Why Johnson Controls Stock Is Down Today
Johnson Controls International (NYSE: JCI) delivered quarterly results that were in line with expectations, but with the stock up about 40% since Oct. 1, investors were apparently expecting more. The stock price fell by as much as 7% on Wednesday morning as bulls adjusted to the realities of a difficult operating environment that is impacting many of the company's markets.
Johnson Controls manufactures heating, ventilation, and air conditioning (HVAC) products and other building automation equipment for residential and commercial properties. It is considered a well-run company with a solid product line, as well as decent business and geographic diversity, and its stock has been a popular choice in recent months for investors seeking relative safe havens in a volatile market.
The company's results did not disappoint. In its fiscal 2023 first quarter, which ended Dec. 31, Johnson Controls earned $0.67 per share on revenue of $6.1 billion, basically in line with analysts' consensus expectations for $0.67 per share in earnings on sales of $6.2 billion. Revenue grew by 4% year over year, though the company said it did take a foreign exchange hit of about $300 million due to the strong U.S. dollar.
Source Fool.com
