Johnson Controls (NYSE: JCI) reported Q2 EPS of $0.42, $0.06 better than the analyst estimate of $0.36. Revenue for the quarter came in at $5.44 billion versus the consensus estimate of $5.5 billion.

"The health and wellness of our employees and their families will continue to be our priority. In an effort to protect our employees, including those on the front lines supporting customers and in all facilities, we have taken extra precautions to ensure this priority is met. I would like to thank each of our 105,000 employees for their continuous efforts in the battle against COVID-19, and for going the extra mile for our customers and stakeholders," said George Oliver, chairman and CEO.

"We have also taken decisive actions to control operating costs and further enhance our liquidity position. Given our strong balance sheet and the improved fundamentals built over the past two years, I believe we are in an excellent position to weather the economic uncertainty and capitalize on the recovery," Oliver said. "Since the start of this crisis, our goal as a company has been twofold – first and foremost, to protect the health and safety of all of our employees and their families. Second, to work diligently with our customers and partners to ensure the continued functionality of critical infrastructure and essential facilities around the world. I am proud to say that our teams have exceled on both fronts."

"Our position as the leader in intelligent and sustainable building solutions enables Johnson Controls to deliver the outcomes that matter most to our customers. The depth and breadth of our product portfolio, combined with proven expertise and expansive global footprint provides us with a unique advantage as the evolution of the built environment accelerates," Oliver added.

Johnson Controls financial position remains strong, with access to liquidity including two senior revolving credit facilities – a one-year $500 million facility and a five-year $2.5 billion facility. Given the increasingly uncertain environment, the Company has taken proactive measures to increase near-term financial flexibility, electing to opportunistically raise $675 million via European financing arrangements and $575 million in bank term loans. In addition, as planned the Company repaid with existing cash a $500 million bond that matured in March 2020.

SECOND HALF FRAMEWORK

As a result of the challenging and uncertain macro environment attributable to the impact of COVID-19, the Company is withdrawing its previously communicated fiscal year 2020 guidance and has provided the below framework related to the second half of the fiscal year.

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