(Reuters) – Johnson Controls International reported lower-than-expected first-quarter revenue on Wednesday, as the provider of heating and air-conditioning systems for offices, hospitals and schools struggled with supply chain logjams.
The company’s first-quarter sales rose about 3.5% to $6.07 billion, compared with analysts’ expectation of $6.25 billion.
Adjusted profit of 67 cents per share was in line with the average analyst estimate, according to Refinitiv data.
Shares of the company fell 1.26% before the bell. They had lost nearly 20% in 2022.
The Ireland-headquartered company has been reeling from a global shortage of semiconductor chips and higher raw material costs amid a tight labor market.
Johnson Controls raised the lower end of its full-year adjusted profit forecast to $3.30 per share from $3.20 it expected earlier. It retained the higher end at $3.60 per share.
Net income attributable for the quarter ended Dec. 31 was $118 million, or 17 cents per share, compared with $381 million or 54 cents per share, a year earlier.
(Reporting by Pratyush Thakur in Bengaluru; Editing by Shilpi Majumdar)
