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Shares of Johnson Controls Inc (NYSE: JCI) were trading higher by more than 3 percent Thursday morning after the company reported its second quarter results.
Johnson Controls said it earned $0.86 per share in the second quarter on revenue of $9.0 billion. Wall Street analysts were expecting the company to earn $0.82 per share on revenue of $9.0 billion.
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Segment income from continuing operations rose to $833 million in the quarter from $698 million a year ago. Orders for the quarter rose 5 percent year-over-year, while order growth in Systems and Service North America rose 7 percent and 9 percent in Asia.
However, traders and investors were more focused on Johnson Controls' commentary on its pending acquisition of Tyco International plc (NYSE: TYC), which has come under heavy scrutiny given the tax inversion nature of the transaction.
Alex Molinaroli, Johnson Controls' Chairman, President and CEO said in the earnings report that the merger between Johnson Controls and Tyco is "expected to close" on October 1, 2016.
"My confidence that this powerful combination will create a world leader in buildings and energy technologies with significant strategic value for our customers, employees and shareholders just continues to grow," said Molinaroli.
Johnson Controls' commentary helped boost shares of Tyco higher by more than 5 percent Thursday morning.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.