Automotive interiors maker Johnson Controls on Tuesday said it expects higher second-quarter earnings and confirmed its guidance for the full year, according to a Reuters report.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The company reportedly forecast second-quarter income from continuing operations of 85 cents, up from 76 cents a year earlier, crediting sales and earnings growth by both the automotive and controls businesses.
Analysts’ estimates for Johnson Controls’ second quarter range from 75 cents to 91 cents, for an average of 84 cents, according to Reuters Estimates.
According to the news agency, the company also confirmed its previous full year guidance for sales growth of 8% to 10% above the pro forma 2004 amount of $25.36 billion – full-year operating income from continuing operations is projected to rise 10% to 12% over the prior year’s pro forma of $1.22 billion.
The proforma amounts exclude results from the company’s engine electronics business, which was sold on February 28, and the World Services business, whose sale is expected to be completed later this month, Reuters noted.
Johnson Controls also said it expects second-quarter restructuring costs of $150 million pre-tax as it accelerates its cost-reduction efforts, the report added.
