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Mar 31, 2020
Johnson Controls Q2 2020 Earnings Report
Johnson Controls reported fiscal Q2 2020 results, taking immediate actions to address COVID-19 impacts.
Key Takeaways
Johnson Controls reported a decrease in sales by 6% compared to the prior year, with a significant impact from COVID-19. Adjusted EPS from continuing operations increased by 31% versus the prior year. The company withdrew its fiscal year 2020 guidance due to the uncertain environment.
Strong liquidity position enhanced with incremental $1.3 billion in term debt.
Existing share repurchase program suspended until further notice.
Quarterly dividend maintained.
Previous fiscal year 2020 full-year guidance withdrawn; second half framework provided.
Forward Guidance
Due to the challenging and uncertain macro environment attributable to the impact of COVID-19, the Company is withdrawing its previously communicated fiscal year 2020 guidance and has provided the below framework related to the second half of the fiscal year.
Positive Outlook
- Mitigating Cost Actions $400 - 450M
Challenges Ahead
- Organic Revenue Decline (15 - 20%)
- Net Decrementals on Revenue Low 20s
Historical Earnings Impact
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Avg. Return Before/After Earnings
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