Johnson Controls Tightens FY16 Earnings Guidance To Higher End Of Range

(RTTNews) - Johnson Controls (JCI) tightened its fiscal 2016 earnings per share guidance to $3.95 to $3.98, reflecting continued strong operational performance. Analysts polled by Thomson Reuters expect the company to report profit per share of $3.91. Analysts' estimates typically exclude special items. In April, the company projected full year guidance in a range of $3.85 - $4.00.

The company expects fourth-quarter earnings per share of $1.17 - $1.20. Analysts polled by Thomson Reuters expect the company to report profit per share of $1.20.

Third-quarter earnings per share from continuing operations was $0.59 compared to $0.76, prior year. Adjusted earnings per share from continuing operations for the third-quarter were $1.07, up 18 percent from the prior year quarter. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $1.03 for the quarter.

Third-quarter net revenues were $9.52 billion compared to $9.60 billion, prior year, with the decrease due primarily to the deconsolidation of the Automotive Interiors joint venture and foreign exchange, largely offset by higher organic revenues (up 1 percent) and incremental revenues from Johnson Controls-Hitachi joint venture. Analysts expected revenue of $9.62 billion, for the quarter.

Johnson Controls also announced it expects to accelerate the closing of merger with Tyco International plc to September 2, 2016. In conjunction with the closing date, the company will pull forward its fiscal 2016 fourth quarter dividend to an August 5, 2016 record date and August 19, 2016 payment date.