Johnson Controls International plc (NYSE:JCI) Q3 2024 Earnings Conference Call July 31, 2024 8:30 AM ET

Company Participants

Jim Lucas - VP, IR
George Oliver - Chairman and CEO
Marc Vandiepenbeeck - CFO

Conference Call Participants

Scott Davis - Melius Research
Julian Mitchell - Barclays
Nigel Coe - Wolfe Research
Steve Tusa - JPMorgan
Noah Kaye - Oppenheimer
Joe Ritchie - Goldman Sachs
Joe O'Dea - Wells Fargo
Jeff Sprague - Vertical Research
Andy Kaplowitz - Citigroup
Andrew Obin - Bank of America
Deane Dray - RBC Capital Markets
Gautam Khanna - TD Cowen
Nicole DeBlase - Deutsche Bank
Brett Linzey - Mizuho

Operator

Good morning, and welcome to the Johnson Controls Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note, today’s event is being recorded.

I would now like to turn the conference over to Jim Lucas, Vice President, Investor Relations. Please go ahead.

Jim Lucas

Good morning, and thank you for joining our conference call to discuss Johnson Controls fiscal third quarter 2024 results. The press release and related tables that were issued earlier this morning as well as the conference call slide presentation can be found on the Investor Relations portion of our website at johnsoncontrols.com.

Joining me on the call today are Johnson Controls' Chairman and Chief Executive Officer, George Oliver and Chief Financial Officer, Marc Vandiepenbeeck.

Before we begin, let me remind you that during our presentation today, we will make forward-looking statements. Actual results may differ materially from those indicated by forward-looking statements due to a variety of risks and uncertainties. Please refer to our SEC filings for detailed discussion of these risks and uncertainties, in addition to the inherent limitations of such forward-looking statements.

We will also reference certain non-GAAP measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are contained in the schedules attached to our press release and in the appendix to this presentation, both of which can be found on the Investor Relations section of Johnson Controls’ website.

I will now turn the call over to George.

George Oliver

Thanks, Jim, and good morning everyone. Thank you for joining us on the call today.

Let’s begin with Slide 3. We were very pleased to deliver fiscal third quarter results that exceeded almost all of our targets. Organic sales growth was 3%, which was in line with our guidance of low single-digits. We delivered a robust 150 basis points of segment margin expansion to 17.9%, which exceeded our guidance of 17%.