Johnson Controls (NYSE: JCI) reported Q1 EPS of $0.43, $0.03 better than the analyst estimate of $0.40. Revenue for the quarter came in at $5.34 billion versus the consensus estimate of $5.27 billion.

• GAAP EPS of $0.45; Adjusted EPS of $0.43, up 8% versus prior year
• Continued sequential quarterly improvement in sales, orders and profitability
• Backlog of $9.5B increases 3% organically year-over-year
• Cash provided by operating activities was $0.5 billion; Free cash flow of $0.4 billion
• Executed $346 million of planned share repurchases in Q1
• Announced ambitious new ESG commitments
• Provides fiscal 2021 second quarter adjusted earnings per share guidance range of $0.47 to $0.49; top-line organic growth expected to turn positive
• Provides fiscal 2021 full year adjusted earnings per share guidance range of $2.45 to $2.55; represents a 9 to 14% increase year over year

"2021 is off to a strong start with solid financial performance in our fiscal first quarter, demonstrating our continued commitment to disciplined execution, in what remains a challenging market environment," said George Oliver, chairman and CEO. "The continued benefits from our actions taken in fiscal 2020 to reduce structural costs, combined with ongoing efforts to minimize discretionary expenses, enabled us to achieve record first quarter profitability and free cash flow. Although many of our end markets remain under pressure due to the ongoing impacts of the pandemic, we further advanced our strategic growth initiatives, with continued reinvestment in our businesses to ensure we are best positioned for the recovery. As we progress into the second quarter, we expect to return to organic revenue growth, with strong margin expansion and year-over-year growth in earnings per share."

Mr. Oliver added, "Our OpenBlue digital technologies are reinventing the building landscape, creating dynamic smart facilities that help our customers meet their sustainability commitments, while delivering healthy places, enriched experiences and cost savings. Our vision for a healthy world centers on healthy buildings, which means delivering on the most critical elements to serve People, Places and the Planet. We believe we are uniquely positioned to lead the industry in translating new building technology capabilities into game-changing solutions that deliver on that vision."

In a separate press release issued today, Johnson Controls announced an ambitious set of new Environmental, Social & Governance (ESG) commitments, science-based targets as well as a net zero carbon pledge to support a healthy, more sustainable planet over the next two decades.

"Our commitments reinforce the urgency to make positive changes that will improve the health of our planet, and we believe we are uniquely positioned to help customers and suppliers achieve their sustainability goals, in addition to our own," said Katie McGinty, vice president & chief sustainability, government and regulatory affairs officer at Johnson Controls. "We are excited to step up the role we play and will continue to innovate and uncover new pathways to meet our goals which will contribute to healthier people, healthier places and a healthier planet."

GUIDANCE:

Johnson Controls sees Q2 2021 EPS of $0.47-$0.49, versus the consensus of $0.48.

Johnson Controls sees FY2021 EPS of $2.45-$2.55, versus the consensus of $2.51.

The Company initiated fiscal 2021 second quarter guidance:

• Organic revenue growth up slightly
• Adjusted EBITA margin expansion of 80 to 100 basis points, year-over-year
• Adjusted EPS before special items of $0.47 to $0.49; represents 12 to 17% growth year-over-year

The Company initiated fiscal 2021 full year guidance:

• Organic revenue growth up low-to-mid single digits
• Adjusted EBITA margin expansion of 40 to 60 basis points, year-over-year
• Adjusted EPS before special items of $2.45 to $2.55; represents 9 to 14% growth year-over-year

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