Johnson Controls misses on the top line; guides Q3 EPS below consensus; guides FY14 EPS below consensus (from cont ops)
Reports Q2 (Mar) earnings of $0.66 per share, excluding non-recurring items and including discontinued operations, $0.01 better than the Capital IQ Consensus Estimate of $0.65; revenues rose 3.6% year/year to $10.46 bln vs the $10.68 bln consensus. Co also reported earnings from cont ops of $0.64.
Co issues downside guidance for Q3, sees EPS of $0.81-0.84 vs. $0.86 Capital IQ Consensus Estimate.
Co issues downside guidance for FY14, sees EPS of $3.10-3.15 versus prior guidance of $3.15-3.30 vs. $3.23 Capital IQ Consensus Estimate. The Company is providing updated guidance now that Electronics is reported as a discontinued operation. Previously, the Company provided full year earnings guidance including Electronics of $3.15 - $3.30 per diluted share. Excluding Electronics earnings of ~$0.10 - $0.12 per share, the adjusted range for continuing operations would be $3.05 to $3.18 per share. The Company's updated guidance for earnings from continuing operations is now $3.10 to $3.15 per share.
Automotive Experience segment income (excluding discontinued operations) of $241 million was up 226% compared to $74 million in the second quarter of 2013.
The 2013 results exclude an $82 million non-recurring equity income gain. The increase was primarily led by improvements in the company's Seating business, with segment income of $236 million in the current quarter, compared with $94 million last year.
The Company also reaffirmed its full fiscal year guidance for free cash flow of $1.6 billion and segment margin improvements in all three of its businesses. The updated guidance assumes that underlying earnings from the recently announced Air Distribution Technologies acquisition are neutral in 2014.
Co issues downside guidance for Q3, sees EPS of $0.81-0.84 vs. $0.86 Capital IQ Consensus Estimate.
Co issues downside guidance for FY14, sees EPS of $3.10-3.15 versus prior guidance of $3.15-3.30 vs. $3.23 Capital IQ Consensus Estimate. The Company is providing updated guidance now that Electronics is reported as a discontinued operation. Previously, the Company provided full year earnings guidance including Electronics of $3.15 - $3.30 per diluted share. Excluding Electronics earnings of ~$0.10 - $0.12 per share, the adjusted range for continuing operations would be $3.05 to $3.18 per share. The Company's updated guidance for earnings from continuing operations is now $3.10 to $3.15 per share.
Automotive Experience segment income (excluding discontinued operations) of $241 million was up 226% compared to $74 million in the second quarter of 2013.
The 2013 results exclude an $82 million non-recurring equity income gain. The increase was primarily led by improvements in the company's Seating business, with segment income of $236 million in the current quarter, compared with $94 million last year.
The Company also reaffirmed its full fiscal year guidance for free cash flow of $1.6 billion and segment margin improvements in all three of its businesses. The updated guidance assumes that underlying earnings from the recently announced Air Distribution Technologies acquisition are neutral in 2014.