Shares of Johnson Controls International (JCI) surged to lead S&P 500 gainers on Wednesday morning after the company's first-quarter results topped estimates and it announced a new CEO.
The HVAC, refrigeration, and security equipment manufacturer said Wednesday that it earned $419 million, or 63 cents per share, in net income on $5.43 billion in revenue for the quarter, each up from the same time last year.
Analysts had expected profits of $397.65 million, or 60 cents per share, on $5.28 billion in sales, according to estimates compiled by Visible Alpha.
Johnson Controls' forecast also topped estimates, expecting adjusted EPS from 77 cents to 79 cents in the second quarter, along with $3.50 to $3.60 for the full year. The analyst consensus entering Wednesday was 72 cents for the second quarter, and $3.47 for the fiscal year.
In a separate release Wednesday, Johnson Controls announced its next CEO, Joakim Weidemanis, who will take over the top job on March 12. Weidemanis joins the company from industrial conglomerate $Danaher Corp(DHR-W)$. (DHR), where he held several executive positions over the last 13 years.
The company's outgoing CEO, George Oliver, will stay with the company in an advisory role through the end of the year. Oliver announced plans to retire last July following talks with activist investor Elliott Investment Management, which built a stake in Johnson Controls last year.
Shares of Johnson Controls were up around 12% Wednesday morning, nearing their intraday and closing record prices of $87.16 and $86.60, respectively, set in Nov. 2024.
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