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Johnson Controls International plc (NYSE: JCI) is a global leader in diversified technology and multi-industrial sectors, serving a wide range of customers in more than 150 countries. With a dedicated workforce of 120,000 employees, the company creates intelligent buildings, efficient energy solutions, integrated infrastructure, and next-generation transportation systems. These elements work together seamlessly to deliver the promise of smart cities and communities.
Founded in 1885 with the invention of the first electric room thermostat, Johnson Controls has a long-standing commitment to sustainability. The company's core business includes the manufacturing, installation, and servicing of HVAC systems, building management systems and controls, industrial refrigeration units, and fire and security solutions. Commercial HVAC accounts for over 45% of sales, fire and security represent roughly 40%, and residential HVAC, industrial refrigeration, and other solutions make up the remaining 15% of revenue. In fiscal 2023, Johnson Controls reported nearly $27 billion in revenue.
Johnson Controls' recent achievements highlight its ongoing commitment to innovation and customer satisfaction. The company reported fiscal first-quarter 2024 GAAP earnings per share ("EPS") of $0.55 and adjusted EPS of $0.51, with sales of $6.1 billion. Despite a slight decline in organic sales, the company generated a GAAP net income of $374 million. The appointment of Marc Vandiepenbeeck as CFO and the company's robust backlog indicate strong future performance and strategic focus.
The company is also involved in several current projects and partnerships aimed at driving growth and delivering value to stakeholders. For instance, Johnson Controls recently integrated FM:Systems, enhancing its workplace management solutions portfolio. This acquisition aims to provide customers with data-backed clarity to make strategic real estate decisions and deliver high-performance workplaces.
Financially, Johnson Controls continues to show resilience and adaptability. The company initiated fiscal 2024 second-quarter guidance and maintains a positive outlook for the full year. Johnson Controls also announced a tender offer to purchase debt securities, demonstrating its proactive financial management strategies.
Latest News Highlights:
- RALEIGH, N.C., Jan. 23, 2024 – FM:Systems released results of its 2023 Inside the Workplace survey, revealing six new workplace trends and priorities for 2024 and beyond.
- CORK, Ireland, Jan. 30, 2024 – Johnson Controls reported fiscal first-quarter 2024 results, with GAAP EPS of $0.55 and adjusted EPS of $0.51, and sales of $6.1 billion.
- CORK, Ireland, May 1, 2024 – Johnson Controls reported fiscal second-quarter 2024 results, with GAAP EPS of $(0.41) and adjusted EPS of $0.78, and sales of $6.7 billion.
- CORK, Ireland, May 20, 2024 – Johnson Controls announced tender offers to purchase cash debt securities, increasing the aggregate tender cap to $119,000,000.
Johnson Controls (NYSE: JCI) has announced the sale of its Air Distribution Technologies business to Truelink Capital, a private equity firm. The sale aligns with Johnson Controls' strategy to simplify its portfolio and enhance its focus on providing comprehensive solutions for commercial buildings. Key brands included in the sale are Koch Filter, Titus, Ruskin, Kreuger, PennBarry, and Tuttle & Bailey. Manufacturing facilities in the US, Mexico, India, Thailand, and the UAE will be transferred to Truelink. The transaction is expected to close in the second half of 2024, pending customary conditions.
Johnson Controls International (NYSE: JCI) announced a quarterly dividend of $0.37 per share of common stock. This dividend is payable on July 19, 2024, to shareholders who are on record as of June 24, 2024. The company has a long history of dividend payments, having consecutively paid since 1887.
Sensormatic Solutions, a part of Johnson Controls (NYSE: JCI), announced the expansion of its RFID Service Bureaus with a new facility in Matamoros, Mexico. This expansion enhances their global reach, providing custom-printed and encoded RFID tags and labels directly to retailers and manufacturers in North and Central America. The new service bureau complements existing facilities in Asia, Europe, and Latin America. The initiative aims to simplify source tagging, improve inventory accuracy, enhance supply chain visibility, and reduce labor demands. Previous collaborations, like with Renner in Brazil, have shown significant improvements in inventory accuracy and stockout reductions.
Johnson Controls (NYSE: JCI) announced the formation of a dedicated Global Data Center Solutions organization to meet growing demand. Led by company veteran Todd Grabowski, the new division aims to leverage Johnson Controls' extensive resources to deliver integrated data center solutions globally. Grabowski will report to Chairman and CEO George Oliver. This move is part of Johnson Controls' strategy to capitalize on the booming data center market through innovative technologies, extensive R&D, and a comprehensive service portfolio. The company aims to provide energy-efficient, sustainable, and safe solutions to data center customers, enhancing efficiency and reducing costs.
Johnson Controls (NYSE: JCI) has announced the reference yields for its cash tender offers and increased its aggregate tender cap from $90 million to $119 million for its outstanding senior notes. The tender offers, initially announced on May 20, 2024, will expire on June 18, 2024. The early tender date was June 3, 2024, with early settlement on June 6, 2024. The 5.125% Senior Notes due 2045 saw $164.999 million tendered, but only $119 million will be accepted at a proration factor of 72.18%. The 4.500% Senior Notes due 2047 had $108.749 million tendered, but none will be accepted. All other terms remain unchanged.
Johnson Controls (NYSE: JCI) has announced early results for its cash tender offers for up to $90 million in senior notes, potentially increasing the cap to $117 million. The early tender date was June 3, 2024, with 44.35% of 5.125% Senior Notes due 2045 and 21.75% of 4.500% Senior Notes due 2047 tendered. The tender offers expire on June 18, 2024. Securities tendered after the early date will not be accepted. The payment date for accepted tenders is June 6, 2024. The company's tender offers are subject to conditions described in the Offer to Purchase.
Sensormatic Solutions, part of Johnson Controls (NYSE: JCI), has partnered with Thruvision to introduce next-generation walk-through security screening technology using passive terahertz cameras. The partnership aims to enhance loss prevention in retail settings by addressing internal theft, which accounts for 40% of the total value of theft. Thruvision’s technology can detect items hidden under clothing from up to 7 meters away without emitting radiation or capturing personal details. This collaboration promises to reduce internal losses, improve operational efficiency, and enhance employee and customer experiences.
Johnson Controls (NYSE: JCI) announced a cash tender offer for up to $90 million in aggregate principal amount of its senior notes.
The offer includes its 5.125% Senior Notes due 2045 and 4.500% Senior Notes due 2047, with an early tender payment of $50 per $1,000 principal amount.
Investors must tender their securities by June 3, 2024, to receive the early payment, and the offer expires on June 18, 2024.
The company may modify the aggregate cap without extending the withdrawal deadline, and any changes could be significant.
Payment for validly tendered securities will be made on June 21, 2024, or earlier for those tendered by the early date.
Johnson Controls (NYSE: JCI) has announced its participation in the 17th Annual Wolfe Research Global Transportation & Industrials Conference. The event will take place in New York, with CFO Marc Vandiepenbeeck presenting on May 21, 2024, at 11:10 a.m. EDT. A live webcast of the presentation will be accessible on the company's website.
Johnson Controls has appointed Chris Bontempo as the Vice President and Chief Marketing Officer, bringing his extensive experience from IBM to lead marketing strategies, drive demand generation, and enhance brand equity. Bontempo's expertise in data, AI, and the digital ecosystem will help Johnson Controls grow market share and connect customers with innovative technologies.
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