Johnson Controls lowers full year profit forecast on weak demand
Jan 30 (Reuters) - Johnson Controls lowered its full-year profit expectations as the building products supplier continues to see a weakness in the global residential construction market.
The company, which counts Siemens, Schneider and Honeywell as competitors, revised down its full-year adjusted profit outlook to be between $3.60 and $3.75 per share from $3.65 to $3.80 per share expected previously.
Property developers in many countries have suffered due to a sharp rise in labor and borrowing costs in recent years, hurting companies such as Johnson Controls, which provides heating, ventilation, cooling, fire-fighting and security products for buildings.
The Ireland-based company said it is in early stages of pursuing strategic alternatives for some of its non-commercial businesses.
The announcement comes on the heels of news reports last week that the company is considering selling some of its heating, ventilation and air conditioning (HVAC) assets for $5 billion.
Johnson Controls reported revenue for the first quarter at about $6.09 billion missing analysts' average estimates of $6.12 billion, according to LSEG data.
It posted an adjusted profit of $0.51 per share for the quarter ended Dec 31, at par with analysts' estimates.
Shares of the company fell 2.4% before the bell.
(Reporting by Mehr Bedi in Bengaluru; Editing by Tasim Zahid)
