Johnson Controls Inc., the largest US auto-parts maker, fell the most since July 2012 after forecasting second-quarter earnings that were lower than some analysts had estimated.
Johnson Controls is reconfiguring the company to focus on its building-efficiency unit, lessening a dependence on the cyclical automotive industry. The Milwaukee-based company last week agreed to sell its automotive-electronics business to Visteon Corp. and is considering options for its unprofitable auto-interiors unit, which makes door and instrument panels.
The shares declined 4.4 % today to close at $49.30 in New York, after the maker of building-efficiency equipment and services forecast earnings where the lower end of the range trailed estimates.
Johnson Controls, which also makes seats and batteries for automobiles, said profit this quarter will be in a range of 64 cents to 66 cents, according to a statement. That compared to an average estimate of 66 cents from 20 analysts, according to data compiled by Bloomberg. Johnson Controls reaffirmed its annual forecast for profit of $3.15 to $3.30 a share. Analysts estimate $3.27.