UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From _____ To _____ Commission File Number: 001-13836 JOHNSON CONTROLS INTERNATIONAL PLC (Exact name of registrant as specified in its charter) | --- | --- | --- | |---------- ...

Johnson Controls (JCI) came out with quarterly earnings of $1.14 per share, beating the Zacks Consensus Estimate of $1.08 per share. This compares to earnings of $1.03 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 5.56%. A quarter ago, it was expected that this diversified technology and industrial company would post earnings of $0.75 per share when it actually produced earnings of $0.78, delivering a surprise of 4%.Over the ...

Sales Performance - Q3 reported sales increased 1% and 3% organically, with sales of $7.2 billion[2] - Building Solutions North America sales increased 9% to $2.9 billion, with organic sales up 8%[4] - Building Solutions EMEA/LA sales increased 3% to $1.1 billion, with organic sales up 8%[6] - Building Solutions Asia Pacific sales declined 22% to $575 million, with organic sales down 19%[8] - Global Products sales were flat at $2.7 billion, with organic sales up 3%[10] - Net sales for products and systems in the three months ended June 30, 2024, were $5,422 million, compared to $5,431 million in the same period in 2023[24] - Services revenue for the three months ended June 30, 2024, increased to $1,809 million from $1,702 million in the same period in 2023[24] - Net sales for Q2 2024 were $7,231 million, up 1% from $7,133 million in Q2 2023[40] - Organic sales growth for Q2 2024 was 3%, with North America growing 8% and EMEA/LA growing 8%, while Asia Pacific declined 19%[40] - Net sales for 2024 reached $20,024 million, with a growth of 1% compared to the previous year[42] - North America net sales grew by 8% to $8,125 million, while Asia Pacific net sales declined by 23% to $1,573 million[42] - Products and systems revenue for 2024 totaled $5,422 million, with a slight decline of 1% in Asia Pacific[44] - Service revenue for 2024 increased by 6% to $1,809 million, driven by strong growth in North America and EMEA/LA[47] - Adjusted base net sales for 2024 were $19,616 million, reflecting organic growth of 1%[42] - Global Products revenue for 2024 was $7,143 million, showing a slight decline of 1%[42] - Acquisitions contributed $135 million to net sales in 2024[42] - Organic growth in service revenue was 9%, reaching $1,809 million in 2024[47] Earnings and Profitability - Q3 GAAP EPS of $1.45; Q3 Adjusted EPS of $1.14[1] - Gross profit for the three months ended June 30, 2024, was $2,488 million, up from $2,431 million in the same period in 2023[24] - Net income attributable to Johnson Controls for the three months ended June 30, 2024, was $975 million, compared to $1,049 million in the same period in 2023[24] - Earnings per share (diluted) for the three months ended June 30, 2024, were $1.45, compared to $1.53 in the same period in 2023[24] - Net income attributable to Johnson Controls for Q2 2024 was $975 million, compared to $1,049 million in Q2 2023, a decrease of 7.1%[28] - Adjusted net income attributable to JCI (non-GAAP) for Q2 2024 was $769 million, a 8.9% increase from $706 million in Q2 2023[52] - Net income attributable to JCI for Q2 2024 was $975 million, a 7.1% decrease from $1,049 million in Q2 2023[55] - Diluted earnings per share (non-GAAP) for Q2 2024 was $1.14, compared to $1.03 in Q2 2023, representing a 10.7% increase[63] Cash Flow and Financial Position - Free cash flow was $922 million, and adjusted free cash flow was $1.3 billion[13] - Cash and cash equivalents as of September 30, 2023, were $835 million[26] - Cash