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Johnson Controls (NYSE: JCI) 2Q19 Results: Mixed/In-Line Quarter, Raises 2019 EPS Guidance

Executive Summary

  • Johnson Controls reported fiscal 2Q19 revenues of $5.78 billion, up 2.6% and in line with the consensus estimate. Organic growth was 6%. Adjusted EPS from continuing operations was $0.32, beating the consensus estimate by two cents.
  • Revenues in the field business (building solutions) grew 3%, and 6% organically. Revenues in the products business grew 2%, and 7% organically. Backlog increased 6% year over year.
  • The company raised its 2019 EPS guidance to $1.85-$1.95 (up 16%-23%) from $1.75-$1.85 (up 10%-16%).

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