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Johnson Controls International plc (JCI-0.19%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing includes financial statements for the year, showing net sales of $22,952 million, an increase from $22,331 million in the previous year. The increase was attributed to higher organic sales, partially offset by the negative impact of foreign currency translation and the net impact of acquisitions and divestitures.
Cost of sales for the year was $14,875 million, representing 64.8% of sales, compared to 65.1% in the previous year. The company reported a gross profit of $8,077 million, compared to $7,804 million in the previous year.
Selling, general, and administrative expenses increased to $5,661 million from $5,387 million, primarily due to the net impact of the water systems AFFF settlement agreement costs net of insurance recoveries.
Restructuring and impairment costs were $510 million, down from $1,049 million in the previous year, with impairments related to goodwill and other assets.
Net financing charges increased to $342 million from $258 million, primarily due to higher interest expense.
The company reported income from continuing operations before income taxes of $1,522 million, compared to $1,113 million in the previous year. The effective tax rate was 7%, compared to (42)% in the previous year.
Income from discontinued operations, net of tax, was $489 million, up from $452 million in the previous year, primarily due to decreased SG&A as a result of productivity improvements.
Johnson Controls had a working capital of $(57) million as of September 30, 2024. Accounts receivable increased to $6,051 million, while inventories decreased to $1,774 million.
Cash provided by operating activities was $1,568 million, while cash used in investing and financing activities was $184 million and $1,948 million, respectively.
The company had a total debt of $9,493 million as of September 30, 2024, with net debt of $8,887 million.
Johnson Controls continues to focus on its strategic priorities, including capitalizing on key growth vectors, bringing value across the building lifecycle, accelerating in high growth digital services, regions, and verticals, and sustaining a high-performance, customer-centric culture.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Johnson Controls International plc annual 10-K report dated November 19, 2024. To report an error, please email earnings@qz.com.