Johnson Controls Slips On Q1 Sales Miss; Tightens FY23 EPS Outlook

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  • Johnson Controls International plc JCI reported first-quarter FY23 sales growth of 3.5% year-on-year to $6.07 billion, missing the consensus of $6.25 billion. Sales grew 9% organically.
  • Gross profit rose 10.6% Y/Y to $2.1 billion. Adjusted EBIT was $646 million, and adjusted EBIT margin was 10.6%, expanding 140 basis points versus the prior year.
  • Adjusted EPS of $0.67 was in-line with the analyst consensus.
  • Johnson Controls held $1.5 billion in cash and equivalents as of Dec. 31, 2022. Inventories at the end of the quarter were $2.9 billion.
  • Outlook: Johnson sees Q2 adjusted EPS of $0.72 - $0.74, against the consensus of $0.74. Organic revenue growth of 10% year-over-year.
  • The company tightened FY23 adjusted EPS outlook from $3.20 - $3.60 to $3.30 - $3.60 against the consensus of $3.52. It continues to expect organic revenue growth of high single-digits to low double-digits year-over year.
  • Price Action: JCI shares are trading lower by 5.99% at $65.40 on the last check Wednesday.
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