Johnson Controls Inc (JCI) recently announced increased first-quarter earnings and a minor revenue growth. However, the company foresees its second-quarter earnings aligning with or falling below market predictions and has also lowered the earnings forecast for the fiscal year 2024.
Before the market opening on the New York Stock Exchange, Johnson Controls' shares dropped approximately 2.1%, trading at $55.45.
The company predicts that the adjusted earnings per share, excluding special items, for the second quarter will be around $0.74 to $0.78. Furthermore, it anticipates the organic revenue to remain consistent with that of the previous year.
Thomson Reuters data illustrates analysts' average expectation is that the company will report earnings of $0.78 per share, typically excluding special items.
Additionally, for the fiscal year 2024, Johnson Controls now anticipates the adjusted earnings per share, excluding special items, to be approximately $3.60 to $3.75, down from the prior prediction of $3.65 to $3.80. The market predicts earnings of $3.66 per share for the year.
In its first quarter, Johnson Controls reported a profit that exceeded the earnings from the same period last year, thus meeting market predictions.
The company's net income amounted to $374 million or $0.55 per share, in contrast to the previous year's first quarter earnings of $118 million or $0.17 per share.
When items are excluded, Johnson Controls Inc reported adjusted profits of $350 million or $0.51 per share for the period, which met the analysts' forecast of $0.51 per share.
The first-quarter revenue of the company saw a slight growth of 0.3%, rising to $6.09 billion from the previous year's $6.07 billion.
