Johnson Controls Reports Q4 and FY24 Results; Initiates FY25 Guidance

Press Releases

Nov 06, 2024

  • Q4 sales increased 7% and organic sales increased 10%*
  • Full year sales increased 2% and organic sales increased 4%*
  • Q4 GAAP EPS of $0.95; Q4 Adjusted EPS* of $1.28
  • Full year GAAP EPS of $2.52; full year Adjusted EPS of $3.71
  • Q4 Orders +8% organically year-over-year
  • Building Solutions backlog of $13.1 billion increased 7% organically year-over-year

*

This news release contains non-GAAP financial measures. Definitions and reconciliations of the non-GAAP financial measures can be found in the attached footnotes. Non-GAAP measures should be considered in addition to, and not as replacements for, the most comparable GAAP measures. Unless otherwise indicated, historical results represent the consolidated results of the Company, inclusive of the Residential & Light Commercial business, which was classified as discontinued operations during the fiscal fourth quarter of 2024. See footnote one for additional details. 

CORK, Ireland, Nov. 6, 2024 /PRNewswire/ — Johnson Controls International plc (NYSE: JCI), a global leader for smart, healthy and sustainable buildings, today reported fiscal fourth quarter 2024 GAAP earnings per share (“EPS”) of $0.95. Excluding special items, adjusted EPS was $1.28.

Q4 sales increased 7% to $7.4 billion and organic sales increased 10%. Full year sales from increased 2% to $27.4 billion and organic sales increased 4%.

For the quarter, GAAP net income was $633 million and adjusted net income was $858 million.

“We are very pleased with our strong end to the fiscal year and our fourth quarter results, which delivered double-digit organic sales growth and robust margin expansion,” said George Oliver, Chairman and CEO. “Johnson Controls is entering fiscal 2025 with momentum.  Backlog is at record levels and we are well positioned to deliver continued profitable top line growth.  Importantly, the actions taken during the year to simplify our portfolio are allowing us to focus our resources on expanding Johnson Controls as a leading pure-play building solutions provider.  We are driving greater outcomes for our customers globally across the building lifecycle while unlocking shareholder value.”

FISCAL Q4 SEGMENT RESULTS

The financial highlights presented in the tables below include both continuing and discontinued operations and are in accordance with GAAP, unless otherwise indicated. All comparisons are to the fiscal fourth quarter of 2023.

A slide presentation to accompany the results can be found in the Investor Relations section of Johnson Controls’ website at http://investors.johnsoncontrols.com.

Building Solutions North America

Fiscal Q4

(in millions)

2024

2023

Change

Sales

$     3,223

$     2,778

16 %

Segment EBITA

GAAP

484

427

13 %

Adjusted (non-GAAP)

484

427

13 %

Segment EBITA Margin %

GAAP

15.0 %

15.4 %

        (40 bp)

Adjusted (non-GAAP)

15.0 %

15.4 %

        (40 bp)

Sales in the quarter of $3.2 billion increased 16% over the prior year. Organic sales also increased 16% led by growth greater than 20% in Applied HVAC & Controls.

Orders in the quarter, excluding M&A and adjusted for foreign currency, increased 7% year-over-year. Backlog at the end of the quarter of $9.1 billion increased 10% compared to the prior year, excluding M&A and adjusted for foreign currency.

Segment EBITA margin of 15.0% declined 40 basis points versus the prior year primarily due to unfavorable mix, as Systems grew faster than Service. 

Building Solutions EMEA/LA (Europe, Middle East, Africa/Latin America)

Fiscal Q4

(in millions)

2024

2023

Change

Sales

$     1,113

$     1,045

7 %

Segment EBITA

GAAP

111

82

35 %

Adjusted (non-GAAP)

128

82

56 %

Segment EBITA Margin %

GAAP

10.0 %

7.8 %

        220 bp

Adjusted (non-GAAP)

11.5 %

7.8 %

        370 bp

Sales in the quarter of $1.1 billion increased 7% over the prior year. Organic sales grew 10% versus the prior year led by double-digit growth in Controls, Security, and Industrial Refrigeration.

Orders in the quarter, excluding M&A and adjusted for foreign currency, increased 14% year-over-year. Backlog at the end of the quarter of $2.5 billion increased 10% year-over-year, excluding M&A and adjusted for foreign currency.

Segment EBITA margin of 10.0% expanded 220 basis points versus the prior year driven by improved productivity and by the positive mix from the growth in Service.  Adjusted segment EBITA in Q4 2024 excludes a non-recurring loss associated with the equity method accounting for a joint venture.

Building Solutions Asia Pacific

Fiscal Q4

(in millions)

2024

2023

Change

Sales

$        664

$        697

(5 %)

Segment EBITA

GAAP

94

94

— %

Adjusted (non-GAAP)

94

94

— %

Segment EBITA Margin %

GAAP

14.2 %

13.5 %

          70 bp

Adjusted (non-GAAP)

14.2 %

13.5 %

          70 bp

Sales in the quarter of $664 million declined 5% versus the prior year. Organic sales also declined 5% versus the prior year as mid single-digit Service growth was more than offset by continued weakness in the Systems business in China.  

Orders in the quarter, excluding M&A and adjusted for foreign currency, increased 6% year-over-year. Backlog at the end of the quarter of $1.5 billion decreased 10% year-over-year, excluding M&A and adjusted for foreign currency.

Segment EBITA margin of 14.2% improved 70 basis points versus the prior year as positive mix from our Service business offset a decline in our Systems business.

Global Products

Fiscal Q4*

(in millions)

2024

2023

Change

Sales

$     2,394

$     2,386

— %

Segment EBITA

GAAP

670

502

33 %

Adjusted (non-GAAP)

670

502

33 %

Segment EBITA Margin %

GAAP

28.0 %

21.0 %

        700 bp

Adjusted (non-GAAP)

28.0 %

21.0 %

        700 bp

*Includes results for both continuing operations and discontinued operations related to the sale of the Residential and Light Commercial HVAC business.  See footnote one for additional details.

Sales in the quarter of $2.4 billion were flat versus the prior year. Organic sales grew 8% versus the prior year as growth in Commercial and Residential HVAC were offset by declines in both Fire & Security and Industrial Refrigeration.

Segment EBITA margin of 28.0% expanded 700 basis points versus the prior year driven primarily by operational efficiencies leading to productivity improvements.

