Johnson Controls Releases Financial Report for Q3 of Fiscal 2016
The company experienced a dip in revenue compared to the third quarter of fiscal 2015.
MILWAUKEE — Johnson Controls reports $9.5 billion in revenues in the third quarter of fiscal 2016, as well as net income from continuing operations of $383 million, which includes several non-recurring items.
The company posted $9.6 billion in revenue in 2015, and it says the decrease is due primarily to the deconsolidation of the company’s automotive interiors joint venture and foreign exchange.
“The company delivered another excellent quarter continuing our momentum as we progress toward separation into two-world companies,” says Alex Molinaroli, Johnson Controls CEO. “We experienced solid organic growth in both building efficiency and power solutions, and delivered significant margin expansion across all our businesses.”
Here are some takeaways from the financial report:
- Building efficiency sales were up 33% YOY at $3.6 billion. Its segment income was $397 million, up 47% from $272 million in the third quarter of fiscal 2015.
- Power solutions sales were up 3% to $1.5 billion, with segment income up 12% at $262 million.
- Diluted earnings per share is $1.07, up 18% compared to the same quarter last year ($0.91).
- The company’s transaction, integration and separation costs were $167 million ($150 million after tax and non-controlling interest), primarily related to the proposed spin-off of Adient, the Tyco merger and the JCH joint venture integration.
“My enthusiasm and confidence in the future of Johnson Controls only continues to grow as I work closely with our future colleagues from Tyco,” Molinaroli says. “With the leadership team established, we continue to progress in our integration planning to create what we believe will be the world leader in buildings and energy, uniquely positioned to deliver superior value to our customers, employees and shareholders through this powerful strategic combination.”
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