Johnson Controls Reports Q4 and FY24 Results; Initiates FY25 Guidance

Core Viewpoint - Johnson Controls International plc reported strong fiscal fourth quarter 2024 results, highlighting significant sales growth and improved earnings per share, indicating a positive momentum entering fiscal 2025 [2][4]. Financial Performance - Q4 sales increased by 7% to $7.4 billion, with organic sales growth of 10% [2][4]. - Full year sales rose by 2% to $27.4 billion, with organic sales growth of 4% [2][4]. - Q4 GAAP EPS was $0.95, while adjusted EPS was $1.28 [2][4]. - Full year GAAP EPS reached $2.52, and adjusted EPS was $3.71 [2][4]. Orders and Backlog - Q4 orders increased by 8% organically year-over-year [2]. - Building Solutions backlog reached $13.1 billion, reflecting a 7% organic increase year-over-year [2][4]. Segment Results - Building Solutions North America reported Q4 sales of $3.2 billion, a 16% increase year-over-year, with organic sales also up by 16% [5]. - Building Solutions EMEA/LA saw Q4 sales of $1.1 billion, a 7% increase year-over-year, with organic sales growing by 10% [10][11]. - Building Solutions Asia Pacific experienced a 5% decline in Q4 sales to $664 million, with organic sales also down by 5% [12][13]. - Global Products segment reported Q4 sales of $2.4 billion, flat compared to the prior year, but organic sales grew by 8% [14][15]. Cash Flow and Corporate Actions - Total cash provided by operating activities was $1,526 million, with free cash flow at $1,318 million [16]. - The company repurchased 5.4 million shares for approximately $370 million and paid dividends of $247 million [16]. - Johnson Controls signed an agreement to sell its Residential and Light Commercial HVAC business for approximately $8.1 billion, expected to close in Q4 fiscal 2025 [16][32]. Guidance for Fiscal 2025 - The company anticipates mid-single digit organic sales growth for Q1 and full year 2025 [18]. - Adjusted segment EBITA margin is expected to be around 14.5% for Q1, with an improvement of more than 50 basis points year-over-year for the full year [18]. - Adjusted EPS for Q1 is projected to be between $0.57 and $0.60, and for the full year, it is expected to be between $3.40 and $3.50 [18].