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Johnson Controls Lifts FY19 Earnings View, Above Estimates

Johnson Controls Inc (JCI), while announcing its second-quarter results on Wednesday, said it is increasing fiscal 2019 outlook for adjusted earnings per share from continuing operations to a range of $1.85 to $1.95 from previous outlook of $1.75 to $1.85.

On average, 15 analysts polled by Thomson Reuters expect earnings of $1.81 per share. Analysts' estimates typically exclude special items.

The revised forecast represents an year-over-year increase of 16% to 23%.

According to the company, the revision reflects the incremental use of Power Solutions sale proceeds, which are now expected to result in an approximate $0.15 per share benefit versus previously expected benefit of $0.05 per share.

Further, the company announced that it plans to launch a "modified Dutch auction" tender offer in the coming days for up to $4 billion of its ordinary shares with a price range between $36 and $40 per share.

Johnson Controls has commenced a cash tender offer to purchase up to $1.5 billion in aggregate principal amount of certain of its outstanding notes.

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