Corporate

Fiscal Q4

(in millions)

2024

2023

Change

Corporate Expense

GAAP

$           158

$            70

126 %

Adjusted (non-GAAP)

114

49

133 %

Adjusted Corporate expense excludes certain transaction/separation costs.

OTHER Q4 ITEMS

  • Total cash provided by operating activities of $1,526 million included cash from continuing operations of $1,352 million and cash from discontinued operations of $174 million. Free cash flow was $1,318 million and adjusted free cash flow was $1,087 million.
  • The Company paid dividends of $247 million.
  • The Company repurchased 5.4 million shares of common stock for approximately $370 million.
  • The Company recorded pre-tax restructuring and impairment costs for continuing and discontinued operations of $145 million, comprised primarily of severance and other charges related to ongoing restructuring actions and certain asset impairments.
  • The Company signed a definitive agreement to sell its Residential and Light Commercial HVAC business (the “R&LC Business”), which includes the North America Ducted businesses and the global Residential joint venture with Hitachi Global Life Solutions, Inc. (“Hitachi”), of which Johnson Controls owns 60% and Hitachi owns 40%, to Bosch Group for approximately $8.1 billion in cash with the Company’s portion of the aggregate consideration being approximately $6.7 billion. The transaction is expected to close in the fourth quarter of fiscal 2025, subject to required regulatory approvals and other customary closing conditions.
  • The Company announced a multi-year restructuring plan to address stranded costs and further right-size its global operations following its previously announced portfolio simplification actions. The Company expects to incur approximately $400 million in restructuring costs over the next three years, resulting in expected annual cost savings of approximately $500 million.

GUIDANCE

The following forward-looking statements regarding organic sales growth, adjusted segment EBITA margin, adjusted segment EBITA margin improvement and adjusted EPS are non-GAAP financial measures and are presented on a continuing operations basis excluding the R&LC Business, which was classified as discontinued operations during the fiscal fourth quarter of 2024. These non-GAAP financial measures are derived by excluding certain amounts from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts excluded is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period and the high variability of certain amounts, such as mark-to-market adjustments. Organic revenue growth excludes the effect of acquisitions, divestitures and foreign currency. The Company is unable to present a quantitative reconciliation of the aforementioned forward-looking non-GAAP financial measures to its most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort or expense. The unavailable information could have a significant impact on the Company’s fiscal 2025 first quarter and full year GAAP financial results from continuing operations.

The Company initiated fiscal 2025 first quarter continuing operations guidance:

  • Organic sales growth of mid-single digits
  • Adjusted segment EBITA margin of ~14.5%
  • Adjusted EPS before special items of ~$0.57 to $0.60

The Company initiated fiscal 2025 full year continuing operations guidance:

  • Organic sales growth of mid-single digits
  • Adjusted segment EBITA margin improvement of more than 50 basis points, year-over-year
  • Adjusted EPS before special items of ~$3.40 to $3.50

CONFERENCE CALL & WEBCAST INFO

Johnson Controls will host a conference call to discuss this quarter’s results at 8:30 a.m. ET today, which can be accessed by dialing 844-763-8274 (in the United States) or +1-412-717-9224 (outside the United States), or via webcast. A slide presentation will accompany the prepared remarks and has been posted on the investor relations section of the Johnson Controls website at https://investors.johnsoncontrols.com/news-and-events/events-and-presentations. A replay will be made available approximately two hours following the conclusion of the conference call.

ABOUT JOHNSON CONTROLS

At Johnson Controls (NYSE:JCI), we transform the environments where people live, work, learn and play. As the global leader in smart, healthy and sustainable buildings, our mission is to reimagine the performance of buildings to serve people, places and the planet.  

Building on a proud history of nearly 140 years of innovation, we deliver the blueprint of the future for industries such as healthcare, schools, data centers, airports, stadiums, manufacturing and beyond through OpenBlue, our comprehensive digital offering.

Today, with a global team of almost 100,000 experts in more than 150 countries, Johnson Controls offers the world`s largest portfolio of building technology and software as well as service solutions from some of the most trusted names in the industry.

Visit www.johnsoncontrols.com for more information and follow @Johnson Controls on social platforms.

JOHNSON CONTROLS CONTACTS:

INVESTOR CONTACTS:

MEDIA CONTACT:

Jim Lucas

Danielle Canzanella

Direct: +1 414.340.1752

Direct: +1 203.499.8297

Email: jim.lucas@jci.com

Email: danielle.canzanella@jci.com

Michael Gates

Direct: +1 414.524.5785

Email: michael.j.gates@jci.com 

JOHNSON CONTROLS INTERNATIONAL PLC CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Johnson Controls International plc has made statements in this communication that are forward-looking and therefore are subject to risks and uncertainties. All statements in this document other than statements of historical fact are, or could be, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, these forward-looking statements can be identified by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. However, the absence of these words does not mean that a statement is not forward-looking. Johnson Controls cautions that these statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond its control, that could cause its actual results to differ materially from those expressed or implied by such forward-looking statements, including, among others, risks related to: Johnson Controls’ ability to develop or acquire new products and technologies that achieve market acceptance and meet applicable quality and regulatory requirements; the ability of Johnson Controls to execute on its operating model and drive organizational improvement; Johnson Controls’ ability to successfully execute and complete portfolio simplification, including the completion of the divestiture of the Residential and Light Commercial business, as well as the possibility that the expected benefits of such actions will not be realized or will not be realized within the expected time frame; the ability to hire and retain senior management and other key personnel, including successfully executing Johnson Controls’ Chief Executive Officer succession plan; the ability to innovate and adapt to emerging technologies, ideas and trends in the marketplace, including the incorporation of technologies such as artificial intelligence; the ability to manage general economic, business and capital market conditions, including the impact of recessions, economic downturns and global price inflation; fluctuations in the cost and availability of public and private financing for Johnson Controls’ customers; the ability to manage macroeconomic and geopolitical volatility, including supply chain shortages and the conflicts between Russia and Ukraine and Israel and Hamas; managing the risks and impacts of potential and actual security breaches, cyberattacks, privacy breaches or data breaches; maintaining and improving the capacity, reliability and security of Johnson Controls’ enterprise information technology infrastructure; the ability to manage the lifecycle cybersecurity risk in the development, deployment and operation of Johnson Controls’ digital platforms and services; changes to laws or policies governing foreign trade, including economic sanctions, tariffs, foreign exchange and capital controls, import/export controls or other trade restrictions; fluctuations in currency exchange rates; changes or uncertainty in laws, regulations, rates, policies, or interpretations that impact Johnson Controls’ business operations or tax status; the ability to adapt to global climate change, climate change regulation and successfully meet Johnson Controls’ public sustainability commitments; risks and uncertainties related to the settlement with a nationwide class of public water systems concerning the use of AFFF; the outcome of litigation and governmental proceedings; the risk of infringement or expiration of intellectual property rights; Johnson Controls’ ability to manage disruptions caused by catastrophic or geopolitical events, such as natural disasters, armed conflict, political change, climate change, pandemics and outbreaks of contagious diseases and other adverse public health developments;  any delay or inability of Johnson Controls to realize the expected benefits and synergies of recent portfolio transactions; the tax treatment of recent portfolio transactions; significant transaction costs and/or unknown liabilities associated with such transactions; labor shortages, work stoppages, union negotiations, labor disputes and other matters associated with the labor force; and the cancellation of or changes to commercial arrangements. A detailed discussion of risks related to Johnson Controls business is included in the section entitled “Risk Factors” in Johnson Controls Annual Report on Form 10-K for the fiscal year filed with the SEC, which is available at www.sec.gov and www.johnsoncontrols.com under the “Investors” tab, and such factors may be updated from time to time in Johnson Controls filings with the SEC, which are or will be accessible on the SEC’s website at www.sec.gov. Shareholders, potential investors and others should consider these factors in evaluating the forward-looking statements and should not place undue reliance on such statements. The forward-looking statements included in this communication are made only as of the date of this document, unless otherwise specified, and, except as required by law, Johnson Controls assumes no obligation, and disclaims any obligation, to update such statements to reflect events or circumstances occurring after the date of this communication.

