Q4 2023 Performance:
Johnson Controls reported a 3% year-over-year increase in revenue (2% organic growth) for the fourth quarter. For the full fiscal year, revenue rose 6%, with organic growth of 8%. GAAP earnings per share (EPS) for Q4 stood at $0.80, while adjusted EPS was $1.05—representing a 6% increase year-over-year, even after accounting for the impact of a cyberattack. Full-year GAAP EPS was $2.69, and adjusted EPS was $3.50, up 17% from the previous year.
Orders and Backlog:
Organic orders grew by 9% year-over-year in Q4, and by 7% over the fiscal year. The company ended the year with a record backlog of $12.1 billion, representing a 9% organic increase year-over-year.
Company Comments:
CEO George Oliver stated, “Our FY2023 results demonstrate continued momentum in our strategy around smart, healthy, and sustainable building solutions.” CFO Olivier Leonetti highlighted the increase in orders across both the install and service businesses and expressed confidence in further revenue growth, margin expansion, and improved cash flow going forward.
