Johnson Controls International plc (JCI - Free Report) reported adjusted fourth-quarter fiscal 2021 earnings per share of 88 cents, up 16% year over year. The bottom line marginally topped the Zacks Consensus Estimate of 87 cents. This outperformance stemmed from higher-than-expected contributions from Building Solutions Asia Pacific and Global Products segments.
Johnson Controls reported fiscal fourth-quarter adjusted revenues of $6,395 million, up 7% year over year. The revenue figure, however, fell short of the Zacks Consensus Estimate of $6,419 million.
Johnson Controls — which shares space with Allegion PLC (ALLE - Free Report) , Lakeland Industries Inc. (LAKE - Free Report) and Alarm.com Holdings, Inc. (ALRM - Free Report) — currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Segmental Results
Building Solutions North America: This segment’s adjusted revenues came in at $2,347 million, up from the year-ago quarter’s $2,243 million on growth in HVAC & Controls, and Fire & Security and Performance Infrastructure. The segment’s EBITA increased to $357 million from the $345 million reported in fourth-quarter fiscal 2020 but lagged the consensus mark of $371 million.
Building Solutions Europe, Middle East, Africa/Latin America: Revenues in this segment came in at $962 million, up 6% year over year on a rebound in project installations. The segment’s EBITA came in at $107 million, up 4% year over year. The metric, however, missed the consensus mark of $112 million.
Building Solutions Asia Pacific: Revenues grew to $724 million from the year-ago quarter’s $661 million on higher project installations and services, driven by strong growth in Applied HVAC & Controls. The segment’s EBITA came in at $112 million, up from the fourth-quarter fiscal 2020 level of $97 million driven by favorable reserve adjustment. The reported EBITDA also surpassed the consensus mark of $109 million.
Global Products: Revenues in this segment climbed to $2,362 million from the prior year’s $2,144 million, mainly on higher sales in commercial and residential HVAC, and Fire & Security. This segment’s EBITA came in at $442 million, up 16% year over year aided by operational efficiency, favorable product mix and higher sales. The metric also beat the Zacks Consensus Estimate of $437 million.
Financial Position
Johnson Controls had cash and cash equivalents of $1,336 million as of Sep 30, 2021, down from $1,951 million on Sep 30, 2020. Long-term debt decreased to $7,506 million as of Sep 30, 2021 from $7,526 million as of Sep 30, 2020. Free cash flow for fourth-quarter fiscal 2021 came in at $301 million. During the reported quarter, Johnson Controls bought back 4.2 million shares for $306 million.
Guidance
For first-quarter fiscal 2022, Johnson Controls expects adjusted EPS in the range of 52-54 cents per share. For fiscal 2022, adjusted EPS is expected in the band of $3.22-$3.32, implying a 22-25% increase on a year-over-year basis. Organic revenues are expected to scale up in mid-to-high single digits year over year.
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Johnson Controls International plc (JCI - Free Report) reported adjusted fourth-quarter fiscal 2021 earnings per share of 88 cents, up 16% year over year. The bottom line marginally topped the Zacks Consensus Estimate of 87 cents. This outperformance stemmed from higher-than-expected contributions from Building Solutions Asia Pacific and Global Products segments.
Johnson Controls reported fiscal fourth-quarter adjusted revenues of $6,395 million, up 7% year over year. The revenue figure, however, fell short of the Zacks Consensus Estimate of $6,419 million.
Johnson Controls — which shares space with Allegion PLC (ALLE - Free Report) , Lakeland Industries Inc. (LAKE - Free Report) and Alarm.com Holdings, Inc. (ALRM - Free Report) — currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Segmental Results
Building Solutions North America: This segment’s adjusted revenues came in at $2,347 million, up from the year-ago quarter’s $2,243 million on growth in HVAC & Controls, and Fire & Security and Performance Infrastructure. The segment’s EBITA increased to $357 million from the $345 million reported in fourth-quarter fiscal 2020 but lagged the consensus mark of $371 million.
Building Solutions Europe, Middle East, Africa/Latin America: Revenues in this segment came in at $962 million, up 6% year over year on a rebound in project installations. The segment’s EBITA came in at $107 million, up 4% year over year. The metric, however, missed the consensus mark of $112 million.
Building Solutions Asia Pacific: Revenues grew to $724 million from the year-ago quarter’s $661 million on higher project installations and services, driven by strong growth in Applied HVAC & Controls. The segment’s EBITA came in at $112 million, up from the fourth-quarter fiscal 2020 level of $97 million driven by favorable reserve adjustment. The reported EBITDA also surpassed the consensus mark of $109 million.
Global Products: Revenues in this segment climbed to $2,362 million from the prior year’s $2,144 million, mainly on higher sales in commercial and residential HVAC, and Fire & Security. This segment’s EBITA came in at $442 million, up 16% year over year aided by operational efficiency, favorable product mix and higher sales. The metric also beat the Zacks Consensus Estimate of $437 million.
Financial Position
Johnson Controls had cash and cash equivalents of $1,336 million as of Sep 30, 2021, down from $1,951 million on Sep 30, 2020. Long-term debt decreased to $7,506 million as of Sep 30, 2021 from $7,526 million as of Sep 30, 2020. Free cash flow for fourth-quarter fiscal 2021 came in at $301 million. During the reported quarter, Johnson Controls bought back 4.2 million shares for $306 million.
Guidance
For first-quarter fiscal 2022, Johnson Controls expects adjusted EPS in the range of 52-54 cents per share. For fiscal 2022, adjusted EPS is expected in the band of $3.22-$3.32, implying a 22-25% increase on a year-over-year basis. Organic revenues are expected to scale up in mid-to-high single digits year over year.
Highest Returns for Any Asset Class
It’s not even close. Despite ups and downs, Bitcoin has been more profitable for investors than any other decentralized, borderless form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%. Zacks predicts another significant surge in months to come.
Hurry, Download Special Report – It’s FREE >>
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