Johnson Controls International plc Q3 FY2023 results: revenue $7.1 billion, up 7.8% on the year

Johnson Controls International plc (JCI) reported revenue of $7.1 billion for Q3 FY2023, the quarter ended 30 June 2023, up 7.8% on the same quarter a year earlier. Net income was $1.0 billion, up 176.8% on the year, and diluted earnings per share $1.53. The figures are the company's own, from the 10-Q it filed with the SEC on 2 August 2023.

Revenue$7.1 billionup 7.8%

Net income$1.0 billionup 176.8%

Diluted EPS$1.53

QuarterQ3 FY2023ended 30 June 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	7,133	n/a	n/a	n/a
Cost of revenue	4,702	n/a	n/a	n/a
Gross profit	2,431	n/a	n/a	n/a
Gross margin	34.1%	n/a	n/a
Selling, general and administrative	1,555	n/a	n/a	n/a
Interest expense	79.0	n/a	n/a	n/a
Pre-tax income	793	n/a	n/a	n/a
Income tax	-329	n/a	n/a	n/a
Effective tax rate	-41.5%	n/a	n/a
Net income	1,049	n/a	n/a	n/a
Net margin	14.7%	n/a	n/a
Diluted EPS	$1.53	n/a	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	813	n/a	n/a	n/a
Capital expenditure	111	n/a	n/a	n/a
Free cash flow	702	n/a	n/a	n/a
Free cash flow margin	9.8%	n/a	n/a
Depreciation and amortisation	212	n/a	n/a	n/a
Share-based compensation	31.0	n/a	n/a	n/a
Buybacks	366	n/a	n/a	n/a
Dividends paid	248	n/a	n/a	n/a
Diluted shares, weighted	686m	n/a	n/a	n/a
Shares outstanding at period end	680m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	42,780	n/a	n/a	n/a
Cash and equivalents	1,057	n/a	n/a	n/a
Receivables	6,540	n/a	n/a	n/a
Inventory	3,092	n/a	n/a	n/a
Goodwill	17,644	n/a	n/a	n/a
Long-term debt including finance leases	8,497	n/a	n/a	n/a
Operating lease liabilities	1,111	n/a	n/a	n/a
Shareholders' equity	16,324	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	7,133	6,906	6,094	6,699	7,231	2,928	5,426	5,676	6,052	6,442	5,797	6,142
Cost of revenue	4,702	4,698	4,102	4,518	4,743	1,512	3,500	3,607	3,806	4,091	3,723	3,880
Gross profit	2,431	2,208	1,992	2,181	2,488	1,416	1,926	2,069	2,246	2,351	2,074	2,262
Gross margin	34%	32%	33%	33%	34%	48%	35%	36%	37%	36%	36%	37%
SG&A	1,555	1,476	1,513	2,251	1,090	807	1,399	1,427	1,417	1,521	1,221	1,401
Interest expense	79.0	n/a	n/a	n/a	n/a	n/a	67.0	56.0	n/a	n/a	42.0	60.0
Pre-tax income	793	524	403	-361	1,279	201	408	501	705	355	708	738
Tax rate	-41%	-11%	-0%	n/a	18%	6%	12%	5%	12%	24%	21%	17%
Net income	1,049	549	374	-277	975	633	419	478	701	1,693	524	613
Net margin	15%	8%	6%	-4%	13%	22%	8%	8%	12%	26%	9%	10%
Diluted EPS	$1.53	$0.80	$0.55	-$0.41	$1.45	$0.93	$0.63	$0.72	$1.07	$2.61	$0.85	$1.00
Operating cash flow	813	n/a	-246	-203	1,021	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Capital expenditure	111	173	92.0	133	99.0	170	116	94.0	94.0	130	80.0	68.0
Free cash flow	702	n/a	-338	-336	922	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Buybacks	366	12.0	0.0	474	402	370	330	330	310	5,021	0.0	215
Dividends paid	248	251	252	252	249	247	245	245	243	243	245	244
Shares outstanding	680m	681m	681m	674m	668m	662m	661m	658m	654m	611m	612m	610m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2023, filed 2 August 2023, accession 0000833444-23-000030: the filing on EDGAR. All of Johnson Controls International plc's filings: EDGAR company page.

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