Johnson Controls Down 8% on Disappointing Earnings and Guidance

The shares of Johnson Controls

are trading lower pre-market after it announced worse than expected first quarter earnings. The company reported Q1 EPS of $0.60 vs $0.62 estimate and revenues of $10.4 billion vs $10.51 billion estimate. Additionally,Johnson Controls guided Q2 EPS $0.52-0.54 vs $0.70 estimate. CEO Stephen A. Roell commented: "Our first quarter results were in line with the expectations we announced at the beginning of the year. The automotive and buildings markets were stable in the quarter and we benefitted from our record backlogs in both businesses." Johnson Controls is currently trading at $32.71, down $2.87 or 8.07% pre-market.