eased Tuesday after the company predicted a slightly soft first quarter, even as it backed estimates for its just-completed fiscal 2005 raised estimates for 2006.
For 2005, which ended last month, the company sees per-share earnings rising 16% to 17% from 2004, while sales should rise 10%. That's roughly in line with the existing Thomson First Call consensus estimates for earnings of $4.48 a share on sales of $28.14 billion.
For 2006, Johnson Controls expects to earn $5 to $5.15 a share on sales of $32 billion. Analysts were forecasting earnings of $5.02 a share on sales of $30.6 billion.
For the first quarter, however, the company sees earnings of 82 cents to 85 cents a share on sales of $6.8 billion. Analysts were forecasting earnings of 86 cents a share on sales of $7.2 billion.
That forecast evidently displeased investors, who sold the stock down $2, or 3.2%, to $59.03 on Instinet.
"As we look toward fiscal 2007, given a relatively stable business environment, we anticipate sustaining our track record for double-digit earnings growth with earnings per share increasing by 15% to 20%," the company said.