Ireland-based Johnson Controls, which has its operating headquarters in Glendale, today reported fourth quarter sales growth and a “record” order backlog heading into the new fiscal year. The building systems company had net sales of $27.4 billion for its 2024 fiscal year, up 2% from fiscal 2023, and net sales growth of 7% for the fourth
Ireland-based Johnson Controls, which has its operating headquarters in Glendale, today reported fourth quarter sales growth and a "record" order backlog heading into the new fiscal year.
The building systems company had net sales of $27.4 billion for its 2024 fiscal year, up 2% from fiscal 2023, and net sales growth of 7% for the fourth quarter, which came in at nearly $7.4 billion.
Johnson Controls reported fourth quarter net income of $633 million, up 15.3% from a year ago. For the full fiscal year the company had net income of $1.7 billion, which was down 7.8% from fiscal 2023.
[caption id="attachment_445964" align="alignleft" width="300"] George Oliver[/caption]
"We are very pleased with our strong end to the fiscal year and our fourth quarter results, which delivered double-digit organic sales growth and robust margin expansion," said George Oliver, chairman and CEO. "Johnson Controls is entering fiscal 2025 with momentum. Backlog is at record levels and we are well positioned to deliver continued profitable top line growth. Importantly, the actions taken during the year to simplify our portfolio are allowing us to focus our resources on expanding Johnson Controls as a leading pure-play building solutions provider. We are driving greater outcomes for our customers globally across the building lifecycle while unlocking shareholder value."
The company said its order backlog at the end of the fiscal year was $9.1 billion, up 10% from the end of fiscal 2023. Its orders were up 7% in the fourth quarter, year-over-year.
In July, Johnson Controls announced that it plans to sell its residential and light commercial HVAC business to Bosch Group for a total consideration of $8.1 billion.
In June, Johnson Controls said it was selling its air distribution technologies business to Los Angeles-based private equity firm Truelink Capital.
The company’s evolution was the subject of a March 18 BizTimes Milwaukee cover story.
This afternoon, shares of the company's stock were up $6.75, or 9%, to $81.64.
