Johnson Controls(US:JCI)2020-01-31 17:25Financial Performance - Sales increased by 2% from $5576 million in Q1 FY20 compared to $5464 million in Q1 FY19[38] - Net income attributable to JCI increased by 26% from $243 million in Q1 FY19 to $306 million in Q1 FY20 on a non-GAAP basis[38] - Diluted EPS increased by 54% from $026 in Q1 FY19 to $040 in Q1 FY20 on a non-GAAP basis[38] - Adjusted free cash flow outflow was $01 billion in Q1 FY20[31] Orders and Backlog - Backlog increased by 6% to $90 billion, providing visibility through FY20[7] - Expect mid-single digit order growth in Q2[6] Segment Performance - Building Solutions North America sales were $2167 million in Q1 FY20[57] - Global Products sales were $1852 million in Q1 FY20[57] Fiscal Year 2020 Guidance - The company expects sales of $243 billion to $247 billion, representing a 2% to 3% reported increase[46] - The company expects organic sales growth in the low to mid-single digits[46] - Adjusted free cash flow conversion is expected to be approximately 95%[31, 46] - EPS is projected to be between $250 and $260, indicating a 28% to 33% increase[46] Special Items - Restructuring and impairment costs totaled $111 million in Q1 FY20[34, 40, 43] - The company recognized a $30 million expense related to Switzerland tax reform[34, 35] - The adoption of a new lease standard (ASC 842) resulted in a balance sheet gross-up of $11 billion in other noncurrent assets, $03 billion in other current liabilities, and $08 billion in other noncurrent liabilities[35] Balance Sheet - Net debt increased to $5122 million in Q1 FY20 from $4414 million in Q4 FY19[33] - Share repurchases amounted to approximately $651 million in Q1 FY20[33]