By Katherine Hamilton
Johnson Controls shares rose after the company's first-quarter earnings beat expectations and it chose a new chief executive.
The stock rose 12% to $86.56 on Wednesday. It is up 60% over the past year.
The Cork, Ireland-based building company posted a profit of $419 million, or 55 cents a share, in the three months ended Dec. 31, compared with $374 million, or 50 cents a share, a year earlier.
Stripping out certain one-time items, adjusted per-share earnings were 64 cents, ahead of the 59 cents forecast by analysts, according to FactSet. It also beat its own guidance of 57 cents to 60 cents.
Revenue rose 4% to $5.43 billion. Analysts surveyed by FactSet forecast revenue of $5.29 billion.
The company increased 2025 guidance by 10 cents a share, forecasting earnings between $3.50 a share and $3.60 a share.
Johnson Controls also named Joakim Weidemanis as its new chief executive, who is set to start on March 12. Weidemanis most recently led diagnostics and Chinese operations at Danaher. He succeeds George Oliver, who will continue to serve as non-executive chairman of the board until July 31.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
February 05, 2025 13:19 ET (18:19 GMT)
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