(Reuters) – Johnson Controls International posted quarterly earnings ahead of analysts’ expectations on Friday, underpinned by strong demand for heating and air-conditioning systems from commercial buildings, sending its shares nearly 5% higher before the bell.
The Ireland-headquartered company has benefited from a rise in infrastructure development, with new commercial and residential buildings requiring heating, ventilation, and air conditioning (HVAC).
The company bumped up the lower end of its full-year adjusted profit forecast range to $3.50 per share from $3.30 per share expected previously. It retained the higher end of its forecast range at $3.60 per share.
Johnson Controls provides building systems, such as security, ventilation, and fire detection systems, used in offices, schools and hospitals. It counts Siemens, Schneider and Honeywell as its competitors.
The company’s adjusted earnings came in at 75 cents per share for the second quarter, compared with 63 cents per share a year earlier. Revenue rose roughly 10% to $6.69 billion.
Analysts on average had expected a profit of 73 cents per share on revenue of $6.51 billion, according to Refinitiv data.
(Reporting by Pratyush Thakur in Bengaluru; Editing by Subhranshu Sahu)
