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Johnson Controls International plc (JCI-4.19%) has submitted its Form 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports net sales of $5.426 billion, a 4% increase from the previous year, driven by organic growth in Building Solutions North America and Global Products segments.
Gross profit for the quarter was $1.926 billion, representing a margin of 35.5%, up from 34.1% in the previous year, attributed to higher margin backlog conversion.
Selling, general, and administrative expenses increased to $1.399 billion, primarily due to transformation and transaction costs.
The company reported restructuring and impairment costs of $33 million, related to ongoing restructuring plans to align resources with growth strategies.
Net financing charges were $86 million, consistent with the previous year, with interest expense offset by foreign exchange results.
Income from continuing operations before income taxes was $408 million, with an effective tax rate of 11.5%, compared to a negative rate in the previous year due to tax reform benefits.
Net income attributable to Johnson Controls was $419 million, an increase from $374 million in the previous year, with diluted earnings per share of $0.63.
Cash provided by operating activities was $249 million, an improvement from a cash outflow in the previous year, due to changes in working capital.
Johnson Controls continues to focus on its strategic initiatives, including the planned divestiture of its Residential and Light Commercial HVAC business, expected to close in the fourth quarter of fiscal 2025.
The filing also notes the company's ongoing efforts to address environmental liabilities and legal proceedings related to AFFF litigation and other matters.
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 quarterly 10-Q report dated February 5, 2025. To report an error, please email earnings@qz.com.