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.
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.
"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. 30, 2015.
Debt increases substantiallyJohnson 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. 30, 2015. Total debt was 25.76 percent of total assets as on Sep. 30, 2016, compared with 22.28 percent on Sep. 30, 2015. Debt to equity ratio was at 0.65 as on Sep. 30, 2016, up from 0.63 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
