Johnson Controls, Inc. (JCI) Misses Q3 EPS by 2c; Sees Continued Softness into Q4, Will Change Pension Accounting Policy
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Price: $64.45 -0.25%
Revenue Growth %: +4.8%
Financial Fact:
Services: 664M
Today's EPS Names:
FRSB, DGICA, UXIN, More
Revenue Growth %: +4.8%
Financial Fact:
Services: 664M
Today's EPS Names:
FRSB, DGICA, UXIN, More
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Johnson Controls, Inc. (NYSE: JCI) reported Q3 EPS of $0.64, $0.02 worse than the analyst estimate of $0.66. Revenue for the quarter came in at $10.6 billion versus the consensus estimate of $10.81 billion.
Johnson Controls said that due continued softness in its global markets and expectations for a lower Euro, it expects 2012 fourth quarter earnings to be up 0 – 5 percent year-over-year versus earlier expectations for double-digit earnings improvements.
In addition, Johnson Controls announced that in the fourth quarter, it will change its accounting policy for recognizing pension and post retirement expenses. The current accounting treatment smoothes asset returns and amortizes deferred actuarial gains and losses over a number of years. The new mark-to-market method will recognize those gains and losses in the fourth quarter of each fiscal year. The company believes this new policy will provide greater transparency to on-going operational results. The change will have no impact on pension and post retirement funding or benefits paid to participants.
For earnings history and earnings-related data on Johnson Controls, Inc. (JCI) click here.
Johnson Controls said that due continued softness in its global markets and expectations for a lower Euro, it expects 2012 fourth quarter earnings to be up 0 – 5 percent year-over-year versus earlier expectations for double-digit earnings improvements.
In addition, Johnson Controls announced that in the fourth quarter, it will change its accounting policy for recognizing pension and post retirement expenses. The current accounting treatment smoothes asset returns and amortizes deferred actuarial gains and losses over a number of years. The new mark-to-market method will recognize those gains and losses in the fourth quarter of each fiscal year. The company believes this new policy will provide greater transparency to on-going operational results. The change will have no impact on pension and post retirement funding or benefits paid to participants.
For earnings history and earnings-related data on Johnson Controls, Inc. (JCI) click here.
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