Why Johnson Controls Shares Are Surging Today

Johnson Controls International PLC JCI reported second-quarter FY23 sales growth of 10% year-on-year to $6.69 billion, beating the consensus of $6.51 billion.
Gross profit rose 14.5% Y/Y to $2.24 billion. Adjusted EBIT was $716 million, and adjusted EBIT margin was 10.7%, expanding 70 basis points versus the prior year.
Adjusted EPS of $0.75 beat the analyst consensus of $0.73.
Johnson Controls held $1.97 billion in cash and equivalents as of March 31, 2023. Inventories at the end of the quarter were $3.04 billion.
Outlook: Johnson sees Q3 adjusted EPS of $1.01-$1.03 (Street view $1.02); Organic revenue growth of about 10% year-over-year.
The company raised the lower of its FY23 adjusted EPS outlook and revised the range from $3.30-$3.60 to $3.50-$3.60 against the consensus of $3.52. It expects organic revenue growth of about 10% (previously high single-digits to low double-digits year-over year).
Price Action: JCI shares traded higher by 5.11% at $61.50 in premarket on the last check Friday.

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