Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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Johnson Controls International plc, consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31).
- Revenue Trends
- The overall net sales reveal a cyclical pattern with quarterly fluctuations, peaking in mid-year quarters and typically dipping towards the year-end, most visibly during 2017-2019. The Products and Systems segment shows a similar cyclical nature but with a pronounced decline after December 2018, reaching a low in December 2020, followed by a partial recovery through 2023. The Services segment remains relatively stable across the quarters with gradual growth, particularly evident from 2021 to early 2024.
- Cost of Sales and Gross Profit
- Cost of sales follows the general trend of revenues, decreasing substantially after December 2018, in line with the decline in products and systems sales, and gradually rising again after 2020. Gross profit margins experience variability but generally improve from late 2020 through 2023, reflecting a recovery in product sales and stable service revenue. Gross profit declined sharply in the late 2018 period but then demonstrates resilience with increased values, peaking notably in mid-2023.
- Expenses and Restructuring Costs
- Selling, general and administrative expenses fluctuate quarter-to-quarter but show an overall increasing trend towards 2024, with a notable spike in the first quarter of 2024. Restructuring and impairment costs are sporadic but significant in certain quarters, such as Q4 2019, Q2 2020, and late 2022 to early 2024, implying ongoing adjustments and cost management efforts within the company during these periods.
- Operating Income
- Operating income displays considerable volatility, with peaks around mid-2018 and during 2021-2023. The large negative figure in Q2 2020 stands out as a significant deviation, likely related to increased restructuring costs and the pandemic impact. The recovery post-2020 is evident, with operating income generally trending upwards until the decrease observed in Q1 2024.
- Net Financing Charges and Equity Income
- Net financing charges are relatively stable and modest in size compared to operating income, with no significant jumps or declines, hovering mostly in the 40 to 100 million negative range. Equity income remains positive and reasonably consistent, suggesting stable returns from investments or partnerships, with a minor peak in mid-2021.
- Income Before Taxes and Tax Provisions
- Income from continuing operations before tax follows a pattern similar to operating income with peaks in mid-2018 and recovery after the pandemic dip. Income tax expenses are inconsistent, occasionally showing unusual values such as tax benefits in Q4 2019 and Q4 2022, indicating possible tax adjustments or credits during these periods.
- Net Income and Attributable Earnings
- Net income reflects high volatility with extreme spikes corresponding to income from discontinued operations, notably in Q3 2019. When excluding discontinued operations, net income attributable to the company fluctuates substantially but generally trends positive with recoveries after each downturn, particularly strong in mid-2023. Losses are observed in some quarters such as Q2 2020 and Q1 2024, aligning with operating losses during those periods. The income attributable to noncontrolling interests remains a small but consistent deduction across all quarters.
- Summary of Financial Health
- The data reveals a company navigating significant cyclical and external challenges, including notable operational restructurings and the pandemic impact. Revenue streams are recovering steadily, particularly in the services division, while cost control efforts are evident but with ongoing restructuring expenses impacting profitability. Operating and net income figures demonstrate resilience and recovery attempts, although the heightened volatility and occasional large impairments highlight areas of financial stress or transformation.