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July 28, 2017updated 09 Apr 2021 12:38pm

JCI unveils Q3 net income up 16% to US$555m

Johnson Controls has reported third-quarter GAAP net income up 16% from continuing operations of US$555m.

Johnson Controls has reported third-quarter GAAP net income up 16% from continuing operations of US$555m.

Adjusted sales of US$7.7bn rose 1% compared to the prior year on a combined basis.  Excluding the impacts from net acquisition and divestiture activity, as well as foreign exchange and changes in lead prices, total company sales also grew 1% organically.     

"Strong margin expansion, primarily related to the benefit of cost synergies and productivity initiatives, drove our year-over-year double-digit EPS growth in the quarter," said Johnson Controls chairman & CEO, Alex Molinaroli.

"Although we continue to make significant strides with the merger integration, we have fallen short of our revenue growth expectations for the year and are guiding our full year adjusted earnings per share to the low end of the range previously provided. 

"Given the very complex merger integration, I am proud of what our global teams have accomplished to capture near term synergies and establish a strong strategic platform that will ultimately drive global growth and continued margin expansion across our businesses."

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