Johnson Controls International results announced – the stock is down

On Monday, Citigroup raised its target price for the Irish multinational conglomerate, Johnson Controls International plc (NYSE: JCI), from $58 to $61 a share.

On Tuesday, Johnson Controls announced its latest financial results for its fiscal fourth 2023. Let’s see how it performed.

Company overview

• Founded: 1885
• Headquarters: Cork, Ireland
• Number of employees: 102,000 (2022)
• Industry: Conglomerate
• Key people: George Oliver (Chairman, CEO)

The results

Johnson Controls reported revenue of $6.906 billion for the quarter (up by 3% year-over-year), which missed analyst estimate of $7.099 billion.

Earnings per share (EPS) also fell short of estimates at $1.05 per share (up by 6% year-over-year) vs. $1.095 per share expected.

CEO commentary

“Our fiscal 2023 results, highlighted by strong sales growth and margin expansion, further validate that our strategy of providing solutions that make buildings smarter, healthier, and more sustainable continues to gain momentum,” George Oliver, CEO of Johnson Controls said in a letter to investors.

“We made significant progress during the year advancing our service strategy, enabled by digital, and we continue to see strong order momentum and record backlog entering our new fiscal year,” Oliver added.

Stock reaction

The stock was down by over 6% during the trading day on Tuesday, trading at $52.63 a share.

Stock performance

• 1 month: -0.58%
• 3 months: -9.06%
• Year-to-date: -18.54%
• 1 year: -21.70%

Johnson Controls International stock price targets

• Citigroup: $61
• Oppenheimer: $66
• UBS Group: $74
• Wells Fargo: $62
• HSBC: $69
• Morgan Stanley: $70
• Barclays: $64
• JP Morgan: $72
• Deutsche Bank: $65
• Mizuho: $78
• Bank of America: $72

Johnson Controls International plc is the 507th largest company in the world with a market cap of $35.89 billion.

You can trade Johnson Controls International plc (NYSE: JCI) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD.

GO Markets now offers pre-market and after-market trading on popular US Share CFDs.

Trade the pre-market session: 4:00am to 9:30am, normal session, and after-market session: 4:00pm to 8:00pm, Eastern Standard Time.

Why trade during extended hours?

• Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
• Reduce your risk and hedge your existing positions ahead of a new trading day
• Extended trading hours on popular US stocks means extended opportunities

Sources: Johnson Controls International plc, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap