News & Analysis

Johnson Controls International results announced – the stock is down

13 December 2023 By Klavs Valters


On Monday, Citigroup raised its target price for the Irish multinational conglomerate, Johnson Controls International plc (NYSE: JCI), from $58 to $61 a share.

On Tuesday, Johnson Controls announced its latest financial results for its fiscal fourth 2023. Let’s see how it performed.

Company overview

  • Founded: 1885
  • Headquarters: Cork, Ireland
  • Number of employees: 102,000 (2022)
  • Industry: Conglomerate
  • Key people: George Oliver (Chairman, CEO)

The results

Johnson Controls reported revenue of $6.906 billion for the quarter (up by 3% year-over-year), which missed analyst estimate of $7.099 billion.

Earnings per share (EPS) also fell short of estimates at $1.05 per share (up by 6% year-over-year) vs. $1.095 per share expected.

CEO commentary

“Our fiscal 2023 results, highlighted by strong sales growth and margin expansion, further validate that our strategy of providing solutions that make buildings smarter, healthier, and more sustainable continues to gain momentum,” George Oliver, CEO of Johnson Controls said in a letter to investors.

“We made significant progress during the year advancing our service strategy, enabled by digital, and we continue to see strong order momentum and record backlog entering our new fiscal year,” Oliver added.

Stock reaction

The stock was down by over 6% during the trading day on Tuesday, trading at $52.63 a share.

Stock performance

  • 1 month: -0.58%
  • 3 months: -9.06%
  • Year-to-date: -18.54%
  • 1 year: -21.70%

Johnson Controls International stock price targets

  • Citigroup: $61
  • Oppenheimer: $66
  • UBS Group: $74
  • Wells Fargo: $62
  • HSBC: $69
  • Morgan Stanley: $70
  • Barclays: $64
  • JP Morgan: $72
  • Deutsche Bank: $65
  • Mizuho: $78
  • Bank of America: $72

Johnson Controls International plc is the 507th largest company in the world with a market cap of $35.89 billion.

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Sources: Johnson Controls International plc, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap

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