J ohnson Controls reports EPS in-line, revs in-line; guides Q4 EPS below consensus; lowers FY17 EPS below consensus (43.32)
- Reports Q3 (Jun) earnings of $0.71 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.71; revenues rose 48.8% year/year to $7.67 bln vs the $7.72 bln Capital IQ Consensus.
- Co issues downside guidance for Q4, sees EPS of $0.86-0.88, excluding non-recurring items, vs. $0.89 Capital IQ Consensus Estimate.
- Co issues downside guidance for FY17, sees EPS of $2.60-2.62 (prior: $2.60-2.68), excluding non-recurring items, vs. $2.63 Capital IQ Consensus Estimate.
- "Strong margin expansion, primarily related to the benefit of cost synergies and productivity initiatives, drove our year-over-year double-digit EPS growth in the quarter," said Alex Molinaroli, Johnson Controls chairman & CEO. "Although we continue to make significant strides with the merger integration, we have fallen short of our revenue growth expectations for the year and are guiding our full year adjusted earnings per share to the low end of the range previously provided. Given the very complex merger integration, I am very proud of what our global teams have accomplished to capture near term synergies and establish a strong strategic platform that will ultimately drive global growth and continued margin expansion across our businesses," Molinaroli added