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Johnson Controls rides on residential construction demand to beat profit estimates
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Johnson Controls rides on residential construction demand to beat profit estimates
May 1, 2024 4:59 AM

May 1 - Johnson Controls ( JCI ) beat analysts'

expectations for second-quarter profit on Wednesday, as strong

residential construction activity in the U.S. boosted demand for

its products such as air conditioning units, heating systems and

automation systems.

A tight supply of existing homes in the United States has

pushed buyers to opt for newly constructed houses and spurred

residential construction.

The company, which competes with Siemens,

Schneider and Honeywell ( HON ), maintained its

full-year adjusted profit forecast of between $3.60 and $3.75

per share

The Cork, Ireland-based company reported a first-quarter

adjusted profit of 78 cents per share, compared with LSEG

estimates of 73 cents.

Total revenue of $6.7 billion in the three months ended

March 31 remained flat from a year ago and was in line with

estimates.

(Reporting by Aishwarya Jain and Nathan Gomes in Bengaluru;

Editing by Sriraj Kalluvila)

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