Daikin Industries Ltd., the world’s largest air-conditioner maker, expects profit to climb 2.2 percent this fiscal year amid rising sales at home, in the U.S. and Europe. The outlook fell short of analyst estimates.

Net income will probably rise to 140 billion yen ($1.3 billion) in the year ending March 31, from 137 billion yen in the previous 12 months, the company said in a statement released in Osaka Tuesday. Analysts predicted a profit of 145 billion yen for this business year, according to the average of 17 estimates compiled by Bloomberg.

Sales are set to rise to 2.08 trillion yen in the current year, compared with 2.12 trillion yen estimated by analysts. The outlook for operating profit is 220 billion yen, versus the analyst estimate of 227 billion yen.

Daikin is increasing sales through a combination of expanding factory production and acquisitions. The company completed the purchase of U.S. filter-maker Flanders Holdings LLC last month and said the same day that it was buying refrigerator manufacturer Zanotti S.p.A. Osaka-based Daikin expects demand to cool in emerging markets, including China, it said in the statement.

Founded in 1924, Daikin started as a manufacturer of aircraft radiator tubes, according to its website. It entered the air-conditioning business in 1951, a division which accounted for 89 percent of sales in the year ended March 2015.

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