In this Research Note, we examine the Johnson Controls business, based on their 12th December Q4 earnings release, conference call, investor presentation and 10K, reporting financials year ending 30th September 2023. Johnson Controls International plc (JCI), headquartered in Cork, Ireland, is a pure-play smart buildings player, serving a wide range of customers in more than 150 countries. They have a very significant market position across HVAC, building controls, fire, security and services, enhanced by a comprehensive equipment portfolio and substantial installed base. Fiscal Q4 results were impacted by a cyber incident in September 2023, which resulted in $30 million lost/deferred sales and expenses in the quarter and a subsequent delay in reporting year-end results. Johnson Controls FY 2023 Financials Full-year net sales increased 6% to $26,793 million, due to higher organic sales ($1,997 million) and the favourable net impact of acquisitions and divestitures ($113 million), partially offset by the unfavourable impact of foreign currency translation […]