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Johnson Controls reports solid third quarter results and raises full year guidance

By Hemanth on Jul 31, 2021 | 02:31 AM IST


Johnson Controls International plc [JCI] the global leader for smart, healthy and sustainable buildings, today reported fiscal third quarter 2021 GAAP earnings per share (“EPS”) from continuing operations, including special items, of $0.80. Excluding these items, adjusted EPS from continuing operations was $0.83, up 24% versus the prior year period (see attached footnotes for non-GAAP reconciliation).

Sales of $6.3 billion increased 19% compared to the prior year on an as reported basis, and up 15% organically. GAAP net income from continuing operations was $574 million. Adjusted net income from continuing operations of $598 million increased 19% versus the prior year. Earnings before interest and taxes (“EBIT”) was $825 million and EBIT margin was 13.0%. Adjusted EBIT was $848 million and adjusted EBIT margin was 13.4%, an increase of 20 basis points versus prior year results.

“We delivered another strong quarter of growth, profitability and cash flow in the third quarter,” said George Oliver, chairman and CEO. “We remain committed to executing both on our core operating fundamentals and on the strategic actions underway to accelerate growth, deliver on sustainability, expand our digital and service offerings, and strengthen future profitability. Additionally, we welcomed the Silent-Aire family into Johnson Controls, increasing our focus on the very attractive data center vertical,” Oliver said.

“Overall demand patterns continue to improve, including our longer cycle project installations, and most of our businesses are back to operating at or near pre-pandemic levels. We continue to proactively manage short-term challenges related to global supply chain disruptions, inflation and regional COVID resurgences and our team has remained laser focused on meeting our customer needs. Looking ahead, we are confident that the strength in orders, resilient backlog, and actions we’ve taken over the last year position us well to deliver on our commitments,” Oliver added.


Johnson Controls reports solid third quarter results and raises full year guidance:

▪GAAP EPS of $0.80; Adjusted EPS of $0.83, up 24% versus prior year

▪Reported sales +19% versus prior year; +15% organic

▪Organic order growth accelerated to +18% year-over-year, with strong underlying momentum; Backlog of $10.0 billion increased 7% organically year-over-year

▪Cash provided by operating activities was $0.9 billion; Free cash flow of $0.7 billion

▪Completed acquisition of Silent-Aire, establishing a leading position in the high growth hyperscale data center vertical

▪Provides fiscal 2021 fourth quarter adjusted earnings per share guidance range of $0.86 to $0.88

▪Raises fiscal 2021 adjusted EPS guidance to $2.64 to $2.66, an increase of 18% to 19% year-over-year

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