PR Newswire
CORK, Ireland, May 1, 2024
CORK, Ireland, May 1, 2024 /PRNewswire/ -- Johnson Controls International plc (NYSE: JCI), a global leader for smart, healthy and sustainable buildings, today reported fiscal second quarter 2024 GAAP earnings per share ("EPS") of $(0.41). Excluding special items, adjusted EPS was $0.78 (see attached footnotes for non-GAAP reconciliation).
Sales in the quarter of $6.7 billion were flat compared to the prior year on an as reported basis and increased 1% organically. GAAP net loss was $(277) million. Adjusted net income was $533 million.
"We are proud of the work underway at Johnson Controls as we delivered another successful quarter, underscored by accelerating sales growth and margin expansion," said George Oliver, Chairman and CEO. "We made great progress this quarter in further strengthening our balance sheet. Our record backlog provides visibility into the remainder of the fiscal year and we remain confident in our ability to deliver on our financial and operational commitments as we continue our transformation into a comprehensive solutions provider for commercial buildings."
Income and EPS amounts attributable to Johnson Controls ordinary shareholders
($ millions, except per-share amounts)
The financial highlights presented in the tables below are in accordance with GAAP, unless otherwise indicated. All comparisons are to the fiscal second quarter of 2023.
Organic sales growth, adjusted segment EBITA, adjusted segment EBITA margin, adjusted corporate expense, adjusted net income, adjusted EPS, and adjusted free cash flow are non-GAAP financial measures. For a reconciliation of non-GAAP measures and detail of the special items, refer to the attached footnotes.
This press release includes forward-looking statements regarding organic revenue growth, adjusted segment EBITA margin improvement and adjusted EPS, which are non-GAAP financial measures. These non-GAAP financial measures are derived by excluding certain amounts from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts excluded is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period and the high variability of certain amounts, such as mark-to-market adjustments. Organic revenue growth excludes the effect of acquisitions, divestitures and foreign currency. We are unable to present a quantitative reconciliation of the aforementioned forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort or expense. The unavailable information could have a significant impact on the Company's fiscal 2024 third quarter and full year GAAP financial results.
A slide presentation to accompany the results can be found in the Investor Relations section of Johnson Controls' website at http://investors.johnsoncontrols.com.
FISCAL Q2 SEGMENT RESULTS
Building Solutions North America
| | Fiscal Q2 | ||||
| | 2024 | | 2023 | | Change |
Sales | | $ 2,739 | | $ 2,520 | | 9 % |
Segment EBITA | | | | | | |
GAAP | | 373 | | 315 | | 18 % |
Adjusted | | 373 | | 315 | | 18 % |
Segment EBITA Margin % | | | | | | |
GAAP | | 13.6 % | | 12.5 % | | 110 bp |
Adjusted | | 13.6 % | | 12.5 % | | 110 bp |
Sales in the quarter of $2.7 billion increased 9% over the prior year. Organic sales increased 8% over the prior year led by high-teens growth in Applied HVAC & Controls.
Orders in the quarter, excluding M&A and adjusted for foreign currency, increased 19% year-over-year. Backlog at the end of the quarter of $8.9 billion increased 15% compared to the prior year, excluding M&A and adjusted for foreign currency.
Segment EBITA margin of 13.6% expanded 110 basis points versus the prior year led by higher margin backlog conversion and continued growth in Services.
Building Solutions EMEA/LA (Europe, Middle East, Africa/Latin America)
| | Fiscal Q2 | ||||
| | 2024 | | 2023 | | Change |
Sales | | $ 1,064 | | $ 1,031 | | 3 % |
Segment EBITA | | | | | | |
GAAP | | 89 | | 69 | | 29 % |
Adjusted | | 89 | | 69 | | 29 % |
Segment EBITA Margin % | | | | | | |
GAAP | | 8.4 % | | 6.7 % | | 170 bp |
Adjusted | | 8.4 % | | 6.7 % | | 170 bp |
Sales in the quarter of $1.1 billion increased 3% over the prior year. Organic sales grew 4% versus the prior year led by strong low-teen growth in Service.
Orders in the quarter, excluding M&A and adjusted for foreign currency, increased 8% year-over-year. Backlog at the end of the quarter of $2.4 billion increased 10% year-over-year, excluding M&A and adjusted for foreign currency.
Segment EBITA margin of 8.4% expanded 170 basis points versus the prior year led by productivity benefits and positive Service mix.
Building Solutions Asia Pacific
| | Fiscal Q2 | ||||
| | 2024 | | 2023 | | Change |
Sales | | $ 491 | | $ 667 | | (26 %) |
Segment EBITA | | | | | | |
GAAP | | 54 | | 79 | | (32 %) |
Adjusted | | 54 | | 79 | | (32 %) |
Segment EBITA Margin % | | | | | | |
GAAP | | 11.0 % | | 11.8 % | | (80 bp) |
Adjusted | | 11.0 % | | 11.8 % | | (80 bp) |
Sales in the quarter of $491 million declined 26% versus the prior year. Organic sales declined 23% versus the prior year as high single-digit Service growth was more than offset by continued weakness in China.
Orders in the quarter, excluding M&A and adjusted for foreign currency, declined 9% year-over-year. Backlog at the end of the quarter of $1.3 billion decreased 18% year-over-year, excluding M&A and adjusted for foreign currency.
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