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Johnson Controls forecasts Q1 profit above estimates on strong demand for building equipment
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Johnson Controls forecasts Q1 profit above estimates on strong demand for building equipment
Nov 6, 2024 5:37 AM

Nov 6 (Reuters) - Johnson Controls International ( JCI )

forecast first-quarter profit above Wall Street estimates on

Wednesday, banking on sustained demand for building and

industrial equipment from data centers.

The global demand for data centers has remained resilient as

more businesses integrate artificial intelligence into their

offerings, benefiting companies such as Johnson Controls ( JCI ).

Shares of the company were up about 1% before the bell.

The Cork, Ireland-based company expects adjusted earnings

per share to be in the range of 57 cents to 60 cents in the

quarter ending Dec. 31. Analysts on average were expecting

earnings per share of 56 cents.

It reported revenue of $7.4 billion, up 7% from a year

earlier and above analysts' average estimate of $7.18 billion,

for the fourth quarter ended Sept. 30, according to data

compiled by LSEG.

The company reported fourth-quarter adjusted profit of $1.28

per share, in line with analysts' expectations.

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