Synergy Realization Is Ahead of Schedule and Drives Johnson Controls’ First-Quarter Earnings Growth
After merging with Tyco on Sep. 2, 2016, integration efforts are running full steam ahead at narrow-moat Johnson Controls. Management noted that cost synergy realization is ahead of schedule and contributed $0.05 per share to adjusted fiscal first-quarter EPS. The company sees $0.25 per share of cost synergies included in the full-year EPS guidance of $2.60-$2.75 per share, which management reaffirmed. As a reminder, Johnson Controls expects to achieve $1 billion of total cost synergies by 2020,...
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