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Jun 30, 2024
Johnson Controls Q3 2024 Earnings Report
Johnson Controls reported solid Q3 results and tightened FY24 guidance.
Key Takeaways
Johnson Controls' Q3 results exceeded expectations with robust margin expansion, strong free cash flow generation, and continued Service demand. The company increased its backlog to record levels and tightened its full year adjusted EPS guidance. Divestitures of R&LC HVAC and Air Distribution Technologies businesses marked a pivotal milestone.
Q3 reported sales increased 1% and 3% organically.
Q3 GAAP EPS of $1.45; Q3 Adjusted EPS of $1.14.
Q3 Orders +5% organically year-over-year.
Building Solutions backlog of $12.9 billion increased 10% organically year-over-year.
Revenue by Geographic Location
Forward Guidance
The Company initiated fiscal 2024 fourth quarter guidance and tightened fiscal 2024 full year EPS guidance.
Positive Outlook
- Organic sales up ~7% year-over-year
- Adjusted segment EBITA margin of ~19.0%
- Adjusted EPS before special items of ~$1.23 to $1.26
- Organic sales growth up ~3% year-over-year
- Adjusted segment EBITA margin improvement of ~110 basis points, year-over-year
Challenges Ahead
- Adjusted EPS before special items of ~$3.66 to $3.69
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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