 

FINANCIAL STATEMENTS

Johnson Controls International plc

Consolidated Statements of Income

(in millions, except per share data; unaudited)

Three Months Ended

September 30,

Twelve Months Ended

September 30,

2024

2023

2024

2023

Net sales

Products and systems

$        4,391

$        4,128

$      15,967

$      15,789

Services

1,857

1,725

6,985

6,542

6,248

5,853

22,952

22,331

Cost of sales

Products and systems

2,872

2,877

10,677

10,736

Services

1,108

1,004

4,198

3,791

3,980

3,881

14,875

14,527

Gross profit

2,268

1,972

8,077

7,804

Selling, general and administrative expenses

1,368

1,309

5,661

5,387

Restructuring and impairment costs

133

212

510

1,049

Net financing charges

96

56

342

258

Equity income (loss)

(23)

1

(42)

3

Income from continuing operations before income taxes

648

396

1,522

1,113

Income tax provision (benefit)

110

(92)

111

(468)

Income from continuing operations

538

488

1,411

1,581

Income from discontinued operations, net of tax

140

93

489

452

Net income

678

581

1,900

2,033

Income from continuing operations attributable to
noncontrolling interests

2

7

4

19

Income from discontinued operations attributable to
noncontrolling interests

43

25

191

165

Net income attributable to Johnson Controls

$          633

$          549

$        1,705

$        1,849

Amounts attributable to Johnson Controls ordinary
shareholders:

Income from continuing operations

$          536

$          481

$        1,407

$        1,562

       Income from discontinued operations

97

68

298

287

Net income

$          633

$          549

$        1,705

$        1,849

Basic earnings per share attributable to Johnson Controls

Continuing operations

$         0.80

$         0.71

$         2.09

$         2.28

Discontinued operations

0.15

0.10

0.44

0.42

Total

$         0.95

$         0.81

$         2.53

$         2.70

Diluted earnings per share attributable to Johnson Controls

Continuing operations

$         0.80

$         0.70

$         2.08

$         2.27

Discontinued operations

0.15

0.10

0.44

0.42

Total

$         0.95

$         0.80

$         2.52

$         2.69

 

Johnson Controls International plc

Condensed Consolidated Statements of Financial Position

(in millions; unaudited)

September 30, 2024

September 30, 2023

Assets

Cash and cash equivalents

$                      606

$                      828

Accounts receivable – net

6,051

5,494

Inventories

1,774

1,872

Current assets held for sale

1,595

1,552

Other current assets

1,153

991

Current assets

11,179

10,737

Property, plant and equipment – net

2,403

2,374

Goodwill

16,725

16,772

Other intangible assets – net

4,130

4,772

Noncurrent assets held for sale

3,210

3,105

Other noncurrent assets

5,048

4,482

Total assets

$                 42,695

$                 42,242

Liabilities and Equity

Short-term debt

$                      953

$                      361

Current portion of long-term debt

536

645

Accounts payable

3,389

3,498

Accrued compensation and benefits

1,048

847

Deferred revenue

2,160

1,923

Current liabilities held for sale

1,431

1,375

Other current liabilities

2,438

2,435

Current liabilities

11,955

11,084

Long-term debt

8,004

7,818

Pension and postretirement benefits

217

252

Noncurrent liabilities held for sale

405

407

Other noncurrent liabilities

4,753

4,987

Long-term liabilities

13,379

13,464

Shareholders’ equity attributable to Johnson Controls

16,098

16,545

Noncontrolling interests

1,263

1,149

Total equity

17,361

17,694

Total liabilities and equity

$                 42,695

$                 42,242

 

Johnson Controls International plc

Consolidated Statements of Cash Flows

(in millions; unaudited)

Three Months Ended
September 30,

Twelve Months Ended

September 30,

2024

2023

2024

2023

Operating Activities of Continuing Operations

Income from continuing operations attributable to Johnson Controls

$         536

$         481

$      1,407

$      1,562

Income from continuing operations attributable to noncontrolling interests

2

7

4

19

Net income

538

488

1,411

1,581

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation and amortization

192

202

816

745

Pension and postretirement benefit expense (income)

(10)

83

(43)

58

Pension and postretirement contributions

10

(5)

(6)

(48)

Equity in earnings of partially-owned affiliates, net of dividends received

23

(2)

44

(3)

Deferred income taxes

(337)

(403)

(602)

Non-cash restructuring and impairment charges

78

126

411

827

Equity-based compensation expense

26

18

107

107

Other – net

15

(20)

(112)

(117)

Changes in assets and liabilities, excluding acquisitions and divestitures:

Accounts receivable

(46)

240

(537)

(259)

