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Johnson Controls Hikes Dividend by 4% and Boosts Buyback

Johnson Controls International plc (JCI) is a global diversified technology and multi-industrial leader serving a range of customers in more than 150 countries.

The company primarily manufactures and sells HVAC equipment, industrial refrigeration systems, controls, security systems, fire detection systems, and fire suppression solutions while providing related technical services.

The company generated 39% of its revenue from North America Building Solutions, 15% of its revenue from EMEA/LA Building Solutions, 11% from Asia-Pacific Building Solutions, and the remainder from Global Products in 2020.

Falling Revenue Exceeds Expectations

Johnson Controls reported fiscal first quarter revenue that fell 4.3% to $5.34 billion, exceeding consensus estimates by $70 million, with non-GAAP earnings of 43 cents per share, beating consensus estimates by two cents.

Management expects organic revenue growth in the low-to-mid single digits for fiscal 2021 with earnings of $2.45 to $2.55 per share, in line with consensus expectations of $2.51 per share.

The company raised its quarterly dividend by 3.8% to $0.27 per share, which represents a 1.7% forward yield. The dividend is payable on April 16, 2021 to shareholders on record as of March 22, 2021. The company also boosted its share repurchase authorization by $4 billion, which comes in addition to the $2 billion remaining under the prior plan.

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