Benzinga | Jul 30, 2021 03:35PM EDT

Johnson Controls Clocks In-line Q3 Earnings; Raises F21 EPS Outlook

* Johnson Controls International PLC (NYSE:JCI) reported third-quarter FY21 sales growth of 18.7% year-on-year to $6.34 billion, beating the consensus of $6.24 billion.

* Gross profit rose 19.9% Y/Y to $2.2 billion. The operating margin was 10.4%, with an operating income of $661 million.

* EPS of $0.83 was in line with the consensus of $0.83.

* Johnson Controls generated a Q2 operating cash flow of $0.90 billion, incurred $0.10 billion Capex, and held $1.5 billion in cash and equivalents.

* It repurchased 5 million shares for $340 million in Q2 and completed the acquisition of Silent-Aire in an all-cash transaction valued at up to $900 million.

* "We remain committed to executing both on our core operating fundamentals and on the strategic actions underway to accelerate growth, deliver on sustainability, expand our digital and service offerings, and strengthen future profitability," said CEO George Oliver.

* Outlook: Johnson raised the FY21 adjusted EPS outlook to $2.64-$2.66 from $2.58-$2.65 earlier, in line with the consensus of $2.65.

* Price action: JCI shares are trading lower by 0.34% at $71.36 on the last check Friday.