Inventories

168

141

(17)

(58)

Other assets

78

31

(482)

(187)

Restructuring reserves

5

25

(76)

57

Accounts payable and accrued liabilities

466

(17)

645

(85)

Accrued income taxes

(191)

95

(190)

(160)

Cash provided by operating activities from continuing operations

1,352

1,068

1,568

1,856

Investing Activities of Continuing Operations

Capital expenditures

(195)

(139)

(494)

(446)

Sale of property, plant and equipment

1

3

1

30

Acquisition of businesses, net of cash acquired

(4)

(466)

(3)

(726)

Business divestitures, net of cash divested

326

28

345

28

Other – net

(26)

(1)

(33)

21

Cash used by investing activities from continuing operations

102

(575)

(184)

(1,093)

Financing Activities of Continuing Operations

Net proceeds (payments) from borrowings with maturities less than three months

(655)

195

48

(75)

Proceeds from debt

2

1,281

1,173

Repayments of debt

(486)

(1,019)

(924)

(1,555)

Stock repurchases and retirements

(370)

(12)

(1,246)

(625)

Payment of cash dividends

(247)

(251)

(1,000)

(980)

Other – net

20

(107)

3

Cash used by financing activities from continuing operations

(1,758)

(1,065)

(1,948)

(2,059)

Discontinued Operations

Cash provided by operating activities

174

322

530

365

Cash used by investing activities

(13)

(33)

(37)

(91)

Cash provided (used) by financing activities

2

(132)

(115)

Cash provided by discontinued operations

161

291

361

159

Effect of exchange rate changes on cash, cash equivalents and restricted cash

30

62

59

(5)

Change in cash, cash equivalents and restricted cash held for sale

(8)

(4)

(6)

(5)

Decrease in cash, cash equivalents and restricted cash

(121)

(223)

(150)

(1,147)

Cash, cash equivalents and restricted cash at beginning of period

888

1,140

917

2,064

Cash, cash equivalents and restricted cash at end of period

767

917

767

917

Less: Restricted cash

161

89

161

89

Cash and cash equivalents at end of period

$         606

$         828

$         606

$         828

FOOTNOTES

1.     Sale of Residential and Light Commercial HVAC Business

The Company signed a definitive agreement in July 2024 to sell its Residential and Light Commercial HVAC business (the “R&LC Business”), which includes the North America Ducted businesses and the global Residential joint venture with Hitachi Global Life Solutions, Inc. (“Hitachi”), of which Johnson Controls owns 60% and Hitachi owns 40%. The R&LC Business, which was previously reported in the Global Products segment, meets the criteria to be classified as a discontinued operation and, as a result, its historical financial results are reflected in the consolidated financial statements as a discontinued operation, and assets and liabilities were retrospectively reclassified as held for sale for all periods presented. Unless otherwise noted, all activities and amounts reported in the following footnotes include both the continuing operations of the Company and activities and amounts related to the R&LC business.

2.     Non-GAAP Measures

The Company reports various non-GAAP measures in this earnings release and the related earnings presentation.  Non-GAAP measures should be considered in addition to, and not as replacements for, the most comparable GAAP measures. Refer to footnotes three through eight for further information on the calculations of the non-GAAP measures and reconciliations of the non-GAAP measures to the most comparable GAAP measures.

Organic sales

Organic sales growth excludes the impact of acquisitions, divestitures and foreign currency. Management believes organic sales growth is useful to investors in understanding period-over-period sales results and trends.

Cash flow

Adjusted free cash flow and adjusted free cash flow conversion are non-GAAP measures which exclude the impacts of the following:

  • JC Capital cash flows primarily include activity associated with finance/notes receivables and inventory and/or capital expenditures related to lease arrangements. JC Capital net income is primarily related to interest income on the finance/notes receivable and profit recognized on arrangements with sales-type lease components.
  • Effective January 1, 2024, the Company has excluded the impact of discontinuing its accounts receivables factoring programs from adjusted free cash flow and adjusted free cash flow conversion. The Company has also re-baselined the prior year adjusted free cash flow measures to present a more comparative measure without the impact of factoring.
  • Cash payments related to the water systems AFFF settlement and cash receipts for AFFF-related insurance recoveries.

Management believes free cash flow and adjusted free cash flow measures are useful to investors in understanding the strength of the Company and its ability to generate cash. These non-GAAP measures can also be used to evaluate the Company’s ability to generate cash flow from operations and the impact that this cash flow has on its liquidity. Management also believes adjusted free cash flows are useful to investors in understanding period-over-period cash flows, cash trends and ongoing cash flows of the Company.

Adjusted financial measures

Adjusted financial measures include adjusted segment EBITA, adjusted net income, adjusted earnings per share, adjusted EBIT, adjusted EBITDA and adjusted corporate expenses. These non-GAAP measures are derived by excluding certain amounts from the corresponding financial measures determined in accordance with GAAP. The determination of the excluded amounts is a matter of management judgment and depends upon the nature and variability of the underlying expense or income amounts and other factors.

As detailed in the tables included in footnotes four through seven, the following items were excluded from certain financial measures:

  • Net mark-to-market adjustments are the result of adjusting restricted asbestos investments and pension and postretirement plan assets to their current market value. These adjustments may have a favorable or unfavorable impact on results.
  • Restructuring and impairment costs, net of NCI represents restructuring costs attributable to Johnson Controls including costs associated with exit plans or other restructuring plans that will have a more significant impact on the underlying cost structure of the organization. Impairment costs primarily relate to write-downs of goodwill, intangible assets and assets held for sale to their fair value.
  • Water systems AFFF settlement and insurance recoveries include amounts related to a settlement with a nationwide class of public water systems concerning the use of AFFF manufactured and sold by a subsidiary of the Company, and AFFF-related insurance recoveries.
  • Transaction/separation costs include costs associated with significant mergers and acquisitions.
  • Earn-out adjustments relate to earn-out liabilities associated with certain significant acquisitions and may have a favorable or unfavorable impact on results.
  • Warehouse fire loss relates to an uninsured loss attributable to a fire at a warehouse in Menominee, Michigan.
  • Cyber incident costs primarily represent expenses, net of insurance recoveries, associated with the response to, and remediation of, a cybersecurity incident which occurred in September 2023.
  • Global products product quality issue are costs related to a product quality issue within the Global Products segment that is unusual due to the magnitude of the expected cost to remediate in comparison to typical product quality issues experienced by the Company.
  • Loss on divestiture relates to the sale of the ADTi business.
  • EMEA/LA joint venture loss relates to certain non-recurring losses associated with the equity method accounting of a joint venture company.
  • Discrete tax items, net includes the net impact of discrete tax items within the period, including the following types of items: changes in estimates associated with valuation allowances, changes in estimates associated with reserves for uncertain tax positions, withholding taxes recorded upon changes in indefinite re-investment assertions for businesses to be disposed of, impacts from statutory rate changes, and the recording of significant tax credits.
  • Related tax impact includes the tax impact of the various adjusting/excluded items.

