Johnson Controls remains strong despite unprecedented conditions

Cork, Ireland

Johnson Controls International plc has just reported its fiscal third quarter 2020 results, which show sales of $5.3 billion, a decrease of 17% compared to the prior year and a decline of 16% organically, driven by the COVID-19 pandemic.

According to the report, GAAP earnings before interest and taxes showed a loss of $65 million and EBIT margin was (1.2%) driven primarily by a restructuring and impairment charge. Adjusted EBIT was $707 million and adjusted EBIT margin was 13.2%, up 70 basis points compared to prior year results.

"As we continue to navigate through an unprecedented environment we have maintained focus on our two top priorities – protecting the health and safety of our employees and their families, as well as supporting the continuous functionality of our customers' and partners' critical infrastructure and essential facilities," said George Oliver, chairman and CEO. "We have made significant progress in securing our facilities, implementing new policies, and ensuring the wellbeing of our employees, our customers, and their building occupants."

"At the same time, the decisive actions we took to control costs from the very beginning of the COVID-19 pandemic, have resulted in significant benefits in the quarter," Oliver continued.

"Although market conditions remain uncertain and visibility still somewhat limited, we are well positioned with improved operating fundamentals, a strong balance sheet and cash flow, and a leading position in intelligent and sustainable building solutions. It is because of our market leading position that we are excited to announce Openblue, our new digital platform. Openblue will allow our customers to manage their operations more systemically and seamlessly, delivering buildings that have memory, intelligence and a unique identity. The platform is infused with award-winning artificial intelligence, combining data from both inside and outside of buildings leveraging the cloud to provide unique occupant experiences.

Openblue is the culmination of years of R&D led by our incredible engineers and data scientists around the globe, and reflects how we think about buildings evolving from inflexible assets to sustainable dynamic resources. As the world looks to re-open economies while dealing with the global pandemic, Openblue solutions contain innovative technologies that enhance our core capabilities, delivering the highest air quality and the safest and most secure buildings, to ensure an efficient return to a healthy workplace," Oliver added.


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