Johnson Controls (JCI) has revised its fiscal 2024 earnings per share (EPS) guidance. The company now expects adjusted EPS, excluding special items, to be between $3.66 and $3.69, down from its previous forecast of around $3.60 to $3.75. Organic sales growth is anticipated to be approximately 3% year-over-year.
For the fourth quarter, Johnson Controls projects adjusted EPS, excluding special items, in the range of $1.23 to $1.26, with an expected organic sales growth of 7% year-over-year.
In the third quarter, the company's net income was $975 million, or $1.45 per share, compared to $1.05 billion, or $1.53 per share, in the same quarter last year. Adjusted earnings per share rose to $1.14 from $1.03. This exceeded the average analyst prediction of $1.08 per share, according to Thomson Reuters. Analysts' estimates typically exclude special items. Revenue for the quarter increased by 1.4%, reaching $7.23 billion, up from $7.13 billion in the previous year.
In other news, Johnson Controls announced that CEO George Oliver has notified the Board of Directors of his decision to initiate a CEO succession plan. The Board has launched a comprehensive search for his successor with the help of a nationally recognized executive search firm. Oliver will continue as chairman and CEO until a successor is appointed and will remain as chairman of the Board thereafter.
Additionally, following discussions with Elliott Investment Management L.P., Johnson Controls has appointed Patrick Decker to its Board, effective immediately. Decker previously held the position of president and CEO at Xylem Inc.
Shares of Johnson Controls have risen by 8% in pre-market trading on Wednesday.