Management believes the exclusion of these items is useful to investors due to the unusual nature and/or magnitude of the amounts. When considered together with unadjusted amounts, adjusted financial measures are useful to investors in understanding period-over-period operating results, business trends and ongoing operations of the Company. Management may also use these metrics as guides in forecasting, budgeting and long-term planning processes and for compensation purposes.

Debt ratios

Management believes that net debt to adjusted EBITDA, a non-GAAP measure, is useful to understanding the Company’s financial condition as the ratio provides an overview of the extent to which the Company relies on external debt financing for its funding and also is a measure of risk to its shareholders.

3. Sales

The following tables include sales from both continuing and discontinued operations and detail the changes in sales attributable to organic growth, foreign currency, acquisitions, divestitures and other (unaudited):

Three Months Ended September 30

Net sales

Building Solutions

(in millions)

North
America

EMEA/LA

Asia
Pacific

Total

Global
Products

Total JCI
plc

Net sales – 2023

$  2,778

$  1,045

$    697

$  4,520

$  2,386

$  6,906

Base year adjustments

Divestitures and other

(7)

(7)

(135)

(142)

Foreign currency

(2)

(31)

6

(27)

(26)

(53)

Adjusted base net sales

2,776

1,014

696

4,486

2,225

6,711

Acquisitions

2

2

2

Organic growth

447

97

(32)

512

169

681

Net sales – 2024

$  3,223

$  1,113

$    664

$  5,000

$  2,394

$  7,394

Growth %:

Net sales

16 %

7 %

(5 %)

11 %

— %

7 %

Organic growth

16 %

10 %

(5 %)

11 %

8 %

10 %

Twelve Months Ended September 30

Net sales

Building Solutions

(in millions)

North
America

EMEA/LA

Asia
Pacific

Total

Global
Products

Total JCI
plc

Net sales – 2023

$ 10,330

$  4,096

$  2,746

$ 17,172

$  9,621

$ 26,793

Base year adjustments

Divestitures and other

(3)

(58)

(61)

(147)

(208)

Foreign currency

13

(39)

(62)

(88)

(170)

(258)

Adjusted base net sales

10,343

4,054

2,626

17,023

9,304

26,327

Acquisitions

48

9

51

108

29

137

Organic growth

957

233

(440)

750

204

954

Net sales – 2024

$ 11,348

$  4,296

$  2,237

$ 17,881

$  9,537

$ 27,418

Growth %:

Net sales

10 %

5 %

(19 %)

4 %

(1 %)

2 %

Organic growth

9 %

6 %

(17 %)

4 %

2 %

4 %

 

Three Months Ended September 30

Products and systems revenue

Building Solutions

(in millions)

North
America

EMEA/LA

Asia
Pacific

Total

Global
Products

Total JCI
plc

Products and systems revenue – 2023

$  1,727

$    570

$    498

$ 2,795

$  2,386

$  5,181

Base year adjustments

Divestitures and other

(1)

(1)

(135)

(136)

Foreign currency

(1)

2

3

4

(26)

(22)

Adjusted products and systems revenue

1,726

571

501

2,798

2,225

5,023

Acquisitions

1

1

1

Organic growth

364

24

(44)

344

169

513

Products and systems revenue –  2024

$  2,090

$    596

$    457

$ 3,143

$  2,394

$  5,537

Growth %:

Products and systems revenue

21 %

5 %

(8 %)

12 %

— %

7 %

Organic growth

21 %

4 %

(9 %)

12 %

8 %

10 %

Twelve Months Ended September 30

Products and systems revenue

Building Solutions

(in millions)

North
America

EMEA/LA

Asia
Pacific

Total

Global
Products

Total JCI
plc

Products and systems revenue – 2023

$  6,368

$  2,275

$  1,987

$ 10,630

$  9,621

$20,251

Base year adjustments

Divestitures and other

(2)

(2)

(147)

(149)

Foreign currency

13

37

(48)

2

(170)

(168)

Adjusted products and systems revenue

6,381

2,310

1,939

10,630

9,304

19,934

Acquisitions

5

5

30

40

29

69

Organic growth

713

(1)

(486)

226

204

430

Products and systems revenue –  2024

$  7,099

$  2,314

$  1,483

$ 10,896

$  9,537

$ 20,433

Growth %:

Products and systems revenue

11 %

2 %

(25 %)

3 %

(1 %)

1 %

Organic growth

11 %

— %

(25 %)

2 %

2 %

2 %

 

Three Months Ended September 30

Service revenue

Building Solutions

(in millions)

North
America

EMEA/LA

Asia
Pacific

Total

Global
Products

Total JCI
plc

Service revenue – 2023

$  1,051

$    475

$    199

$ 1,725

$       —

$  1,725

Base year adjustments

Divestitures and other

1

(7)

(6)

(6)

Foreign currency

(1)

(33)

3

(31)

(31)

Adjusted base service revenue

1,050

443

195

1,688

1,688

Acquisitions

1

1

1

Organic growth

83

73

12

168

168

Service revenue –  2024

$  1,133

$    517

$    207

$ 1,857

$       —

$  1,857

Growth %:

Service revenue

8 %

9 %

4 %

8 %

— %

8 %

Organic growth

8 %

16 %

6 %

10 %

— %

10 %

Twelve Months Ended September 30

Service revenue

Building Solutions

(in millions)

North
America

EMEA/LA

Asia
Pacific

Total

Global
Products

Total JCI
plc

Service revenue – 2023

$  3,962

$  1,821

$    759

$ 6,542

$       —

$  6,542

Base year adjustments

Divestitures and other

(1)

(58)

(59)

(59)

Foreign currency

(76)

(14)

(90)

(90)

