Johnson Controls beats by $0.01, beats on revs; guides Q3 EPS in-line; narrows FY17 EPS guidance in-line; increases share repurchase program by $500 mln (43.05)
- Reports Q2 (Mar) earnings of $0.50 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.49; revenues rose 2.5% year/year to $7.24 bln vs the $7.09 bln Capital IQ Consensus.
- Co issues in-line guidance for Q3, sees EPS of $0.70-0.73, excluding non-recurring items, vs. $0.72 Capital IQ Consensus Estimate.
- Co issues in-line guidance for FY17, narrrows EPS guidance to $2.60-2.68 (prior: $2.60-2.75), excluding non-recurring items, vs. $2.64 Capital IQ Consensus Estimate.
- During the quarter, the Company repurchased $119 million of its shares and expanded its full year share repurchase program by $500 million. The Company now expects to complete up to $750 million of share repurchases during fiscal 2017.
- "Strong second quarter results, ongoing portfolio actions and an increase in our share repurchase program all demonstrate solid progress towards our 2017 priorities and commitments as a newly combined company. Our leading brands, along with our global footprint and strategic customer relationships, uniquely position us as a world leader in buildings and energy solutions and technologies," said Alex Molinaroli, Johnson Controls chairman & CEO. "Another quarter of double-digit EPS growth, accelerating organic sales growth in Buildings and a continued focus on integration, supports our expectations of 13% to 16% EPS growth for the year," Molinaroli continued.