit for its first quarter that increased from the same period last year in line with the Street estimates.

The company's bottom line came in at $374 million, or $0.55 per share. This compares with $118 million, or $0.17 per share, in last year's first quarter.

Excluding items, Johnson Controls Inc reported adjusted earnings of $350 million or $0.51 per share for the period.

Analysts had expected the company to earn $0.51 per share.

The company's revenue for the quarter rose 0.3 percent to $6.09 billion from $6.07 billion last year.

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