Adjusted base service revenue

3,962

1,744

687

6,393

6,393

Acquisitions

43

4

21

68

68

Organic growth

244

234

46

524

524

Service revenue – 2024

$  4,249

$  1,982

$    754

$ 6,985

$       —

$  6,985

Growth %:

Service revenue

7 %

9 %

(1 %)

7 %

— %

7 %

Organic growth

6 %

13 %

7 %

8 %

— %

8 %

4.   Cash Flow, Free Cash Flow and Free Cash Flow Conversion

The following table includes free cash flow and free cash flow conversion attributable to both continuing and discontinued operations (unaudited):

Three Months Ended

September 30,

Twelve Months Ended

September 30,

(in millions)

2024

2023

2024

2023

Cash provided by operating activities

$            1,526

$            1,390

$            2,098

$            2,221

Capital expenditures

(208)

(173)

(532)

(539)

Free cash flow (non-GAAP)

$            1,318

$            1,217

$            1,566

$            1,682

Net income attributable to JCI

$               633

$              549

$            1,705

$            1,849

Free cash flow conversion from net
income (non-GAAP)

208 %

222 %

92 %

91 %

The following table includes adjusted free cash flow and adjusted free cash flow conversion attributable to both continuing and discontinued operations (unaudited):

Three Months Ended

September 30,

Twelve Months Ended

September 30,

(in millions)

2024

2023

2024

2023

Free cash flow (non-GAAP)

$       1,318

$       1,217

$       1,566

$       1,682

Adjustments:

JC Capital cash used by operating activities

9

56

179

137

Water systems AFFF settlement cash payments and
insurance recoveries

(257)

(14)

Impact from discontinuation of factoring programs

17

665

Adjusted free cash flow (non-GAAP)

1,087

1,273

2,396

1,819

Prior year impact from factoring programs

(284)

(205)

Re-baselined adjusted free cash flow  (non-GAAP)

$       1,087

$          989

$       2,396

$       1,614

Adjusted net income attributable to JCI (non-GAAP)

$          858

$          719

$       2,510

$       2,405

JC Capital net income

(8)

1

(16)

(11)

Adjusted net income attributable to JCI, excluding

JC Capital (non-GAAP)

$          850

$          720

$       2,494

$       2,394

Adjusted free cash flow conversion (non-GAAP)

128 %

137 %

96 %

67 %

5. EBITA, EBIT and Corporate Expense

The Company evaluates the performance of its business units primarily on segment EBITA. The following table includes both continuing and discontinued operations (unaudited):

Three Months Ended September 30,

Twelve Months Ended September 30,

Actual

Adjusted

(Non-GAAP)

Actual

Adjusted

(Non-GAAP)

(in millions; unaudited)

2024

2023

2024

2023

2024

2023

2024

2023

Segment EBITA

Building Solutions North America

$     484

$     427

$     484

$     427

1,663

$  1,394

$  1,602

$  1,394

Building Solutions EMEA/LA

111

82

128

82

391

316

408

316

Building Solutions Asia Pacific

94

94

94

94

261

343

261

343

Global Products

670

502

670

502

2,123

1,965

2,149

1,975

EBIT (non-GAAP)

Net income attributable to JCI

$     633

$     549

$     858

$     719

$  1,705

$  1,849

$  2,510

$  2,405

Income attributable to

noncontrolling interests (1)

45

32

46

36

195

184

202

188

Net income

678

581

904

755

1,900

2,033

2,712

2,593

Income tax provision (benefit)(2)

153

(57)

143

118

252

(323)

432

405

Income before income taxes

831

524

1,047

873

2,152

1,710

3,144

2,998

Net financing charges

96

63

96

63

359

281

359

281

               EBIT (non-GAAP)

$     927

$     587

$  1,143

$     936

$  2,511

$  1,991

$  3,503

$  3,279

(1)

Adjusted income attributable to noncontrolling interests excludes the impact of restructuring and impairment costs.

(2)

Adjusted income tax provision (benefit) excludes the net tax impacts of pre-tax adjusting items and discrete tax items.

The following tables reconcile segment EBITA to adjusted segment EBITA (unaudited) attributable to both continuing and discontinued operations:

Three Months Ended September 30,

(in millions)

Building Solutions

North America

Building Solutions

EMEA/LA

Building Solutions

Asia Pacific

Global Products

2024

2023

2024

2023

2024

2023

2024

2023

Segment EBITA

$     484

$     427

$     111

$      82

$      94

$      94

$   670

$   502

Adjusting items:

EMEA/LA joint venture loss

17

Adjusted segment EBITA

(non-GAAP)

$     484

$     427

$     128

$      82

$      94

$      94

$   670

$   502

Twelve Months Ended September 30,

(in millions)

Building Solutions

North America

Building Solutions

EMEA/LA

Building Solutions

Asia Pacific

Global Products

2024

2023

2024

2023

2024

2023

2024

2023

Segment EBITA

$  1,663

$  1,394

$     391

$     316

$     261

$    343

$ 2,123

$ 1,965

Adjusting items:

Earn-out adjustments

(61)

(7)

(30)

Uninsured warehouse fire loss

40

Global Products product quality
costs

33

EMEA/LA joint venture loss

17

Adjusted segment EBITA

(non-GAAP)

$  1,602

$  1,394

$     408

$     316

$     261

$    343

$ 2,149

$ 1,975

The following table reconciles Corporate expense from both continuing and discontinued operations as reported to the comparable adjusted amounts (unaudited):

Three Months Ended
September 30,

Twelve Months Ended
September 30,

(in millions)

2024

2023

2024

2023

Corporate expense (GAAP)

$          158

$            70

$         531

$          432

Adjusting items:

Transaction/separation costs

(44)

(21)

(72)

(122)

Cyber incident costs

(27)

Adjusted corporate expense (non-GAAP)

$          114

$            49

$         432

$          310

6.  Net Income and Diluted Earnings Per Share

The following tables reconcile net income attributable to JCI and diluted earnings per share as reported to the comparable adjusted amounts (unaudited):

Three Months Ended September 30,

Net income attributable to
JCI

Diluted earnings

 per share

(in millions, except per share)

2024

2023

2024

2023

As reported (GAAP)

$          633

$          549

$        0.95

$         0.80

Adjusting items:

Net mark-to-market adjustments

(16)

108

(0.02)

0.16

Restructuring and impairment costs, net of NCI

144

216

0.22

0.31

AFFF insurance recoveries

(16)

(0.02)

