Johnson Controls on track to achieve solid growth for full year – Image from iStock
Sustainable buildings provider Johnson Controls has reported third-quarter earnings of $379 million (about £312.9 million) and claims that it is “on track to achieve solid full-year revenue”.
In its Q3 financial update published on Thursday (4 August) the Cork-based diversified technology and industrial company posted revenue of $6.6 billion (about £5.4 billion) – increased by 4% compared with the prior year on an as-reported basis and up 8% organically. Net income from continuing operations was $379 million.
The statement says adjusted net income from continuing operations of $594 million was flat compared with the year before. Earnings before interest and taxes were $553 million and the margin was 8.4%. Adjusted earnings before interest and taxes (EBIT) were $809 million and the adjusted EBIT margin was 12.2%, down 120 basis points from the same period last year.
Excluding special items, adjusted EPS from continuing operations was $0.85, up 3% versus the same time last year.
George Oliver, chair and CEO, said. "During the fiscal third quarter, we continued to execute on our transformative strategy, delivering record order velocity and sequential margin improvement. Further, robust demand has persisted as our customers look to us for healthy, smart, and sustainable building solutions," said "Our teams remained resilient, as they diligently advanced our supply chain management efforts to mitigate disruptions."
"We are accelerating our digital transformation efforts and have made great progress in positioning the company to capitalise on key growth vectors across sustainable buildings and services led by connectivity with OpenBlue. We are confident that our innovative solutions will support long-term profitable growth and value creation for our customers and shareholders for years to come."
Olivier Leonetti, CFO, added: "We had another strong quarter in both order growth and revenue, despite a tough prior year compare. We continue to make progress with our cost-saving initiatives and investments in key technologies that support our growth both organically and inorganically. The combination of our quarterly performance and business outlook puts us in a great position to deliver our full-year targets and carry the momentum into 2023."
