By Adriano Marchese

Johnson Controls International PLC on Friday reported a 59% drop in second-quarter profit, and said that it expects revenue to fall in the second half of the fiscal year.

For the period ended March 31, the Cork, Ireland, industrial and technology conglomerate earned a quarterly profit of $213 million, or 28 cents a share, compared with $515 million, or 57 cents a share, for the same period last year.

Excluding items, Johnson Controls International reported an adjusted profit of 42 cents a share for the quarter, compared with 32 cents a share last year.

Sales fell to $5.44 billion from $5.78 billion.

The company said that it is withdrawing its previous guidance due to the challenging and uncertain nature of the macro environment caused by the pandemic.

However, the company said that organic revenue is expected to decline between 15% and 20% in the second half of the fiscal year, with mitigating costs in the range of $400 million and $450 million.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

May 01, 2020 06:57 ET (10:57 GMT)

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