Transaction/separation costs

44

21

0.07

0.03

Loss on divestiture

42

0.06

EMEA/LA joint venture loss

17

0.03

Tax impact of adjusting items, net

10

(54)

0.01

(0.08)

Discrete tax items, net

(121)

(0.18)

Adjusted (non-GAAP)*

$          858

$          719

$        1.28

$         1.05

*

May not sum due to rounding

Twelve Months Ended September 30,

Net income attributable to
JCI

Diluted earnings

per share

(in millions, except per share)

2024

2023

2024

2023

As reported (GAAP)

$       1,705

$        1,849

$        2.52

$         2.69

Adjusting items:

  Net mark-to-market adjustments

(58)

92

(0.09)

0.13

  Restructuring and impairment costs, net of NCI

537

1,060

0.79

1.54

  Water systems AFFF settlement

750

1.11

AFFF insurance recoveries

(367)

(0.54)

  Transaction/separation costs

72

122

0.11

0.18

  Earn-out adjustments

(68)

(30)

(0.10)

(0.04)

  Warehouse fire loss

40

0.06

  Cyber incident costs

27

0.04

  Global Products product quality issue

33

0.05

Loss on divestiture

42

0.06

EMEA/LA joint venture loss

17

0.03

Tax impact of adjusting items, net

(123)

(169)

(0.18)

(0.25)

Discrete tax items,net

(57)

(559)

(0.08)

(0.81)

Adjusted (non-GAAP)*

$       2,510

$        2,405

$        3.71

$         3.50

*

May not sum due to rounding

The following table reconciles the denominators used to calculate basic and diluted earnings per share (in millions; unaudited):

Three Months Ended
September 30,

Twelve Months Ended
September 30,

2024

2023

2024

2023

Weighted average shares outstanding

Basic weighted average shares outstanding

665.3

680.3

673.8

684.3

Effect of dilutive securities:

Stock options, unvested restricted stock and
unvested performance share awards

2.8

3.0

2.2

3.1

Diluted weighted average shares outstanding

668.1

683.3

676.0

687.4

7.  Debt Ratios

The following table includes both continuing and discontinued operations and details net debt to income before income taxes and net debt to adjusted EBITDA (unaudited):

(in millions)

September 30, 2024

June 30, 2024

September 30, 2023

Short-term debt

$                      953

$                   1,523

$                      385

Current portion of long-term debt

536

998

645

Long-term debt

8,004

7,867

7,818

Total debt

9,493

10,388

8,848

Less: cash and cash equivalents

611

862

835

Net debt

$                   8,882

$                   9,526

$                   8,013

Last twelve months income before income
taxes

$                   2,152

$                   1,845

$                   1,710

Net debt to income before income taxes

                         4.1x

                         5.2x

                         4.7x

Last twelve months adjusted EBITDA (non-
GAAP)

$                   4,382

$                   4,210

$                   4,127

Net debt to adjusted EBITDA (non-GAAP)

2.0x

2.3x

1.9x

The following table reconciles net income to adjusted EBIT and adjusted EBITDA (unaudited):

Twelve Months Ended

(in millions)

September 30, 2024

June 30, 2024

September 30, 2023

Net income

$                     1,900

$                     1,803

$                     2,033

Income tax provision (benefit)

252

42

(323)

Net financing charges

359

326

281

EBIT

2,511

2,171

1,991

Adjusting items:

Net mark-to-market adjustments

(58)

66

92

Restructuring and impairment costs

544

619

1,064

Water systems AFFF settlement

750

750

AFFF insurance recoveries

(367)

(351)

Transaction/separation costs

72

49

122

Earn-out adjustments

(68)

(68)

(30)

Warehouse fire loss

40

Cyber incident costs

27

27

Global Products product quality issue

33

33

Loss on divestiture

42

EMEA/LA joint venture loss

17

Adjusted EBIT (non-GAAP)

3,503

3,296

3,279

Depreciation and amortization

879

914

848

Adjusted EBITDA (non-GAAP)

$                     4,382

$                     4,210

$                     4,127

8.  Income Taxes

The Company’s effective tax rate before consideration of certain excluded items was approximately 13.75% for the three and twelve months ending September 30, 2024 and approximately 13.5% for the three and twelve months ending September 30, 2023.

9.  Statements of Income

The following tables include statements of income for both continuing and discontinued operations.

Three Months Ended

September 30, 2024

Three Months Ended

September 30, 2023

Continuing
Operations

Discontinued
Operations

Combined

Continuing
Operations

Discontinued
Operations

Combined

Net sales

Products and systems

$        4,391

$        1,146

$        5,537

$        4,128

$        1,053

$        5,181

Services

1,857

1,857

1,725

1,725

6,248

1,146

7,394

5,853

1,053

6,906

Cost of sales

Products and systems

2,872

832

3,704

2,877

817

3,694

Services

1,108

1,108

1,004

1,004

3,980

832

4,812

3,881

817

4,698

Gross profit

2,268

314

2,582

1,972

236

2,208

Selling, general and
administrative expenses

1,368

200

1,568

1,309

167

1,476

Restructuring and impairment
costs

133

12

145

212

8

220

Net financing charges

96

96

56

7

63

Equity income (loss)

(23)

81

58

1

74

75

Income before income taxes

648

183

831

396

128

524

Income tax provision (benefit)

110

43

153

(92)

35

(57)

Net income

538

140

678

488

93

581

Income attributable to
noncontrolling interests

2

43

45

7

25

32

Net income attributable to
Johnson Controls

$          536

$            97

$          633

$          481

$            68

$          549

Earnings per share attributable to
Johnson Controls

Basic

$         0.80

$          0.15

$         0.95

$         0.71

$          0.10

0.81

Diluted

0.80

0.15

0.95

0.70

0.10

0.80

Twelve Months Ended

September 30, 2024

Twelve Months Ended

September 30, 2023

Continuing
Operations

Discontinued
Operations

Combined

Continuing
Operations

Discontinued
Operations

Combined

Net sales

Products and systems

$      15,967

$        4,466

$      20,433

$      15,789

$        4,462

$      20,251

Services

6,985

6,985

6,542

6,542

22,952

4,466

27,418

22,331

4,462

26,793

Cost of sales

Products and systems

10,677

3,300

13,977

10,736

3,295

14,031

Services

4,198

4,198

3,791

3,791

14,875

3,300

18,175

14,527

3,295

17,822

Gross profit

8,077

1,166

9,243

7,804

1,167

8,971

Selling, general and
administrative expenses

5,661

761

6,422

5,387

794

6,181

Restructuring and impairment
costs

510

34

544

1,049

15

1,064

Net financing charges

342

17

359

258

23

281

Equity income (loss)

