CORK, Ireland, 31 July 2024: Johnson Controls International (JCI) has reported fiscal third quarter 2024 GAAP earnings per share (EPS) of USD 1.45, excluding special items, adjusted EPS was USD 1.14. Making the announcement through a Press Release, JCI said sales in the quarter of USD 7.2 billion increased one per cent over the prior year and three per cent organically. GAAP net income was USD 975 million, and adjusted net income was USD 769 million, JCI said.

George Oliver, Chairman and CEO, JCI, said: “Our third quarter results exceeded expectations with robust margin expansion, strong free cash flow generation, and continued Service demand.

“We have increased our backlog to record levels, building on our strong momentum driving profitable growth. We have also tightened our full year adjusted EPS guidance to reflect our progress and confidence in Johnson Controls’ prospects for continued growth and value creation. The announced divestitures of our R&LC HVAC and Air Distribution Technologies businesses, representing roughly 20% of sales, marked a pivotal milestone in our transformation into a pure-play provider of comprehensive solutions for commercial buildings and is a significant step to unlock value for our shareholders.”

FISCAL Q3 SEGMENT RESULTS

According to JCI, the financial highlights – presented in the tables, below – are in accordance with GAAP. Unless indicated otherwise, all comparisons are to the fiscal third quarter of 2023, the company said.

Adjusted Corporate expense in Q3 2024 and Q3 2023 exclude certain transaction/separation costs.

OTHER Q3 ITEMS

According to Johnson Controls:

• Cash provided by operating activities was USD 1.0 billion. Free cash flow was USD 922 million and adjusted free cash flow was USD 1.3 billion.
• The Company paid dividends of approximately USD 249 million.
• The Company repurchased six million shares of common stock for approximately USD 402 million.
• The Company recorded pre-tax restructuring and impairment costs of USD 106 million, comprising impairments primarily associated with assets classified as held for sale (USD 66 million) and severance and other charges related to ongoing restructuring actions (USD 40 million).
• The Company recorded a pre-tax gain of USD 351 million related to insurance recoveries associated with the water provider Aqueous Film Forming Foam (“AFFF”) settlement disclosed in Q2 2024.