HomeStock MarketJohnson Controls rides on residential construction demand to beat profit estimates By...

Johnson Controls rides on residential construction demand to beat profit estimates By Reuters


Johnson Controls (NYSE:) 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 (NASDAQ:), 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.


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