Johnson Controls lifts 2025 profit forecast, names new CEO

February 06, 2025 12:24 AM AEDT | By EODHD

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Johnson Controls lifts 2025 profit forecast, names new CEO — Image source: Kalkine Media

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(Reuters) - Johnson Controls International named Joakim Weidemanis as chief executive officer and lifted its 2025 profit forecast on Wednesday, sending its shares up nearly 8% before the bell. Weidemanis, who has held several leadership roles at life-sciences firm Danaher Corp over his 13-year career, will succeed George Oliver, effective March. The change is part of a succession plan announced in July 2024 following talks with activist investor Elliott Investment, which has built a more than $1 billion stake in the company. Oliver's retirement was previously announced. He will remain as an adviser until Dec.

31, the company said. Johnson Controls lifted its 2025 adjusted profit forecast to range between $3.50 and $3.60 per share, compared with its prior forecast of $3.40 to $3.50. The Cork, Ireland-based company, which provides cooling systems and security infrastructure for data centers, has benefited as companies rush to develop and adopt artificial intelligence models in their operations. Johnson Controls has also streamlined its business through the divestiture of its portfolio of heating, ventilation, and air conditioning (HVAC) assets. Weidemanis held executive positions at precision instruments maker Mettler Toledo and electrical equipment maker ABB Ltd.

"Joakim's approach to leading service-oriented businesses aligns well with both the Johnson Controls approach and our end-to-end operating model," said Jürgen Tinggren, lead independent director of the company's board. Johnson Controls posted fourth-quarter profit of 64 cents per share, compared with analysts' estimate of 59 cents, according to data compiled by LSEG. For the quarter ended Dec. 31, net sales rose 4% to $5.43 billion, compared with analysts' estimates of $5.29 billion. (Reporting by Aishwarya Jain and Aatreyee Dasgupta; Editing by Sriraj Kalluvila and Pooja Desai) View Comments

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