Johnson Controls Expects Full-year Sales To Slip Below Expectations

Johnson Controls said on Tuesday that it expects fiscal 2015 full-year sales of $42.3 billion, which is down slightly from $42.83 billion a year ago, and below the FactSet consensus analyst estimate of $43.17 billion. The diversified industrial company expects sales in its automotive seating business to fall 5% to 6% this year, as a result of lower investments in mature markets and the negative effect of currency movements, but is projecting sales increases of 8% to 10% in its power solutions business and of 9% to 11% in its building efficiency segment. Earnings for the year are forecast to be in the range of $3.55 to $3.70 a share, surrounding analyst projections to $3.61 a share. The stock, which was still inactive in premarket trade, has slipped 4.1% so far this year, compared with an 11% rise in the S&P 500.