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Johnson Controls profit misses consensus by 40.8% in fiscal Q2

Johnson Controls International plc said its normalized net income for the fiscal second quarter ended March 31 amounted to 29 cents per share, compared with the S&P Capital IQ consensus estimate of 49 cents per share.

EPS increased year over year from 28 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $274.5 million, a gain of 48.3% from $185.1 million in the year-earlier period.

The normalized profit margin fell to 3.8% from 3.9% in the year-earlier period.

Total revenue increased 53.5% on an annual basis to $7.27 billion from $4.73 billion, and total operating expenses increased 54.5% from the prior-year period to $6.71 billion from $4.34 billion.

Reported net income came to a loss of $150.3 million, or a loss of 16 cents per share, compared with income of $215.2 million, or 33 cents per share, in the year-earlier period.