(42)

276

234

3

262

265

Income before income taxes

1,522

630

2,152

1,113

597

1,710

Income tax provision (benefit)

111

141

252

(468)

145

(323)

Net income

1,411

489

1,900

1,581

452

2,033

Income attributable to
noncontrolling interests

4

191

195

19

165

184

Net income attributable to
Johnson Controls

$        1,407

$          298

$        1,705

$        1,562

$          287

$        1,849

Earnings per share attributable to
Johnson Controls

Basic

$         2.09

$          0.44

$         2.53

$         2.28

$          0.42

$         2.70

Diluted

2.08

0.44

2.52

2.27

0.42

2.69

10.  Quarterly Results – Continuing Operations

The following tables include reconciliations of EBIT to adjusted EBIT, diluted EPS to adjusted diluted EPS, and Global Products segment EBITA to Global Products adjusted segment EBITA for continuing operations only.

Fiscal 2024

(in millions, except per share)

Q1

Q2

Q3

Q4

Year

Net sales

$      5,209

$      5,597

$      5,898

$      6,248

$    22,952

Net income attributable to JCI

$         340

$       (321)

$         852

$         536

$      1,407

Income attributable to NCI

3

(1)

2

4

Net income (loss)

340

(318)

851

538

1,411

Income tax provision (benefit)

(20)

(153)

174

110

111

Income (loss) before income taxes

320

(471)

1,025

648

1,522

Net financing charges

87

89

70

96

342

EBIT (Non-GAAP)

407

(382)

1,095

744

1,864

Adjusting items:

Net mark-to-market adjustments

(22)

(15)

(5)

(6)

(48)

Restructuring and impairment costs, net of NCI

35

239

102

133

509

Water systems AFFF settlement

750

750

AFFF insurance recoveries

(351)

(16)

(367)

Transaction/separation costs

5

10

17

32

Earn-out adjustments

(7)

(61)

(68)

Uninsured warehouse fire loss

Cyber incident costs

23

4

27

Global Products product quality issue

33

33

Loss on divestiture

42

42

EMEA/LA joint venture loss

17

17

Adjusted EBIT (Non-GAAP)

$         443

$         627

$         790

$         931

$      2,791

Diluted EPS

$        0.50

$      (0.47)

$        1.25

$        0.80

$        2.08

Adjusting items:

Net mark-to-market adjustments

(0.03)

(0.02)

(0.01)

(0.01)

(0.07)

Restructuring and impairment costs, net of NCI

0.05

0.35

0.15

0.20

0.75

Water systems AFFF settlement

1.10

1.11

AFFF insurance recoveries

(0.52)

(0.02)

(0.54)

Transaction/separation costs

0.01

0.01

0.03

0.05

Earn-out adjustments

(0.01)

(0.09)

(0.10)

Cyber incident costs

0.03

0.01

0.04

Global Products product quality issue

0.05

0.05

Loss on divestiture

0.06

0.06

EMEA/LA joint venture loss

0.03

0.03

Tax impact of adjusting items

(0.01)

(0.32)

0.14

0.03

(0.16)

Discrete tax items

(0.08)

(0.08)

Adjusted diluted EPS (Non-GAAP)*

$        0.46

$        0.69

$        0.95

$        1.11

$        3.21

Weighted shares outstanding

682.4

679.0

672.8

668.1

676.0

*

May not sum due to rounding

Fiscal 2023

(in millions, except per share)

Q1

Q2

Q3

Q4

Year

Net sales

$      5,155

$      5,546

$      5,777

$      5,853

$    22,331

Net income attributable to JCI

$          97

$          44

$         940

$         481

$      1,562

Income attributable to NCI

4

1

7

7

19

Net income 

101

45

947

488

1,581

Income tax provision (benefit)

(3)

8

(381)

(92)

(468)

Income before income taxes

98

53

566

396

1,113

Net financing charges

62

66

74

56

258

EBIT (Non-GAAP)

160

119

640

452

1,371

Adjusting items:

Net mark-to-market adjustments

(3)

4

(17)

111

95

Restructuring and impairment costs, net of NCI

343

415

79

212

1,049

Transaction/separation costs

26

29

43

20

118

Earn-out adjustments

(30)

(30)

Uninsured warehouse fire loss

40

40

Adjusted EBIT (Non-GAAP)

$         566

$         537

$         745

$         795

$      2,643

Diluted EPS

$        0.14

$        0.07

$        1.36

$        0.70

$        2.27

Adjusting items:

Net mark-to-market adjustments

0.01

(0.02)

0.16

0.14

Restructuring and impairment costs, net of NCI

0.50

0.60

0.12

0.31

1.53

Transaction/separation costs

0.04

0.04

0.06

0.03

0.17

Earn-out adjustments

(0.04)

(0.04)

Uninsured warehouse fire loss

0.06

0.06

Tax impact of adjusting items

(0.09)

(0.06)

(0.02)

(0.08)

(0.24)

Discrete tax items

(0.64)

(0.18)

(0.81)

Adjusted diluted EPS (Non-GAAP)*

$        0.63

$        0.62

$        0.87

$        0.95

$        3.07

Weighted shares outstanding

690.3

689.7

686.2

683.3

687.4

*

May not sum due to rounding

Global Products

(in millions)

Fiscal 2024

Fiscal 2023

Q1

Q2

Q3

Q4

Year

Q1

Q2

Q3

Q4

Year

Segment EBITA

$  267

$  290

$  387

$  459

$ 1,403

$  299

$  305

$  355

$  358

$ 1,317

Adjusting items:

Earn-out adjustments

(7)

(7)

(30)

(30)

Uninsured warehouse fire
loss

40

40

Global Products product
quality costs

33

33

Adjusted segment EBITA

(non-GAAP)

$  267

$  316

$  387

$  459

$ 1,429

$  339

$  275

$  355

$  358

$ 1,327

 

Johnson Controls Logo. (PRNewsFoto/JOHNSON CONTROLS, INC.) (PRNewsFoto/)

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/johnson-controls-reports-q4-and-fy24-results-initiates-fy25-guidance-302297463.html

SOURCE Johnson Controls International plc

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