Common-Size Income Statement
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Johnson Controls International plc, common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31).
- Products and Systems as Percentage of Net Sales
- Throughout the observed periods, the contribution of products and systems to net sales generally fluctuated between approximately 72% and 81%. Initially, this segment dominated net sales near 80% during 2017 and early 2018, then notably declined to the low seventies at the end of 2018. Subsequently, this proportion demonstrated some recovery and stabilization, remaining mostly in the 73% to 76% range through 2023 and early 2024.
- Services as Percentage of Net Sales
- Services accounted for roughly 20% of net sales during late 2017 and early 2018, then rose sharply to around 28% by the end of 2018. Afterward, the contribution decreased to the mid-20% range, fluctuating between around 23% and 27% for the subsequent years. This segment exhibited a relatively stable share, with slight increases noted toward the beginning of 2024.
- Cost of Sales Composition
- The cost of sales as a percentage of net sales showed improvement from about 70.8% in late 2017 to values mostly between 65% and 68% in recent years. Within this, products and systems consistently accounted for approximately 50% to 54%, while services showed variation generally between 10% and 16%. An improvement in cost efficiency is reflected by the gradual reduction in total cost of sales percentage over time.
- Gross Profit Percentage
- Gross profit as a percentage of net sales increased from around 29% in late 2017 to a peak near 34% in several quarters spanning from 2019 through 2023. Despite some volatility, gross profit margins remained strong and stable, indicating effective management of production costs relative to sales price.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses as a percentage of net sales displayed notable fluctuation. Early values were around 19% to 21%, rising to above 25% during certain quarters, particularly in late 2018 and parts of 2019 and 2022. A significant spike to approximately 33.6% occurred in early 2024. The volatility suggests varying operational costs and potentially increased expenditures in some periods.
- Restructuring and Impairment Costs
- These costs were sporadically recorded with variable intensity, reaching extremes such as about -11.4% in mid-2020 and showing intermittent smaller charges in multiple quarters. This pattern indicates episodic restructuring efforts impacting profitability on occasion.
- Operating Income Trends
- Operating income as a percentage of net sales exhibited a mixed trajectory, with initial values near 8%, peaking above 12% in mid-2021, and demonstrating periodic dips, including losses (negative values) in mid-2020 and early 2024. Overall, the operating margin reflected periods of robust profitability interspersed with some financial challenges.
- Net Financing Charges
- Net financing charges remained relatively steady as a modest negative contribution, primarily between -0.7% and -1.7%. Occasional increases to approximately -1.6% were observed, reflecting manageable financing costs relative to sales.
- Equity Income
- Equity income as a percentage of net sales varied between approximately 0.37% and 1.2%, with no clear long-term upward or downward trend, indicating stable but minor contributions from equity investments.
- Income Before Taxes
- Income from continuing operations before income taxes followed a similar pattern to operating income, peaking above 12% in mid-2021 and fluctuating in other periods, with notable declines and negative results observed during mid-2020 and early 2024. This reflects the impact of operational challenges and external factors on pre-tax profitability.
- Income Taxes
- The provision for income taxes demonstrated irregular percentages with alternating positive and negative values, including some notable tax benefits in certain quarters. Variability in tax expense impacted net income, indicating fluctuations in effective tax rates or tax-related adjustments.
- Income from Continuing Operations
- Income from continuing operations displayed considerable volatility, ranging from losses near -2.3% in mid-2020 to double-digit gains above 12% in late 2022. This suggests variable operational performance compounded by tax effects.
- Income from Discontinued Operations
- This component was recorded sporadically with a very significant spike at around 62.8% in mid-2019, which greatly affected net income for that period. Otherwise, it remained generally minimal or absent, indicating occasional material impacts from discontinued activities.
- Net Income and Net Income Attributable to Johnson Controls
- Net income as a percentage of net sales was subject to strong fluctuations, highlighted by a substantial peak exceeding 64% in mid-2019 attributable to discontinued operations. Excluding this anomaly, net income typically ranged between about 2% and 12%. Net income attributable to Johnson Controls similarly fluctuated, reflecting the same trends but at slightly lower levels due to noncontrolling interests.
- Income Attributable to Noncontrolling Interests
- Noncontrolling interests consistently represented a small negative portion of net sales, typically under -1%, indicating modest deductions from net income attributable to the parent company.