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Dec 31, 2023
Johnson Controls Q1 2024 Earnings Report
Johnson Controls reported flat sales and solid Q1 results, while updating FY24 guidance.
Key Takeaways
Johnson Controls reported flat sales compared to the prior year and a slight organic sales decline. The company is pursuing strategic alternatives for its non-commercial businesses and updated its full-year adjusted EPS guidance.
Q1 reported sales were flat versus prior year and declined 1% organically
Q1 GAAP EPS of $0.55; Q1 Adjusted EPS of $0.51
Q1 Orders +1% organically year-over-year
Building Solutions backlog of $12.1 billion, increased 7% organically year-over-year
Forward Guidance
The Company updated fiscal 2024 full year EPS guidance:
Positive Outlook
- Organic revenue growth up ~MSD year-over-year
- Adjusted segment EBITA margin improvement of ~50 to 75 basis points, year-over-year (previously guided to ~25+ basis points improvement)
Challenges Ahead
- Adjusted EPS before special items of ~$3.60 to $3.75 from prior range of ~$3.65 to $3.80
Historical Earnings Impact
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Avg. Return Before/After Earnings
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