Johnson Controls Raises 2016 Guidance - Quick Facts

(RTTNews) - Johnson Controls (JCI) raised its full year fiscal 2016 guidance to $3.85 - $4.00 from $3.70 - $3.90 reflecting stronger operational performance and a reduction of the annual effective tax rate from 19 percent to 17 percent. Analysts polled by Thomson Reuters expect the company to report profit per share of $3.78. Analysts' estimates typically exclude special items.

The company expects third quarter earnings per share of $1.01 - $1.04. Analysts expect the company to report profit per share of $0.98.

The company also announced that the Adient spin-off remains on track, with the initial Form 10 expected to be filed by the end of April. In addition, the company said the estimated tax rate for Adient is expected to range from 10 to 12 percent and associated separation costs are expected to be in-line with previous estimates.

Excluding transaction / integration / separation costs and other non-recurring items, second-quarter earnings per share from continuing operations was $0.86, up 18 percent from last year. On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $0.82 for the quarter. Analysts' estimates typically exclude special items.

Net revenues were $9.03 billion compared to $9.20 billion, prior year, due primarily to the deconsolidation of the company's Automotive Interiors business and foreign exchange, partially offset by higher organic volumes across the business and incremental revenues from its Johnson Controls-Hitachi joint venture. Analysts expected revenue of $9.02 billion, for the quarter.