Johnson Controls stock gains after profit and revenue beats, upbeat outlook

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Shares of Johnson Controls International PLC rose 1.1% in premarket trading Tuesday, after the building products company reported fiscal fourth-quarter profit and revenue that fell, given the effects of the COVID-19 pandemic, but beat expectations and provided an upbeat first-quarter outlook. Net income for the quarter to Sept. 30 fell to $441 million, or 60 cents a share, from $612 million, or 77 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share slipped to 76 cents from 78 cents, but beat the FactSet consensus of 73 cents. Sales declined 5.1% to $5.95 billion, but was above the FactSet consensus of $5.67 billion, with building solutions revenue for all geographic regions beating forecasts. For the fiscal first quarter, the company expects adjusted EPS of 39 cents to 41 cents, above the FactSet consensus of 38 cents. The stock has gained 7.9% year to date through Monday, while the S&P 500 has tacked on 2.5%.
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