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Johnson Controls (JCI) Tops Q4 Earnings & Revenue Estimates
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Johnson Controls International plc (JCI - Free Report) reported adjusted earnings per share of 76 cents for fourth-quarter fiscal 2020, which outpaced the Zacks Consensus Estimate of 73 cents. The bottom line, however, was lower than the prior-year quarter’s 78 cents per share. This outperformance was mainly aided by higher-than-expected EBITA from the company’s Building Solutions North America segment.
Johnson Controls reported revenues of $5,954 million, down 5.4% year over year, for the fiscal fourth quarter. The revenue figure, however, beat the Zacks Consensus Estimate of $5,694 million. Gross profit decreased to $1,975 million from the year-earlier quarter’s $1,980 million.
Selling, general and administrative expenses for the fiscal fourth quarter totaled $1,453 million, lower than the prior-year quarter’s $1,960 million.
Johnson Controls International plc Price, Consensus and EPS Surprise
Building Solutions North America: This segment’s adjusted revenues came in at $2,243 million, down from the year-ago quarter’s $ 2,401 million on decline in HVAC & Controls and Fire & Security. The segment’s EBITA decreased to $341 million from $346 million reported in fourth-quarter fiscal 2019. However, the metric surpassed the Zacks Consensus Estimate of $329 million.
Building Solutions Europe, Middle East, Africa/Latin America: Revenues in this segment came in at $906 million, down 4.3% year over year due to fall in project installations, and volume declines across all regions and platforms. The segment’s EBITA was $101 million, down from the fourth-quarter fiscal 2019 level of $110 million. Significant volume declines during the quarter resulted in this downtrend.
Building Solutions Asia Pacific: Revenues decreased to $661 million from the year-ago quarter’s $726 million on declines in project installations and services. This segment’s EBITA came in at $90 million, down from the fourth-quarter fiscal 2019 level of $101 million on lower volume.
Global Products: Revenues in this segment declined to $2,144 million from the prior year’s $2,199 million, mainly due to lower sales within Building Management Systems, HVAC & Refrigeration Equipment, and Specialty Products. This segment’s EBITA was $377 million, down from the fourth-quarter fiscal 2019 level of $405 million due to dismal volume.
Financial Position
Johnson Controls had cash and cash equivalents of $1,951 million as of Sep 30, 2020, down from $2,805 million on Sep 30, 2019. Long-term debt increased to $7,526 million for the reported quarter from $6,708 million as of Sep 30, 2019.
Q1 Guidance
The company projects organic revenues to be down 5-7% year over year in first-quarter fiscal 2021. It also expects adjusted EPS in the range of 39-41 cents for first-quarter 2021.
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Johnson Controls (JCI) Tops Q4 Earnings & Revenue Estimates
Johnson Controls International plc (JCI - Free Report) reported adjusted earnings per share of 76 cents for fourth-quarter fiscal 2020, which outpaced the Zacks Consensus Estimate of 73 cents. The bottom line, however, was lower than the prior-year quarter’s 78 cents per share. This outperformance was mainly aided by higher-than-expected EBITA from the company’s Building Solutions North America segment.
Johnson Controls reported revenues of $5,954 million, down 5.4% year over year, for the fiscal fourth quarter. The revenue figure, however, beat the Zacks Consensus Estimate of $5,694 million. Gross profit decreased to $1,975 million from the year-earlier quarter’s $1,980 million.
Selling, general and administrative expenses for the fiscal fourth quarter totaled $1,453 million, lower than the prior-year quarter’s $1,960 million.
Johnson Controls International plc Price, Consensus and EPS Surprise
Johnson Controls International plc price-consensus-eps-surprise-chart | Johnson Controls International plc Quote
Segmental Results
Building Solutions North America: This segment’s adjusted revenues came in at $2,243 million, down from the year-ago quarter’s $ 2,401 million on decline in HVAC & Controls and Fire & Security. The segment’s EBITA decreased to $341 million from $346 million reported in fourth-quarter fiscal 2019. However, the metric surpassed the Zacks Consensus Estimate of $329 million.
Building Solutions Europe, Middle East, Africa/Latin America: Revenues in this segment came in at $906 million, down 4.3% year over year due to fall in project installations, and volume declines across all regions and platforms. The segment’s EBITA was $101 million, down from the fourth-quarter fiscal 2019 level of $110 million. Significant volume declines during the quarter resulted in this downtrend.
Building Solutions Asia Pacific: Revenues decreased to $661 million from the year-ago quarter’s $726 million on declines in project installations and services. This segment’s EBITA came in at $90 million, down from the fourth-quarter fiscal 2019 level of $101 million on lower volume.
Global Products: Revenues in this segment declined to $2,144 million from the prior year’s $2,199 million, mainly due to lower sales within Building Management Systems, HVAC & Refrigeration Equipment, and Specialty Products. This segment’s EBITA was $377 million, down from the fourth-quarter fiscal 2019 level of $405 million due to dismal volume.
Financial Position
Johnson Controls had cash and cash equivalents of $1,951 million as of Sep 30, 2020, down from $2,805 million on Sep 30, 2019. Long-term debt increased to $7,526 million for the reported quarter from $6,708 million as of Sep 30, 2019.
Q1 Guidance
The company projects organic revenues to be down 5-7% year over year in first-quarter fiscal 2021. It also expects adjusted EPS in the range of 39-41 cents for first-quarter 2021.
Johnson Controls — which shares space with Allegion PLC (ALLE - Free Report) , Lakeland Industries Inc. (LAKE - Free Report) and Assa Abloy AB (ASAZY - Free Report) — currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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