Summary
Johnson Controls International plc (JCI) reported for the fiscal year ended September 29, 2021, a net sales increase of 6% to $23.7 billion, driven by organic growth and favorable foreign currency translation. Net income attributable to Johnson Controls significantly increased to $1.64 billion from $631 million in the prior year, reflecting improved gross profit, lower SG&A expenses, and reduced restructuring costs, partially offset by a higher income tax provision. The company continues its strategic focus on smart, healthy, and sustainable buildings, leveraging its OpenBlue software platform. Significant headwinds were noted from supply chain disruptions and increased input material costs, which the company actively mitigated through various measures. The company also highlighted its ongoing commitment to shareholder returns through a substantial share repurchase program and dividend payments.
Financial Highlights
54 data points| Revenue | $23.67B |
| Cost of Revenue | $15.61B |
| Gross Profit | $8.06B |
| R&D Expenses | $275.00M |
| SG&A Expenses | $5.26B |
| Operating Income | $1.51B |
| Interest Expense | $219.00M |
| Net Income | $1.64B |
| EPS (Basic) | $2.28 |
| EPS (Diluted) | $2.27 |
| Shares Outstanding (Basic) | 716.60M |
| Shares Outstanding (Diluted) | 721.10M |
Key Highlights
- 1Net sales increased by 6% to $23.7 billion in fiscal year 2021, driven by organic growth, favorable foreign currency translation, and acquisitions.
- 2Net income attributable to Johnson Controls surged to $1.64 billion, a significant improvement from $631 million in fiscal year 2020.
- 3Segment EBITA increased by 15% to $3.4 billion, with strong performance in the Global Products and Building Solutions EMEA/LA segments.
- 4The company repurchased approximately $1.3 billion of its ordinary shares in fiscal year 2021 under its share repurchase program.
- 5Johnson Controls announced plans to optimize its cost structure, aiming for annualized savings of $300 million in SG&A and $250 million in cost of sales by fiscal year 2023.
- 6The company is investing 75% of its new product R&D in climate-related innovation to develop sustainable products and services.
- 7Despite experiencing supply chain disruptions and increased commodity costs, the company demonstrated effective mitigation strategies, though these trends are expected to continue into fiscal year 2022.