Johnson Controls Inc. (JCI) filed Annual Report for the period ended 2009-09-30.
Johnson Controls, Inc. is a global market leader in automotive systems and facility management and control. In the automotive market, it is a major supplier of seating and interior systems, and batteries. For non-residential facilities, Johnson Controls provides building control systems and services, energy management and integrated facility management. (Company Press Release) Johnson Controls Inc. has a market cap of $16.16 billion; its shares were traded at around $27.14 with a P/E ratio of 64.7 and P/S ratio of 0.6. The dividend yield of Johnson Controls Inc. stocks is 1.9%. Johnson Controls Inc. had an annual average earning growth of 7.9% over the past 10 years. GuruFocus rated Johnson Controls Inc. the business predictability rank of 5-star.
Highlight of Business Operations:
As of March 31, 2009, the aggregate market value of the registrant’s Common Stock held by non-affiliates of the registrant was approximately $7.1 billion based on the closing sales price as reported on the New York Stock Exchange. As of October 31, 2009, 671,080,237 shares of the registrant’s Common Stock, par value $0.017/18 per share, were outstanding.
The Company’s backlog relating to the building efficiency business is applicable to its sales of systems and services. At September 30, 2009, the backlog was $4.3 billion, compared with $4.7 billion as of September 30, 2008. The decrease in backlog was primarily due to market conditions and delays in awarding energy efficient contracts pending clarification of the American Recovery and Reinvestment Act stimulus funding. The backlog does not include amounts associated with contracts in the global workplace solutions business because such contracts are typically multi-year service awards, nor does it include unitary products. The backlog amount outstanding at any given time is not necessarily indicative of the amount of revenue to be earned in the upcoming fiscal year.
At September 30, 2009, the Company’s automotive experience backlog of net new incremental business for its consolidated and unconsolidated subsidiaries to be executed within the next three fiscal years was approximately $2.5 billion, $0.7 billion of which relates to fiscal 2010. The backlog as of September 30, 2008 was approximately $4.5 billion. The decrease in backlog is primarily due to lower industry volumes in North America and Europe and program cancellations and/or deferrals by our OE customers. The automotive backlog is generally subject to a number of risks and uncertainties, such as related vehicle production volumes, the timing of related production launches and changes in customer development plans.
Because of uncertainties associated with environmental regulation and environmental remediation activities at sites where we may be liable, future expenses that we may incur to remediate identified sites could be considerably higher than the current accrued liability on our consolidated statement of financial position, which could have a material adverse effect on our business and results of operations. As of September 30, 2009, we recorded $32 million for environmental liabilities and $85 million in related conditional asset retirement obligations.
JCI is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC, George Soros of Soros Fund Management LLC, Chris Davis of Davis Selected Advisers.
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