Johnson Controls (NYSE:JCI) Tanks on Soft Q1 Print
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Johnson Controls (NYSE:JCI) Tanks on Soft Q1 Print

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Johnson Controls shares are under pressure today after the company narrowed its bottom line expectations for the full year.

Johnson Controls (NYSE:JCI) shares are under pressure today after the building products and solutions provider’s first-quarter numbers failed to impress investors. Its revenue of $6.09 billion lagged estimates by $30 million. Further, EPS of $0.51 landed in line with expectations.

During the quarter, JCI witnessed robust growth in the North America and EMEA/LA regions due to gains in Applied HVAC & Controls and Fire & Security solutions. However, the company’s sales in the Asia Pacific region dropped by 22% owing to weakness in the Chinese market. Still, its Building solutions backlog increased by 7% to $12.1 billion during this period.

Looking ahead to the second quarter, JCI expects organic revenue growth to remain flat. EPS for the quarter is seen landing between $0.74 and $0.78. For Fiscal Year 2024, the company expects organic revenue growth in the mid-single-digits. However, the company has narrowed its EPS expectations for the year to $3.60-$3.75 from the prior outlook of $3.65-$3.80.

Is JCI a Good Stock to Buy?

Overall, the Street has a Moderate Buy consensus rating on Johnson Controls. After a nearly 17% decline in the company’s share price over the past year, the average JCI price target of $62.43 points to a 12.4% potential upside in the stock.

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