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Johnson Controls profit misses consensus by 46.9% in fiscal Q1

Johnson Controls International plc said its normalized net income for the fiscal first quarter ended Dec. 31, 2016, amounted to 27 cents per share, compared with the S&P Capital IQ consensus estimate of 52 cents per share.

EPS decreased 17.9% year over year from 33 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $260.0 million, a gain of 19.1% from $218.3 million in the year-earlier period.

The normalized profit margin fell to 3.7% from 4.6% in the year-earlier period.

Total revenue climbed 50.9% year over year to $7.09 billion from $4.70 billion, and total operating expenses rose 52.9% on an annual basis to $6.54 billion from $4.28 billion.

Reported net income grew 31.6% year over year to $369.5 million, or 39 cents per share, from $280.7 million, or 43 cents per share.