Johnson Controls Falls Most Since 2012 on Quarterly Forecast
Johnson Controls Inc. (JCI), the largest U.S. auto-parts maker, fell the most since July 2012 after forecasting second-quarter earnings that were lower than some analysts had estimated.
The shares declined 4.4 percent today to close at $49.30 in New York, after the maker of building-efficiency equipment and services forecast earnings where the lower end of the range trailed estimates.
Johnson Controls is reconfiguring the company to focus on its building-efficiency unit, lessening a dependence on the cyclical automotive industry. The Milwaukee-based company last week agreed to sell its automotive-electronics business to Visteon Corp. (VC) and is considering options for its unprofitable auto-interiors unit, which makes door and instrument panels.
Johnson Controls, which also makes seats and batteries for automobiles, said profit this quarter will be in a range of 64 cents to 66 cents, according to a statement. That compared to an average estimate of 66 cents from 20 analysts, according to data compiled by Bloomberg.
Johnson Controls reaffirmed its annual forecast for profit of $3.15 to $3.30 a share. Analysts estimate $3.27.
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