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Johnson Controls (JCI) Q2 Earnings Beat, Revenues In Line

Zacks Equity Research

Johnson Controls International plc JCI has reported adjusted earnings per share of 32 cents in second-quarter fiscal 2019, surpassing the Zacks Consensus Estimate of 30 cents. In second-quarter fiscal 2018, earnings were 26 cents per share. The reported quarter witnessed solid organic revenue growth.

Operational Update

During the quarter under review, Johnson Controls reported revenues of $5.8 billion, up 3% year over year. Revenues were almost in line with the Zacks Consensus Estimate. In the quarter under review, the cost of sales increased to $3.94 billion from $3.81 billion in the year-ago quarter. Gross profit rose to $1.84 billion from $1.82 billion in the year-ago quarter.

Selling, general and administrative expenses in the fiscal second quarter totaled $1.46 billion, down from the prior-year quarter figure of $1.49 billion.

Johnson Controls International plc Price, Consensus and EPS Surprise

 

Johnson Controls International plc Price, Consensus and EPS Surprise | Johnson Controls International plc Quote

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Segment Results

Building Solutions North America: This segment’s adjusted revenues were $2.19 billion, increasing from the year-ago quarter’s $2.10 billion. The segment’s EBITA increased to $259 million from $244 million in second-quarter fiscal 2018.

Building Solutions Europe, Middle East, Africa/Latin America: Adjusted revenues in this segment declined to $878 million from $907 million a year ago. Segment’s EBITA was $81 million, up from the second-quarter fiscal 2018 level of $78 million.

Building Solutions Asia Pacific: Adjusted revenues in this segment rose to $628 million from $586 million a year ago. This segment’s EBITA was $76 million, up from the second-quarter fiscal 2018 level of $71 million.

Global Products: Adjusted revenues in this segment rose to $2.09 billion from $2.04 billion a year ago. This segment’s EBITA was $255 million, up from the second-quarter fiscal 2018 level of $237 million.

Financial Position

Johnson Controls had cash and cash equivalents of $239 million as of Mar 31, 2019, up from $185 million as of Sep 30, 2018. Long-term debt declined to $8.41 billion in the quarter under review from $9.62 billion as of Sep 30, 2018.

In the reported quarter, the company repurchased 16 million shares for $533 million.

Guidance

The company anticipates fiscal 2019 adjusted EPS from continuing operations of $1.85-$1.95, marking a year-over-year increase of 16-23%.

Zacks Rank & Stocks to Consider

Johnson Controls currently carries a Zacks Rank #3 (Hold).

A few better-ranked stocks in the auto space are PACCAR, Inc. PCAR, SPX Corporation SPXC and AB Volvo VLVLY. PACCAR and SPX Corp currently carry a Zacks Rank #2 (Buy) while Volvo sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

PACCAR has an expected long-term growth rate of 8.4%. The company’s stock has seen the Zacks Consensus Estimate for earnings in 2019 being revised 0.16% upward over the past 30 days.

SPX Corp has an expected current-year growth rate of 18.2%. The company’s stock has seen the Zacks Consensus Estimate for earnings in 2019 being revised 0.39% upward over the past 30 days.

Volvo has an expected long-term growth rate of 5%. The company’s stock has seen the Zacks Consensus Estimate for earnings in 2019 being revised 8.1% upward over the past 30 days.

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