© Reuters. File Photo: The Johnson Controls International logo and trading symbols are displayed on a board on the floor of the New York Stock Exchange (NYSE) in New York, USA, October 16, 2018. REUTERS/Brendan McDermid
(Reuters) – Johnson Controls (NYSE:) International Wednesday reported lower-than-expected first-quarter earnings. This is because the provider of heating and air-conditioning systems for offices, hospitals and schools was suffering from stagnation in his supply chain.
The company’s first-quarter revenue increased approximately 3.5% to $6.07 billion, compared with analysts’ forecast of $6.25 billion.
Adjusted earnings of 67 cents per share were in line with average analyst estimates, according to Refinitiv data.
The company’s shares fell 1.26% ahead of the bell. They were missing nearly 20% of him in 2022.
The Irish-based company is reeling from a global chip shortage and rising raw material costs amid a tight labor market.
Johnson Controls has raised the lower end of its full-year adjusted earnings forecast to $3.30 per share, up from its previous guidance of $3.20. Maintained cap of $3.60 per share.
Net income for the quarter ended December 31 was $118 million, or 17 cents per share, compared with $381 million, or 54 cents per share, for the year-ago quarter.