Johnson Controls (JCI) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $1,171 million, or $ 1.61 a share in the quarter, against a net profit of $349 million, or $0.53 a share in the last year period. On an adjusted basis, earnings per share were at $1.14 for the quarter compared with $1.07 in the same period last year.
Revenue during the quarter grew 16.56 percent to $10,198 million from $8,749 million in the previous year period. Gross margin for the quarter expanded 243 basis points over the previous year period to 20.25 percent. Operating margin for the quarter stood at negative 1.35 percent as compared to a positive 1.50 percent for the previous year period.
Operating loss for the quarter was $138 million, compared with an operating income of $131 million in the previous year period.
"We delivered another strong quarter and an exceptional 2016, continuing the strong performance we have seen throughout the year,” said Alex Molinaroli, Johnson Controls chairman & Chief executive officer. “Earnings per share growth of 16 percent was driven by double-digit profitability improvements across all businesses.”
Operating cash flow improvesJohnson Controls has generated cash of $1,895 million from operating activities during the year, up 18.44 percent or $295 million, when compared with the last year.
The company has spent $887 million cash to meet investing activities during the year as against cash inflow of $470 million in the last year. It has incurred net capital expenditure of $1,217 million on net basis during the year, up 10.84 percent or $119 million from year ago.
The company has spent $933 million cash to carry out financing activities during the year as against cash outgo of $1,821 million in the last year period.
Cash and cash equivalents stood at $684 million as on Sep. 30, 2016, up 14.57 percent or $87 million from $597 million on Sep. 25, 2015.
Working capital declines Johnson Controls has witnessed a decline in the working capital over the last year. It stood at $709 million as at Sep. 30, 2016, down 12.25 percent or $99 million from $808 million on Sep. 25, 2015. Current ratio was at 1.04 as on Sep. 30, 2016, down from 1.21 on Sep. 25, 2015.
Debt increases substantially Johnson Controls has witnessed an increase in total debt over the last one year. It stood at $16,353 million as on Sep. 30, 2016, up 147.40 percent or $9,743 million from $6,610 million on Sep. 25, 2015. Total debt was 25.76 percent of total assets as on Sep. 30, 2016, compared with 53.65 percent on Sep. 25, 2015. Debt to equity ratio was at 0.65 as on Sep. 30, 2016, down from 1.62 as on Sep. 25, 2015.
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