Market Spooked by Johnson Controls' Tepid 3Q Growth, but Better Profitability Shines Through
Shares of Johnson Controls plunged over 7% after the company reported its fiscal third-quarter results on July 27. The narrow-moat company reported adjusted sales of $7.67 billion, which missed the $7.72 billion consensus estimate, but adjusted earnings of $0.71 per share met the consensus estimate. We believe the sell-off was in response to Johnson Controls’ weak organic sales growth during the third quarter, which registered at just 1%, and its updated EPS guidance, which is now at the low end...
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