provided by operating activities for Q2 2024 was $1,021 million, up 25.6% from $813 million in Q2 2023[28] - Capital expenditures for Q2 2024 were $99 million, down 10.8% from $111 million in Q2 2023[28] - Free cash flow for the three months ended June 30, 2024, was $922 million, with a free cash flow conversion rate of 95%[51] - Free cash flow for the nine months ended June 30, 2024, was $248 million, with a conversion rate of 23%[51] - Free cash flow (non-GAAP) for Q2 2024 was $922 million, compared to $702 million in Q2 2023, representing a 31.3% increase[52] - Adjusted free cash flow (non-GAAP) for Q2 2024 was $1,263 million, up 70.4% from $741 million in Q2 2023[52] - Total assets as of June 30, 2024, were $43,325 million, up from $42,242 million as of September 30, 2023[26] - Short-term debt increased to $1,523 million as of June 30, 2024, from $385 million as of September 30, 2023[26] - Long-term debt as of June 30, 2024, was $7,867 million, compared to $7,818 million as of September 30, 2023[26] - Shareholders' equity attributable to Johnson Controls decreased to $15,968 million as of June 30, 2024, from $16,545 million as of September 30, 2023[26] - Total debt increased to $10,388 million in June 2024 from $9,764 million in June 2023[69] - Net debt increased to $9,526 million in June 2024 from $8,707 million in June 2023[69] - Net debt to income before income taxes ratio increased to 5.2x in June 2024 from 4.9x in June 2023[69] - Net debt to adjusted EBITDA ratio increased to 2.4x in June 2024 from 2.1x in June 2023[69] - Adjusted EBITDA (non-GAAP) increased to $4,210 million in June 2024 from $4,078 million in June 2023[72] Segment Performance - Building Solutions backlog of $12.9 billion increased 10% organically year-over-year[1] - Building Solutions North America segment EBITA for Q2 2024 was $521 million, up 35.3% from $385 million in Q2 2023[55] - Global Products segment EBITA for Q2 2024 was $655 million, a 10.5% increase from $593 million in Q2 2023[55] - Building Solutions North America segment EBITA for the nine months ended June 30, 2024 was $1,179 million, up 21.9% from $967 million in the same period of 2023[59] - Global Products segment EBITA for the nine months ended June 30, 2024 was $1,453 million, a 0.7% decrease from $1,463 million in the same period of 2023[59] Guidance and Forecast - Q4 guidance: Organic sales expected to increase ~7% year-over-year, adjusted EPS of ~$1.23 to $1.26[16] - Full-year 2024 guidance tightened: Organic sales growth up ~3%, adjusted EPS of ~$3.66 to $3.69[16] Adjusted Financial Measures - Adjusted free cash flow excludes impacts of discontinued accounts receivables factoring programs and JC Capital cash flows[32] - Adjusted financial measures exclude items like restructuring costs, impairment costs, and cyber incident costs[34][36] - Net debt to adjusted EBITDA is used as a measure of the company's financial condition and reliance on external debt financing[38] - Adjusted corporate expense (non-GAAP) for Q2 2024 was $119 million, up 52.6% from $78 million in Q2 2023[60] Other Financial Metrics - The company incurred costs related to a cybersecurity incident in September 2023, net of insurance recoveries[36] - A product quality issue in the Global Products segment resulted in significant remediation costs[37] - Basic weighted average shares outstanding decreased to 670.3 million in Q3 2024 from 683.3 million in Q3 2023[67] - Diluted weighted average shares outstanding decreased to 672.8 million in Q3 2024 from 686.2 million in Q3 2023[67] - Effective tax rate was approximately 13.75% for the three and nine months ending June 30, 2024[73]

