By Colin Kellaher

Johnson Controls International PLC (JCI) on Wednesday reported better-than-expected quarterly results amid strong organic revenue growth as it completed the sale of its power-solutions business for net cash proceeds of roughly $11.6 billion.

The Cork, Ireland, industrial and technology conglomerate reported net income of $515 million, or 57 cents a share, for its fiscal second quarter ended March 31, up from $438 million, or 47 cents a share, a year earlier.

Excluding items, Johnson Controls reported earnings from continuing operations of 32 cents a share, up from 26 cents a share a year ago. Analysts polled by FactSet were expecting an adjusted profit of 30 cents a share.

Sales rose 2.6% to $5.78 billion, roughly in line with Wall Street's estimates, with organic sales up 6% excluding the impacts of M&A and foreign currency.

Johnson Controls raised its full-year forecast for per-share adjusted earnings by 10 cents to $1.85 to $1.95, reflecting a bigger-than-expected benefit from its use of the power-solutions unit sale proceeds.

Analysts polled by FactSet, on average, were expecting the company to post an adjusted profit of $1.81 a share this year.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

May 01, 2019 09:39 ET (13:39 GMT)

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