In this Research Note, we examine the Johnson Controls business, based on their Q4 earnings release, conference call, investor presentation and 10K, reporting financials year ending 30th September 2022. 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. Compared to the prior year, reported sales for the year increased approximately 7% to $25.3 billion and grew 9% organically, in line with the high end of their guidance. Approximately 37% of sales originated from the Global Products portfolio. The global Building Solutions field businesses accounted for the remaining 63% with 39% of sales originating from installations and 24% of sales from service offerings. Johnson Controls has 4 reportable segments of which Global Products has the […]