Johnson Controls International plc (JCI) is scheduled to release third-quarter fiscal 2024 (ended June 2024) financial numbers on Jul 31, before market open.The company’s earnings surpassed the Zacks Consensus Estimate thrice in the trailing four quarters while missing in one. The average earnings surprise was 0.6%. In the last reported quarter, its earnings of 78 cents per share beat the consensus estimate of 75 cents by 4%.The consensus estimate for fiscal third-quarter revenues is pegged at $7.36 billion ...

Analysts on Wall Street project that Johnson Controls (JCI) will announce quarterly earnings of $1.08 per share in its forthcoming report, representing an increase of 4.9% year over year. Revenues are projected to reach $7.36 billion, increasing 3.2% from the same quarter last year.The consensus EPS estimate for the quarter has undergone a downward revision of 1.4% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial esti ...

Key TakeawaysJohnson Controls International Plc sold its residential and light commercial HVAC business to Bosch for a total consideration of $8.1 billion.Johnson Controls will receive $6.7 billion from the deal, which includes the company's joint venture with Hitachi, in which it holds a 60% stake.CEO George Oliver said the sale is part of Johnson Controls' effort to become a simpler, higher-growth company. Johnson Controls International Plc (JCI) sold its residential and light commercial HVAC business to ...

CORK, Ireland, July 23, 2024 /PRNewswire/ -- Johnson Controls International plc (NYSE: JCI), the global leader for smart, healthy and sustainable buildings, announces the following webcast:  What: Johnson Controls Third Quarter Fiscal 2024 Earnings Conference Call When: Wednesday, July 31, 2024, at 8:30 a.m. ET How: The conference call for investors can be accessed in the following ways: Live via webcast at http://investors.johnsoncontrols.com/news-and-events/events-and-presentations Note: A slide presenta ...

Core Insights - Johnson Controls has agreed to sell its Residential and Light Commercial (R&LC) HVAC business to Bosch for a total transaction value of $8.1 billion, with Johnson Controls receiving approximately $6.7 billion [1][5] - This divestiture is part of Johnson Controls' strategy to transform into a pure-play provider of comprehensive solutions for commercial buildings, simplifying its portfolio and enhancing strategic focus [2][3] Transaction Details - The sale includes the North America Ducted business and a global joint venture with Hitachi, where Johnson Controls holds a 60% stake [1] - The North America Ducted business is valued at approximately $4.6 billion, representing a multiple of 16.7x fiscal 2023 EBITDA, while the joint venture interest is valued at about $2.1 billion, representing a multiple of 7.5x fiscal 2023 EBITDA [5] - Net cash proceeds to Johnson Controls are expected to be around $5.0 billion after tax and transaction-related expenses [5] Business Impact - The R&LC HVAC business generated approximately $4.5 billion in consolidated revenue in fiscal 2023 and will continue to operate under various brands post-transaction [3] - The transaction is anticipated to be accretive to profit margins, adjusted for equity income impact [5] Future Outlook - Johnson Controls expects to report the operating results of the R&LC HVAC business in discontinued operations starting in the fourth fiscal quarter of 2024 [7] - The company anticipates that the transformation will position it for higher growth and enhanced long-term value for shareholders [3][6] Earnings Update - Johnson Controls expects adjusted earnings per share for the third fiscal quarter of 2024 to be slightly ahead of previous guidance [8]

Core Insights - Johnson Controls is enhancing the fan experience at the Paris 2024 Olympics by implementing advanced building automation systems and energy-efficient technologies across eight venues, contributing to the International Olympic Committee's goal of reducing the event's carbon footprint by 50% compared to previous Games [1][2][3] Group 1: Technology and Innovation - The La Chapelle cooling production plant, featuring Johnson Controls' York 3.3 MW industrial chillers, is designed to provide sustainable cooling for the Adidas Arena and surrounding areas, marking it as a key facility in Paris's cooling network [2] - The Metasys building automation system from Johnson Controls integrates critical building equipment such as HVAC and lighting control, allowing for real-time performance monitoring and adjustments to enhance operational efficiency and sustainability [2][3] Group 2: Company Positioning and Strategy - Johnson Controls positions itself as a leader in smart stadium technology, partnering with various prestigious venues globally to drive energy efficiency, carbon reduction, and improved building management [3] - The company offers a comprehensive range of technologies, including its OpenBlue digital platform, to support the development of smart, healthy, and sustainable buildings across multiple sectors, including sports and entertainment [4][5]

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Johnson Controls (JCI) . This company, which is in the Zacks Security and Safety Services industry, shows potential for another earnings beat.This diversified technology and industrial company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an ave ...