- Johnson Controls International PLC (NYSE:JCI) reported second-quarter FY23 sales growth of 10% year-on-year to $6.69 billion, beating the consensus of $6.51 billion.
- Gross profit rose 14.5% Y/Y to $2.24 billion. Adjusted EBIT was $716 million, and adjusted EBIT margin was 10.7%, expanding 70 basis points versus the prior year.
- Adjusted EPS of $0.75 beat the analyst consensus of $0.73.
- Johnson Controls held $1.97 billion in cash and equivalents as of March 31, 2023. Inventories at the end of the quarter were $3.04 billion.
- Outlook: Johnson sees Q3 adjusted EPS of $1.01-$1.03 (Street view $1.02); Organic revenue growth of about 10% year-over-year.
- The company raised the lower of its FY23 adjusted EPS outlook and revised the range from $3.30-$3.60 to $3.50-$3.60 against the consensus of $3.52. It expects organic revenue growth of about 10% (previously high single-digits to low double-digits year-over year).
- Price Action: JCI shares traded higher by 5.11% at $61.50 in premarket on the last check Friday.
Innovative Eyewear Stock Continues To Surge: What’s Going On?
Innovative Eyewear stock soared more than 100% on Wednesday after the company announced the launch of its Eddie Bauer Smart Eyewear collection, which includes voice access to OpenAI's ChatGPT. After the market close on Wednesday, Innovative Eyewear announced the closing of its previously announced at-the-market registered direct offering of 5.26 million shares at a price of $0.475 per share.
