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LONDON, UK / ACCESSWIRE / February 14, 2018 / Active-Investors.com has just released a free earnings report on Johnson Controls International PLC (NYSE: JCI) ("JCI"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=JCI. JCI reported financial results on January 31, 2018, for the first quarter ending December 31, 2017. The Company's revenue and earnings grew on a y-o-y basis. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Motorcar Parts of America, Inc. (NASDAQ: MPAA), which also belongs to the Consumer Goods sector as the Company Johnson Controls Intl. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Johnson Controls International most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=JCI
Earnings Highlights and Summary
JCI's total revenues for the first quarter of 2018 (Q1 FY18) reached $7.44 billion, up 4.92%% from $7.09 billion in Q1 FY17. The reported numbers exceeded analysts' consensus estimates of $7.19 billion. These figures include the impacts of M&A, foreign exchange, and changes in lead prices. Excluding these special items, total sales grew 3% organically, primarily led by strong performance across its buildings platform.
JCI's cost of sales jumped 5.91% to $5.27 billion in Q1 FY18 from $4.97 billion in Q1 FY17. The Company's gross profit for the reported quarter was $2.17 billion which is 2.60% higher than $2.11 billion in the same period last year.
For the quarter ending December 31, 2017, JCI's income from continuing operations before income taxes was $538 million, up 39.74% from $385 million in Q1 FY17. The Company's net income for the quarter under review dipped 28.31% to $271 million from $378 million for the same period in the previous year. Net income attributable to JCI's stockholders was $230 million for Q1 FY18, a decrease of 30.01% from $329 million in Q1 FY17. Diluted EPS from continuing operations also reduced 28.57% to $0.25 for the reported quarter from $0.35 in the year earlier same quarter.
JCI's reported quarter results included restructuring and impairment cost as well as the net impact from US tax reform partially offset by the gain from the Scott Safety business divestiture. The Company's EPS from continuing operations, after adjusting for non-recurring items was $0.54 in Q1 FY18, approximately 2% higher than $0.53 in Q1 FY17. The Company's adjusted EPS was higher than analysts' consensus estimates of $0.51 per share.
Johnson Controls International's Segment Details
During Q1 FY18, the Building Technologies & Solutions segment reported net revenues of $5.31 billion, reflecting a y-o-y increase of 2.29%. For the reported quarter, the segment's reported earnings before interest, tax, and amortization (EBITA) improved 50.8% to $656 million from $435 million for the same period of the previous year. These reported numbers included Scott safety gain on sale of $114 million. The segment's EBITA, after adjusting for non-recurring items, for Q1 FY18 shrank 3.29% to $559 million from $578 million in Q1 FY17.
The power solutions segment reported revenues were $2.13 billion for Q1 FY18, a y-o-y increase of 12.11%, which included the impact of higher lead pass-through and foreign exchange. Excluding these non-recurring items, organic sales grew 1% from previous year. The Power segment's reported EBITA for the quarter ending December 31, 2017, was $384 million compared to $389 million for the same period last year. The segment's adjusted EBITA decreased 1.54% to $384 million in the reported quarter from $390 million in the same period last year. This was due to favorable product mix and productivity benefits were more than offset by higher transportation costs and planned incremental investments.
Cash Matters
JCI had cash and cash equivalents of $552 million as on December 31, 2017, compared to $321 million as on September 30, 2017. The Company's long-term debt declined to $10.9 billion in the reported quarter from $11.7 billion as on September 30, 2017.
For the quarter ending December 31, 2017, JCI's net cash used by operating activities was $129 million, which is a decrease of 93.16% from $1.89 billion for the same period in 2016. The Company's adjusted free cash outflow for the reported quarter was $0.3 billion, in-line with normal seasonality.
During Q4 FY17, the Company repurchased 3.6 million shares for approximately $150 million. Total cash proceeds of approximately $1.9 billion from sale of Scott Safety business were utilized to repay a portion of the Tyco International Holding Sarl's $4.0 billion merger-related debt.
JCI issued €750 million, 0.0% Senior Notes due 2020 during Q4 FY17. The Company also repaid a $300 million bond and a €150 million loan.
Outlook
JCI re-affirmed its guidance for fiscal 2018. The Company expects its adjusted EPS from continuing operations for full year 2018 to be in the range of $2.75 to $2.85, which implies an increase of 6% to 10% compared to fiscal year 2017.
Stock Performance Snapshot
February 13, 2018 - At Tuesday's closing bell, Johnson Controls International's stock marginally down 0.05%, ending the trading session at $37.39.
Volume traded for the day: 4.50 million shares.
Stock performance in the previous three-month period - up 1.25%
After yesterday's close, Johnson Controls International's market cap was at $34.88 billion.
Price to Earnings (P/E) ratio was at 23.24.
The stock has a dividend yield of 2.70%.
The stock is part of the Consumer Goods sector, categorized under the Auto Parts industry. This sector was flat at the end of the session.
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