By Matt Grossman
Johnson Controls International PLC on Friday reported a loss for the third quarter as revenue fell, but the company recorded a profit on an adjusted basis ahead of analysts' expectations.
The Irish-domiciled company, a producer of building, air-conditioning and security equipment, reported sales in its building-solutions segment in North America declined as project installations pulled back during the coronavirus pandemic. Orders fell in Asia Pacific as well due to reduced demand during the Covid-19 crisis, the company said.
Johnson Controls reported a loss of $182 million, or 24 cents a share, compared with a profit of $4.19 billion, or $4.79 a share, in the same three-month period a year earlier.
The company's profit from continuing operations in 2019's third quarter was $141 million, or 16 cents a share.
On an adjusted basis, the company reported a third-quarter profit of 67 cents a share. Analysts polled by FactSet had anticipated third-quarter adjusted earnings of 48 cents a share.
Restructuring and impairment costs in the quarter were $610 million.
Revenue was $5.34 billion, down from $6.45 billion in the same three-month period a year earlier. Analysts were expecting third-quarter revenue of $5.13 billion.
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