Wunderlich Securities Comments On Johnson Controls 3Q11 Fiscal Earnings

According to Wunderlich Securities, Johnson Controls JCI will report fiscal 3Q11 results before the open on Wednesday, July 20. Wunderlich Securities said that consensus estimates are for revenue of $9.559 billion and EPS of $0.51. “Consensus estimates include a $500 million revenue hit in fiscal 3Q resulting from auto production cuts due to parts shortages. This reduced EPS by $0.16-$0.18. Some or all of that $500 million should flow back to JCI in the next six months as tsunami-induced parts shortages are resolved. We are reiterating our Buy rating on JCI shares and our $45 price target.” Johnson Controls closed yesterday at $40.59.