MILWAUKEE (dpa-AFX) - While reporting improved second-quarter results on Thursday, Johnson Controls Inc (JCI) issued fourth-quarter earnings view in line with or below market estimates. The company also raised fiscal 2021 forecast in line with or below market view.
For the fourth quarter, adjusted earnings per share is expected in a range of $0.86 to $0.88. On average, 18 analysts polled by Thomson Reuters expect earnings of $0.88 per share for the quarter. Analysts' estimates typically exclude special items.
Further, the company raised its fiscal 2021 earnings forecast to $2.64 to $2.66 per share from previously expected $2.58 to $2.65. The revised outlook reflects an increase of 18% to 19% year-over-year. Analysts expect earnings of $2.65 per share for the year.
The company bow expects organic revenue growth up mid-single digits and adjusted segment EBITA margin expansion of 80 to 90 basis points from last year.
George Oliver, chairman and CEO, said, 'Overall demand patterns continue to improve, including our longer cycle project installations, and most of our businesses are back to operating at or near pre-pandemic levels. . Looking ahead, we are confident that the strength in orders, resilient backlog, and actions we've taken over the last year position us well to deliver on our commitments.'
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