Why Johnson Controls Stock Is Down Today
Climate control and building automation specialist Johnson Controls International (NYSE: JCI) delivered an earnings beat before the market opened Wednesday, but sales were a little bit below expectations. Investors appear to be nervous about how the rest of the year will progress, and sent shares lower in morning trading. As of 11:12 a.m. ET, the stock was off by 7.6%.
In its fiscal second quarter, which ended March 31, Johnson Controls earned $0.78 per share on revenue of $6.7 billion, beating Wall Street's consensus earnings estimate by $0.03 per share despite revenue that was about $20 million below expectations.
North America was the standout region for the industrial products manufacturer, growing sales by 9% and margin by 110 basis points year over year. But continued weakness in China caused revenue from the Asia/Pacific region to decline by 26%, and the company's profit margin there decreased.
Source Fool.com
