Johnson Controls International Plc · NYSE:JCI
Johnson Controls International — Q1 FY2014 Earnings Presentation
10 slides from Johnson Controls International's earnings presentation, Jan 23, 2014
Slide 1: Quarterly update FY 2014 first quarter
January 23, 2014 Quarterly update FY 2014 first quarter Exhibit 99.2
Slide 2: Agenda and Forward-Looking Statements
Agenda Introduction Glen Ponczak, Vice President, Global Investor Relations Overview Alex Molinaroli, Chairman and Chief Executive Officer Business results and financial review Bruce McDonald, Executive Vice President and Chief Financial Officer Q&A 2 FORWARD-LOOKING STATEMENTS Johnson Control
Slide 3: 2014 first quarter Macro environment
2014 first quarter Macro environment Higher global automotive industry production – North America +5% – Europe +2% – China +14% Mixed aftermarket battery demand – Cold North America temperatures in December / January a positive – Europe aftermarket demand trending lower Signs of improving U.S.
Slide 4: Q1 results and outlook
2014 first quarter Sales: $10.9 billion, up 5% vs. $10.4 billion in Q1 2013 Segment income: $686 million, up 25% vs. $549 million in Q1 2013 Net income: $469 million, up 31% vs. $359 million in Q1 2013 EPS: $0.69 per diluted share, up 33% vs. $0.52 in Q1 2013 4 Q1 results are consistent with
Slide 5: Highlights
2014 first quarter highlights Finalized agreement to sell remaining Electronics business Announced a 16% increase in quarterly dividend Completed $1.2 billion in share repurchases as part of a three-year $3.6 billion share repurchase program Memorandum of Understanding for joint venture with
Slide 6: Power Solutions
2014 first quarter Power Solutions 2014 2013 Net sales $1.8B $1.7B +6% Improved aftermarket volumes in North America and Asia along with strong OE sales globally – Americas up 3% – Asia up 22% – Europe down 3% AGM volumes up 26% Segment income $308M $276M +12% Benefits of higher volume, increa
Slide 7: Building Efficiency
2014 first quarter Building Efficiency 2014 2013 Net sales $3.4B $3.5B -4% Soft demand across most markets – Asia up 1% – North America – flat – Middle East down 31%; Europe down 17% Global Workplace Solutions sales down 5% Segment income $146M $172M -15% Asian markets remain stable; segment m
Slide 8: Automotive Experience
2014 first quarter Automotive Experience 2014 2013 Net sales $5.8B $5.2B +10% Seating up 10%; Interiors up 13% and Electronics up 7% China sales (mostly non-consolidated) up 33% to $1.9B Higher revenue in North America, Europe and Asia Segment income $232M $101M +130% Significantly improved
Slide 9: First quarter 2014 Financial highlights
First quarter 2014 Financial highlights 9 (in millions) 2014 (reported) 2013 (revised) % change Sales $10,908 $10,422 5% Gross profit % of sales 1,657 15.2% 1,516 14.5% 9% SG&A expenses 1,084 1,052 3% Equity income 113 85 33% Segment income $686 $549 25% 6.3% 5.3% Sales – Excluding FX, sales up 4%
Slide 10: First quarter 2014 Financial highlights
First quarter 2014 Financial highlights Financing – Lower average borrowing levels Income tax provision – Underlying 2014 tax rate of 20%, consistent with 2013 Non-controlling interests – Higher profitability of Automotive JVs Diluted EPS – Share repurchase program reduced the number of outs