Summary
Johnson Controls International plc (JCI), formerly known as Tyco International Ltd. in this filing, reported net revenue of $10.34 billion for the fiscal year ended September 26, 2014. The company operates in three main segments: North America Installation & Services, Rest of World Installation & Services, and Global Products. Significant events during the year included progress on the merger with Tyco Ireland to change the jurisdiction of incorporation to Ireland, expected to be effective in November 2014, and the sale of the ADT Korea business for $1.93 billion. The company's financial performance was impacted by substantial asbestos-related charges, totaling $462 million in operating income, primarily related to an agreement in principle for the Yarway bankruptcy and an updated valuation of estimated liabilities. Despite these charges, the company reported income from continuing operations attributable to common shareholders of $794 million. Investors should note the ongoing legal and environmental matters, including significant asbestos liabilities and environmental remediation at the Marinette, Wisconsin facility.
Financial Highlights
55 data points| Revenue | $38.75B |
| Cost of Revenue | $32.44B |
| Gross Profit | $6.30B |
| R&D Expenses | $193.00M |
| SG&A Expenses | $4.22B |
| Operating Income | $700.00M |
| Interest Expense | $254.00M |
| Net Income | $1.22B |
| EPS (Basic) | $1.82 |
| EPS (Diluted) | $1.80 |
| Shares Outstanding (Basic) | 666.90M |
| Shares Outstanding (Diluted) | 674.80M |
Key Highlights
- 1Reported net revenue of $10.34 billion for fiscal year 2014, a 2.7% increase from the prior year.
- 2Completed the sale of ADT Korea business for $1.93 billion, contributing to a substantial gain in net income.
- 3The company is undergoing a merger with Tyco Ireland to change its jurisdiction of incorporation from Switzerland to Ireland, expected to be effective in November 2014.
- 4Significant asbestos-related charges amounting to $462 million negatively impacted operating income, primarily due to liabilities from Yarway and updated claim valuations.
- 5Operating income decreased by 1.7% to $697 million, largely due to the aforementioned asbestos charges, partially offset by favorable legal settlements and insurance recoveries.
- 6The Global Products segment showed strong performance with an 8.8% increase in net revenue, driven by growth in security products.
- 7As of September 26, 2014, the company had a backlog of unfilled orders of $4.86 billion, reflecting a slight increase from the prior year.