- Johnson Controls International ( NYSE: JCI ) stock climbed 6.5% to a six-month high on Thursday after the HVAC company issued upbeat 2023 forecast above Street estimates amid robust demand.
- Backlog resiliency, govt. incentives and commercial market presence are expected to offset macro uncertainty in the year ahead, Johnson Controls ( JCI ) said in its earnings slides .
- The company guided for FY23 adj. EPS of $3.20-$3.60, up 7-20% Y/Y, and organic revenue growth of high single-digits to low double-digits.
- Q1 adj. EPS is expected to be $0.65-$0.67, up 20-24% Y/Y, and organic revenue growth of low double-digit.
- The company reported largely in-line Q4 results, with margin expansion offsetting foreign exchange headwinds.
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- Q4 adj. EPS was $0.99 , while revenue grew 5.3% Y/Y to $6.73B.
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- Adj. EBIT margin was 13.6%, up 70 bps. Backlog was at a record $11.1B, up 13% organically, and orders grew 9% organically.
- Shares of Johnson Controls ( JCI ) declined ~24% YTD.
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Johnson Controls stock climbs over 6% as record backlog drives upbeat guidance