Johnson Controls International PLC JCI, +1.94% reported Friday fiscal first-quarter profit that rose above expectations, while sales declined to reflect the impact of the COVID-19 pandemic but still beat forecasts. The building products company’s stock was still inactive in premarket trading. Net income for the quarter to Dec. 31 rose to $451 million, or 62 cents a share, from $159 million, or 21 cents a share, in the year-ago period, boosted by efforts to cut costs and minimize discretionary expenses. Excluding non-recurring items, adjusted earnings per share rose 8% to 43 cents, above the FactSet consensus of 40 cents. Sales rose 4% to $5.34 billion, beating the FactSet consensus of $5.27 billion, as building solutions North America and global products sales rose above expectations. Looking ahead, the company expects second-quarter adjusted EPS of 47 cents to 49 cents, surrounding the FactSet consensus of 48 cents, and full-year adjusted EPS of $2.45 to $2.55, compared with expectations of $2.51. The company spent $346 million to repurchase shares during the first quarter. The stock has advanced 16.6% over the past three months while the S&P 500 SPX, +0.98% has gained 14.4%.
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