JCI - Johnson Controls International plc (JCI) Q1 2024 Earnings Call Transcript

2024-01-30 11:32:06 ET

Johnson Controls International plc (JCI)

Q1 2024 Earnings Conference Call

January 30, 2024 08:30 A.M. ET

Company Participants

Jim Lucas - VP, IR

George R. Oliver - Chairman and CEO

Olivier C. Leonetti - EVP and CFO

Marc Vandiepenbeeck - VP and President, Building Solutions, EMEALA

Conference Call Participants

Scott Davis - Melius Research

Stephen Tusa - J.P. Morgan

Jeffrey Sprague - Vertical Research

Nigel Coe - Wolfe Research

Noah Kaye - Oppenheimer

Joseph Ritchie - Goldman Sachs

Andrew Kaplowitz - Citigroup

Julian Mitchell - Barclays Bank

Gautam Khanna - TD Cowen

Christopher Snyder - UBS

Nicole DeBlase - Deutsche Bank

Joseph O'Dea - Wells Fargo

Deane Dray - RBC Capital Markets

Presentation

Operator

Good morning, and welcome to the Johnson Controls First Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today’s presentation there will be an opportunity to ask questions. [Operator Instructions]. Please note today's event is being recorded. I would now like to turn the conference over to Jim Lucas, Vice President, Investor Relations. Please go ahead.

Jim Lucas

Good morning and thank you for joining our conference call to discuss Johnson Controls' first quarter fiscal 2024 results. The press release and related tables that were issued earlier this morning as well as the conference call slide presentation can be found on the Investor Relations portion of our website at johnsoncontrols.com. Joining me on the call today are Johnson Controls' Chairman and Chief Executive Officer, George Oliver; Chief Financial Officer, Olivier Leonetti; and newly appointed Chief Financial Officer, Marc Vandiepenbeeck.

Before we begin, let me remind you that during our presentation today, we will make forward-looking statements. Actual results may differ materially from those indicated by forward-looking statements due to a variety of risks and uncertainties. Please note that we assume no obligation to update these forward-looking statements even if the actual results or future expectations change materially. Please refer to our SEC filings for a detailed discussion of these risks and uncertainties in addition to the inherent limitations of such forward-looking statements.

We will also reference certain non-GAAP measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are contained in the schedules attached to our press release, and in the appendix of this presentation, both of which can be found on the Investor Relations section of Johnson Controls website. I will now turn the call over to George.

George R. Oliver

Thanks, Jim, and good morning, everyone. Thank you for joining us on the call today. Now let's begin with Slide 3. We are gaining momentum as we exit the first quarter. Our team has been unbelievable in managing through the recent cyber disruption which occurred early in the quarter. While it is challenging to comprehensively quantify the overall business impact as we recovered from the incident, we are back on track. In fact, over the course of the last 120 days since the cyber incident, we have connected with many of our key customers, solidifying already strong relationships and strengthening their trust and confidence in Johnson Controls. It is clear from their feedback that our value proposition continues to resonate, and customers believe in our products and services. ...

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