FOR IMMEDIATE RELEASE
JOHNSON CONTROLS REPORTS FISCAL Q3 RESULTS DEMONSTRATING STRONG EXECUTION IN AN UNPRECEDENTED TIME; PROVIDES Q4 GUIDANCE
▪Adjusted EPS of $0.67, up 3% versus prior year; GAAP EPS was a loss of $0.24
▪Significant cost mitigation actions both temporary and permanent executed; tracking ahead of expectations
▪Adjusted EBIT margin expansion of 70bps year-over-year; GAAP EBIT margin of (1.2%)
▪Adjusted free cash flow of $0.8 billion; GAAP free cash flow of $0.7 billion
▪Share repurchase program resumed
▪Announced the launch of OpenBlue, our new digital platform
▪Company provides Q4 adjusted earnings per share guidance range of $0.68 to $0.72; full year guidance of $2.16 to $2.20, representing a year-over-year increase of 10-12%
CORK, Ireland, July 31, 2020 -- Johnson Controls International plc (NYSE: JCI) today reported a fiscal third quarter 2020 GAAP loss per share from continuing operations, including special items, of $0.24. Excluding these items, adjusted earnings per share (“EPS”) from continuing operations was $0.67, up 3% versus the prior year period (see attached footnotes for non-GAAP reconciliation).
Sales of $5.3 billion decreased 17% compared to the prior year and declined 16% organically, driven by the COVID-19 pandemic.
GAAP earnings before interest and taxes (“EBIT”) was a loss of $65 million and EBIT margin was (1.2%) driven primarily by a restructuring and impairment charge. Adjusted EBIT was $707 million and adjusted EBIT margin was 13.2%, up 70 basis points compared to prior year results.
“As we continue to navigate through an unprecedented environment we have maintained focus on our two top priorities – protecting the health and safety of our employees and their families, as well as supporting the continuous functionality of our customers’ and partners’ critical infrastructure and essential facilities,” said George Oliver, chairman and CEO. “We have made significant progress in securing our facilities, implementing new policies, and ensuring the wellbeing of our employees, our customers, and their building occupants.”
“At the same time, the decisive actions we took to control costs from the very beginning of the COVID-19 pandemic, have resulted in significant benefits in the quarter,” Oliver continued.
“Although market conditions remain uncertain and visibility still somewhat limited, we are well positioned with improved operating fundamentals, a strong balance sheet and cash flow, and a leading position in intelligent and sustainable building solutions. It is because of our market leading position that we are excited to announce OpenBlue, our new digital platform. OpenBlue will allow our customers to manage
The following information was filed by Johnson Controls International Plc (JCI) on Friday, July 31, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.