As the smoke clears from another disappointing quarter for Johnson Controls (NYSE:JCI), a peculiar theme emerges. In the normally harsh world of Wall Street, this auto parts, battery and building efficiency conglomerate still commands quite a bit of support and optimism from sell-side analysts and institutional investors. The question for Johnson Controls longs may not be so much about the potential of this name as it is about management's ability to realize that potential.
Another Disappointment, Courtesy of Building Efficiency
Johnson Controls has not been a very dependable company when it comes to meeting expectations, and the company missed again this time around even though estimates took multiple trimmings in the past months. Revenue rose 9% (below a low-teens growth expectation), with strong growth in the auto parts business (up 15%) offset by low single-digit performance in building efficiency (4%) and batteries (4%).
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