Johnson Controls International (NYSE:JCI) announced third-quarter results Wednesday.
The company reported adjusted earnings per share of $1.28, beating the street view of $1.20. Quarterly sales of $7.39 billion beat the analyst consensus of $7.17 billion.
- Sales increased 7% over the prior year on an as-reported basis and 10% organically.
- Building Solutions North America sales in the quarter were $3.22 billion, an increase of 16% over the prior year.
- Building Solutions Europe, Middle East, Africa/Latin America sales in the quarter were $1.11 billion, up 7% year over year.
- Building Solutions Asia Pacific sales in the quarter of $664 million declined 5% versus the prior year.
- Global Products sales in the quarter of $2.39 billion were flat versus the prior year.
- Cash provided by operating activities was $1.53 billion. Free cash flow was $1.32 billion, and adjusted free cash flow was $1.09 billion.
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George Oliver, chairman and CEO, noted that the company is entering fiscal 2025 with solid momentum, supported by record backlog levels and a clear path to sustained, profitable growth.
Oliver emphasized that recent portfolio simplifications allow Johnson Controls to concentrate resources on expanding as a premier building solutions provider, driving superior customer outcomes and creating shareholder value globally across the building lifecycle.
Outlook: Johnson Controls initiated the first quarter of fiscal 2025 and fiscal 2025 guidance.
The company expects first-quarter organic sales growth of mid-single digits and adjusted EPS of 57 cents to 60 cents (estimate: $1.20).
Johnson Controls expects fiscal 2025 organic sales growth of mid-single digits and adjusted EPS of $3.40-$3.50 (estimate: $3.67).
Johnson Controls International stock gained over 31% year-to-date.
Price Action: JCI stock is up 0.92% to $75.55 premarket at last check Wednesday.
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