Johnson Controls (JCI) Q2 Earnings Report Preview: What To Look For
Johnson Controls beat analysts' revenue expectations by 0.7% last quarter, reporting revenues of $5.68 billion, up 1.4% year on year. It was a strong quarter for the company, with an impressive beat of analysts' adjusted operating income estimates and a solid beat of analysts' organic revenue estimates.
Is Johnson Controls a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting Johnson Controls's revenue to grow 1.9% year on year to $6.01 billion, in line with the 2.1% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.01 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Johnson Controls has missed Wall Street's revenue estimates six times over the last two years.
Looking at Johnson Controls's peers in the building products segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Insteel delivered year-on-year revenue growth of 23.4%, beating analysts' expectations by 2.2%, and AZZ reported revenues up 2.1%, falling short of estimates by 3.2%. Insteel traded down 5.8% following the results while AZZ was up 5.2%.
Read our full analysis of Insteel's results here and AZZ's results here.
There has been positive sentiment among investors in the building products segment, with share prices up 6.8% on average over the last month. Johnson Controls is up 5.1% during the same time and is heading into earnings with an average analyst price target of $109.70 (compared to the current share price of $111).
Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we've identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link.
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For more information, please visit Financial Highlights (in millions, unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Adjusted operating income (loss) before income taxes (1): PGIM $ 229 $ 206 $ 385 $ 375 U.S. Businesses 955 1,023 1,886 1,828 International Businesses 761 702 1,609 1,598 Corporate and Other (280 ) (371 ) (695 ) (806 ) Total adjusted operating income (loss) before income taxes $ 1,665 $ 1,560 $ 3,185 $ 2,995 Reconciling Items: Realized investment gains (losses), net, and related charges and adjustments $ (516 ) $ 175 $ (762 ) $ 112 Change in value of market risk benefits, net of related hedging gains (losses) (426 ) (297 ) (777 ) (174 ) Market experience updates 42 47 81 15 Divested and Run-off Businesses: Closed Block division (18 ) (60 ) (40 ) (63 ) Other Divested and Run-off Businesses 12 38 (39 ) 3 Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (18 ) (43 ) (15 ) (70 ) Other adjustments (2) (1 ) (5 ) 27 (13 ) Total reconciling items, before income taxes (925 ) (145 ) (1,525 ) (190 ) Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities $ 740 $ 1,415 $ 1,660 $ 2,805 Income Statement Data: Net income (loss) attributable to Prudential Financial, Inc. $ 533 $ 1,198 $ 1,240 $ 2,336 Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 33 (27 ) 68 (14 ) Net income (loss) 566 1,171 1,308 2,322 Less: Earnings attributable to noncontrolling interests and redeemable noncontrolling interests 33 (27 ) 68 (14 ) Income (loss) attributable to Prudential Financial, Inc. 533 1,198 1,240 2,336 Less: Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (12 ) 47 (18 ) 84 Income (loss) (after-tax) before equity in earnings of joint ventures and other operating entities 545 1,151 1,258 2,252 Less: Total reconciling items, before income taxes (925 ) (145 ) (1,525 ) (190 ) Less: Income taxes, not applicable to adjusted operating income (loss) (186 ) (99 ) (311 ) (130 ) Total reconciling items, after income taxes (739 ) (46 ) (1,214 ) (60 ) After-tax adjusted operating income (loss) (1) 1,284 1,197 2,472 2,312 Income taxes, applicable to adjusted operating income 381 363 713 683 Adjusted operating income (loss) before income taxes (1) $ 1,665 $ 1,560 $ 3,185 $ 2,995 See footnotes on last page. Expand Financial Highlights (in millions, except per share data, unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Earnings per share of Common Stock: Net income (loss) attributable to Prudential Financial, Inc. $ 1.48 $ 3.28 $ 3.44 $ 6.40 Less: Reconciling Items: Realized investment gains (losses), net, and related charges and adjustments (1.45 ) 0.49 (2.14 ) 0.31 Change in value of market risk benefits, net of related hedging gains (losses) (1.20 ) (0.82 ) (2.19 ) (0.48 ) Market experience updates 0.12 0.13 0.23 0.04 Divested and Run-off Businesses: Closed Block division (0.05 ) (0.17 ) (0.11 ) (0.17 ) Other Divested and Run-off Businesses 0.03 0.11 (0.11 ) 0.01 Difference in earnings allocated to participating unvested share-based payment awards 0.02 — 0.04 — Other adjustments (2) — (0.01 ) 0.08 (0.04 ) Total reconciling items, before income taxes (2.53 ) (0.27 ) (4.20 ) (0.33 ) Less: Income taxes, not applicable to adjusted operating income (loss) (0.43 ) (0.27 ) (0.77 ) (0.39 ) Total reconciling items, after income taxes (2.10 ) — (3.43 ) 0.06 After-tax adjusted operating income (loss) $ 3.58 $ 3.28 $ 6.87 $ 6.34 Weighted average number of outstanding common shares - basic 353.1 358.8 353.7 358.9 Weighted average number of outstanding common shares - diluted 354.9 360.5 355.5 360.5 For earnings per share of Common Stock calculation: Net income (loss) attributable to Prudential Financial, Inc. $ 533 $ 1,198 $ 1,240 $ 2,336 Less: Earnings allocated to participating unvested share-based payment awards 6 14 16 29 Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation $ 527 $ 1,184 $ 1,224 $ 2,307 After-tax adjusted operating income (loss) (1) $ 1,284 $ 1,197 $ 2,472 $ 2,312 Less: Earnings allocated to participating unvested share-based payment awards 13 13 29 28 After-tax adjusted operating income (loss) for earnings per share of Common Stock calculation (1) $ 1,271 $ 1,184 $ 2,443 $ 2,284 Prudential Financial, Inc. Equity (as of end of period): GAAP book value (total PFI equity) at end of period $ 30,582 $ 28,013 Less: Accumulated other comprehensive income (AOCI) (3,921 ) (7,444 ) GAAP book value excluding AOCI 34,503 35,457 Less: Cumulative change in fair value of funds withheld embedded derivatives 67 178 Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) 144 (291 ) Adjusted book value $ 34,292 $ 35,570 End of period number of common shares - diluted 355.7 361.4 GAAP book value per common share - diluted $ 85.98 $ 77.51 GAAP book value excluding AOCI per share - diluted $ 97.00 $ 98.11 Adjusted book value per common share - diluted $ 96.41 $ 98.42 See footnotes on last page. 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Expand Financial Highlights (in billions, as of end of period, unaudited) June 30, 2025 2024 Assets and Assets Under Management and Administration: Total assets (3) $ 759.0 $ 715.3 Assets under management (at fair market value): PGIM $ 1,440.7 $ 1,328.1 U.S. Businesses 113.8 124.6 International Businesses 19.4 17.9 Corporate and Other 6.4 11.4 Total assets under management 1,580.3 1,482.0 Assets under administration 193.2 183.9 Total assets under management and administration $ 1,773.5 $ 1,665.9 Expand (1) Adjusted operating income is a non-GAAP measure of performance. See NON-GAAP MEASURES within the earnings release for additional information. (2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods. (3) Prior period amounts have been updated to conform to current period presentation. 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