Johnson Controls (JCI) has boosted second fiscal quarter profit as adjusted earnings per share grew and matched analysts’ expectations while quarterly revenues fractionally topped their estimates.
The company also said it now anticipates earnings to grow in the twenties percentage for both third and the fourth quarters, RTT News reported.
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JCI booked net income of US$364m or $0.53 per share for the second quarter, higher than $354m or $0.51 per share the previous year.
On average, 25 analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share.
Net sales grew 4% to $10.57bn from $10.14bn – 19 Wall Street analysts made a consensus estimate of $10.56bn.
Automotive interiors sales increased 7% and batteries were up 1%.
The company noted that “demand continues to grow for the company’s higher-margin AGM lead-acid batteries and plans to increase capacity are progressing as expected”.
The company said it expects third quarter earnings to increase about 20% year on year while fourth quarter earnings are projected to increase about 25%.
“Our second half performance forecast is not predicated on improvements in our markets. Our businesses are gaining market share and extending their market-leading positions. We will continue the aggressive actions to improve efficiencies and to reduce costs, which will accrue increasing benefits throughout the rest of the year and beyond,” JCI said.
