Summary
Johnson Controls International plc (JCI), operating as Tyco International Ltd. during this period, reported a net revenue of $4.35 billion for the third quarter of fiscal year 2012, a 9.1% increase year-over-year. This growth was driven by strong performance across all segments, particularly Commercial Fire and Security, ADT North American Residential, and Flow Control. The company generated $1.05 billion in operating cash flow for the first six months of the fiscal year. A significant strategic development during this quarter was the announcement of a plan to separate the company into three distinct publicly traded entities: one for North American residential security, one for flow control, and one for commercial fire and security. The flow control business is planned to merge with Pentair, Inc. Significant costs related to these separation activities were incurred during the quarter. Despite increased revenues, operating income saw a modest increase of 8.3% year-over-year for the quarter due to these separation costs and other restructuring charges. The company maintained a strong balance sheet with $1.1 billion in cash and cash equivalents and a debt-to-capital ratio of 22% as of March 30, 2012.
Financial Highlights
51 data points| Revenue | $1.41B |
| Cost of Revenue | $1.63B |
| Gross Profit | -$227.00M |
| SG&A Expenses | $660.00M |
| Operating Income | $228.00M |
| Interest Expense | $59.00M |
| Net Income | $323.00M |
| EPS (Basic) | $0.70 |
| EPS (Diluted) | $0.69 |
| Shares Outstanding (Basic) | 463.00M |
| Shares Outstanding (Diluted) | 469.00M |
Key Highlights
- 1Net revenue for the quarter increased 9.1% year-over-year to $4.35 billion, driven by broad-based segment growth.
- 2Operating income grew 8.3% to $484 million for the quarter, though impacted by $66 million in separation costs.
- 3The company announced a significant plan to separate into three independent companies, including a merger of its flow control business with Pentair.
- 4Operating cash flow for the first six months was robust at $1.05 billion.
- 5ADT North American Residential saw a 5.1% increase in net revenue, driven by recurring customer revenue growth and higher average revenue per customer.
- 6The company maintained substantial goodwill and intangible assets on its balance sheet, totaling approximately $10.1 billion and $3.7 billion respectively.
- 7Total debt remained stable at approximately $4.1 billion, with a healthy debt-to-capital ratio of 22%.