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Today Johnson Controls (JCI) was one of the companies that announced quarterly earnings today. The company announced growth in earnings and profits, but the numbers fell a little below the estimate consensus. The average estimated earnings on the company was 62 cents per share whereas the company's reported number was 60 cents per share. The company's revenue was 10.42 billion dollars, whereas the estimate was 10.51 billion dollars. The company posted nearly 10% of revenue and profit growth. The company's current revenue and profit numbers are at an all-time high.

On the negative side, the company said that its earnings in the next quarter may not grow as fast as this quarter because of the effects of the Japan earthquake on the Japanese car industry.

Today the share price was down by 8% the last time I checked. At the moment, the company is growing strongly, and I don't think that the fact that company missed the estimates by 2 cents justifies it losing 8% in market value. It's still a solid company posting solid growth. The company is clearly oversold due to panic. We know that whenever a company fails to beat earnings estimates, its stock price will always plunge in the short term. It even happened to solid companies like Apple (AAPL) and Google (GOOG). I expect JSI to bounce back up in the near term as the share plunge is not justified at all.

Keep in mind that car industry is experiencing its golden age as we speak. Most car companies are posting great profit growth in the near and long term and the trend looks very favorable. For example Ford (F) and GM (GM) are posting record profits as we speak. The effects of the Japanese earthquake are already fading and I don't see a downside with the company anytime soon.

This is what the CEO of the company said today: "While there are some short-term changes to our original 2012 expectations, our primary growth and profitability story is intact. Despite the near-term challenges, we believe Johnson Controls will deliver double-digit earnings increases in 2012."

The company traded between $24.29 and $42.92 dollars in the last 52 weeks. It's currently trading at $32.78, and I believe that today's plunge creates great opportunity for those wanting to initiate a long position. On another note, the company has a dividend payment, which yields 2.2% at the moment.

Source: Johnson Controls Looks Attractive At This Price