Johnson Controls misses by $0.27, misses on revs; guides Q2 EPS below consensus; lowers FY24 EPS in-line; pursuing strategic alternatives for non-commercial businesses (56.65)
- Reports Q1 (Mar) earnings of $0.51 per share, excluding non-recurring items, $0.27 worse than the FactSet Consensus of $0.78; revenues rose 0.4% year/year to $6.09 bln vs the $6.94 bln FactSet Consensus.
- Q1 Orders +1% organically year-over-year.
- Co issues downside guidance for Q2, sees EPS of ~$0.74-0.78, excluding non-recurring items, vs. $1.17 FactSet Consensus. Expects Q2 Organic revenue ~flat year-over-year.
- Co issues in-line guidance for FY24, sees EPS of ~$3.60-3.75, excluding non-recurring items, vs. $3.66 FactSet Consensus and prior guidance of ~$3.65-3.80. Expects FY24 Organic revenue growth up ~MSD year-over year.
- "We are in the early stages of pursuing strategic alternatives of our non-commercial businesses, in line with our objective to maximize value to our shareholders."