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Jun 30, 2023
Johnson Controls Q3 2023 Earnings Report
Johnson Controls delivered strong third quarter results with revenue and EPS growth, and updated FY23 guidance.
Key Takeaways
Johnson Controls reported a strong third quarter with an 8% increase in sales to $7.1 billion and a 21% increase in adjusted EPS to $1.03. The company also updated its full year guidance.
Q3 reported sales increased by 8% versus the prior year, with a 9% organic growth.
GAAP EPS for Q3 was $1.53, while adjusted EPS reached $1.03, a 21% increase compared to the prior year.
Organic orders grew by 8% year-over-year in Q3.
The company's backlog reached a record $12.0 billion, reflecting an 8% organic increase year-over-year.
Johnson Controls
Johnson Controls
Forward Guidance
The Company initiated fiscal 2023 fourth quarter guidance and updated its fiscal 2023 full year EPS guidance.
Positive Outlook
- Organic revenue growth of ~+4% year-over-year
- Adjusted segment EBITA margin improvement of ~+60 basis points year-over-year
- Adjusted EPS before special items of ~$1.10; representing ~11% growth year-over-year
- Organic revenue growth ~+HSD year-over year
- Adjusted segment EBITA margin improvement of ~+110 basis points, year-over-year