Johnson Controls Q1 Revenues Rise 4%

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CORK, Ireland — Johnson Controls (NYSE: JCI) reported its first quarter 2023 revenues rose 4% to $6.01 billion, while the company’s organic growth was up 9%. Total EBITDA was $792 million with net income at $118 million for the quarter. The results were in line with the high end of the company’s expectations and looking ahead, the company has a record backlog of $11.3 billion in backlogged order, which is 11% higher year over year.

Johnson Controls is a highly diversified company manufacturing products in the HVAC, refrigeration, water/mechanical, security, fire and building management space. Among its most recognizable security and fire brands are DSC, Tyco, American Dynamics, Kantech, Visonic, Software House, Exacq, Simplex, and Grinnell.

“Johnson Controls delivered solid first quarter results,” said George Oliver, Chairman and Chief Executive Officer. “Our momentum remains strong, and we are uniquely positioned to accelerate growth across our service-based businesses and expand our digital solutions through our innovative OpenBlue platform. Our unique offerings enable us to lead the future of smart, healthy and sustainable buildings.”

“Our earnings results came in at the high end of our guidance as we executed on our higher margin backlog, delivered on our productivity initiatives and improved our operational execution,” said Olivier Leonetti, Chief Financial Officer. “Our pipeline remains robust, and we are well positioned to capture tailwinds across our vectors of growth and deliver strong financial performance.”

In North America, sales in the quarter were $2.4 billion, and increase of 10% versus the prior year. Organic sales increased 10% over the prior year led by continued growth in the company’s installation business, including low double-digit growth in both retrofit and new construction. North American backlog at the end of the quarter was $7.5 billion, up 16% compared to the prior year.

Heading into Q2, Johnson Controls expects 10% year-over-year growth. For the full year, the company’s guidance is high single-digit to low double-digit revenue growth.

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