Summary
Johnson Controls International plc (referred to as Tyco International Ltd. in this filing) reported total net revenue of $10.4 billion for the fiscal year ended September 28, 2012. The company operates in three primary segments: North America Systems Installation & Services, Rest of World Systems Installation & Services, and Global Products. A significant event during the year was the spin-off of its North American residential security and flow control businesses into separate publicly traded companies, ADT and Pentair Ltd., respectively. This transaction, referred to as the '2012 Separation,' resulted in these divested businesses being classified as discontinued operations, impacting the comparability of year-over-year financial results. The company faced mixed results, with net revenue declining slightly by 1.5% year-over-year. While the Global Products segment saw strong organic revenue growth of 10.1%, the Installation & Services segments experienced declines or modest growth. Operating income saw a significant decrease of 30.2% primarily due to a large net gain on divestitures recognized in the prior year related to the sale of its Electrical and Metal Products business. The company also faced ongoing challenges including general economic conditions, competition, and risks associated with international operations.
Financial Highlights
55 data points| Revenue | $9.89B |
| Cost of Revenue | $3.90B |
| Gross Profit | $5.99B |
| R&D Expenses | $145.00M |
| SG&A Expenses | $2.82B |
| Operating Income | $578.00M |
| Interest Expense | $209.00M |
| Net Income | $472.00M |
| EPS (Basic) | $1.02 |
| EPS (Diluted) | $1.02 |
| Shares Outstanding (Basic) | 463.00M |
| Shares Outstanding (Diluted) | 463.00M |
Key Highlights
- 1Tyco International Ltd. reported total net revenue of $10.4 billion for the fiscal year ended September 28, 2012.
- 2The company completed the spin-off of its North American residential security (ADT) and flow control (Pentair Ltd.) businesses as part of the '2012 Separation,' classifying them as discontinued operations.
- 3Net revenue decreased by 1.5% to $10.4 billion, but organic revenue growth from continuing operations was 2.4%, driven by the Global Products segment.
- 4Operating income decreased by 30.2% to $685 million, largely impacted by a significant net gain on divestitures in the prior year.
- 5The Global Products segment showed strong performance with net revenue growth of 19.7% and organic revenue growth of 10.1%.
- 6The company experienced a net loss from continuing operations attributable to Tyco common shareholders of $332 million, a reversal from the prior year's income of $617 million, partly due to separation costs and debt extinguishment.
- 7The company manages a global footprint with over 1,200 locations in more than 50 countries, with approximately 50% of revenues derived from outside North America.