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Dec 31, 2020
Johnson Controls Q1 2021 Earnings Report
Reported a strong start to fiscal year 2021 with increased profitability and free cash flow.
Key Takeaways
Johnson Controls reported a decrease in sales by 4% to $5.3 billion, but net income from continuing operations increased to $327 million. Adjusted EPS was $0.43, up 8% versus the prior year. The company provides fiscal 2021 second quarter adjusted earnings per share guidance range of $0.47 to $0.49 and full year adjusted earnings per share guidance range of $2.45 to $2.55.
GAAP EPS of $0.45; Adjusted EPS of $0.43, up 8% versus prior year
Continued sequential quarterly improvement in sales, orders and profitability
Backlog of $9.5B increases 3% organically year-over-year
Cash provided by operating activities was $0.5 billion; Free cash flow of $0.4 billion
Forward Guidance
The Company initiated fiscal 2021 second quarter guidance: Organic revenue growth up slightly, Adjusted EBITA margin expansion of 80 to 100 basis points, year-over-year and Adjusted EPS before special items of $0.47 to $0.49; represents 12 to 17% growth year-over-year. The Company initiated fiscal 2021 full year guidance: Organic revenue growth up low-to-mid single digits, Adjusted EBITA margin expansion of 40 to 60 basis points, year-over-year and Adjusted EPS before special items of $2.45 to $2.55; represents 9 to 14% growth year-over-year.
Positive Outlook
- Organic revenue growth up slightly (Q2)
- Adjusted EBITA margin expansion of 80 to 100 basis points, year-over-year (Q2)
- Adjusted EPS before special items of $0.47 to $0.49 (Q2)
- Organic revenue growth up low-to-mid single digits (FY21)
- Adjusted EBITA margin expansion of 40 to 60 basis points, year-over-year (FY21)
Challenges Ahead
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