Atlantic Equities - Johnson Controls International plc (TYIA) Q118 EPS a Penny Better / Guidance Unch

Report

Atlantic Equities

Richard Radbourne

Q118 EPS a Penny Better / Guidance Unch

Q118 EPS in-line with AE and penny ahead of consensus. Organic revenue growth stronger than expected (~1pp), margins a little below, while FCF of ($0.3)bn was about in-line in a seasonally low period. FY18 EPS guidance unchanged at $2.75-2.85 (no change to FY18 tax rate, while FY19 is to move up 200-400bp).

31/01/2018 4 EN

Underlying

Johnson Controls International plc

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IE00BY7QL619 Frankfurt Stock Exchange Ireland

Provider

Atlantic Equities

Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.

Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.

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Analysts

Richard Radbourne

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