The company's Building Solutions segments in North America and EMEA/LA showed organic growth, while Asia Pacific experienced declines, and Global Products saw a decrease due to unfavorable mix and lower volumes.

The company continues to see growth in service revenue. Excluding the impacts of foreign currency translation and business acquisitions and divestitures, net sales were flat compared to the prior year, as growth in Service was offset primarily by weakness in China's Systems/Install business and declines in global residential HVAC.

The company is investing in new digital and product capabilities, including its OpenBlue platform, to enable it to deliver sustainable, high-efficiency products and tailored services to enable customers to achieve their sustainability goals.

The company has taken actions to mitigate supply chain disruptions and inflation, including expanding its supplier network, but these actions have only partially offset the impact of these trends.

The company expects savings from its restructuring initiatives to be substantially offset by incremental ongoing operating costs and investments to grow the business.

The company has identified a material weakness in its internal controls and is taking steps to remediate it, including engaging security specialists and strengthening access controls.

The company recorded a $750 million charge related to the AFFF settlement, significantly impacting the financial results for the quarter. The company expects to fund a portion of the settlement through insurance recoveries, but the specific amount and timing are uncertain.

The company faces ongoing litigation related to AFFF, including class actions, state attorney general lawsuits, and individual or mass actions, which could result in further financial liabilities.

The company experienced a cybersecurity incident that caused disruptions and limitations to its business operations, resulting in expenses of approximately $29 million for the six months ended March 31, 2024. The company expects to recover a substantial portion of the costs through insurance.

The company is seeing increased demand for its products and services that enable smart, safe, efficient and sustainable buildings, driven by government incentives and commitments to reduce emissions.

The company is leveraging its install base, together with data-driven products and services, to offer outcome-based solutions to customers with a focus on generating accelerated growth in services and recurring revenue.

The company is investing in new digital and product capabilities, including its OpenBlue platform, to enable it to deliver sustainable, high-efficiency products and tailored services to enable customers to achieve their sustainability goals.

Gross profit margin decreased to 32.6% for the three months ended March 31, 2024, compared to 33.5% in the same period last year, primarily due to unfavorable mix and lower volumes in the Global Products segment.

The company has taken actions to mitigate supply chain disruptions and inflation, including expanding its supplier network, but these actions have only partially offset the impact of these trends.

The company expects savings from its restructuring initiatives to be substantially offset by incremental ongoing operating costs and investments to grow the business.

The company is investing in new digital and product capabilities, including its OpenBlue platform, to enable it to deliver sustainable, high-efficiency products and tailored services to enable customers to achieve their sustainability goals.

The company is leveraging its install base, together with data-driven products and services, to offer outcome-based solutions to customers with a focus on generating accelerated growth in services and recurring revenue.

The company is innovating and adapting to emerging technologies, ideas and trends in the marketplace, including the incorporation of technologies such as artificial intelligence.

The company repurchased $474 million of its ordinary shares during the three months ended March 31, 2024, compared to $93 million in the same period last year. Approximately $2.5 billion remains available under the share repurchase program.

The company declared a dividend of $0.37 per common share in the quarter ended March 31, 2024, and intends to continue paying dividends throughout fiscal 2024.

The company expects to fund a portion of the payments related to the water systems AFFF settlement through insurance recoveries, but the specific amount and timing are uncertain.

The company seeks to capitalize on trends to drive growth by developing and delivering technologies and solutions to create smart, sustainable and healthy buildings.

The company is adapting to global climate change, climate change regulation and successfully meet the Company's public sustainability commitments.

The company is committed to helping its customers win and creating greater value for all of its stakeholders through its strategic focus on buildings, and reduce greenhouse gas emissions.

The company observed continued softening of economic conditions in China, negatively impacting the performance of the Building Solutions Asia Pacific segment. The Company expects economic conditions in China to remain soft throughout the remainder of fiscal 2024.

As a result of the Company's global presence, a significant portion of its revenues and expenses is denominated in currencies other than the U.S. dollar. The Company is therefore subject to non-U.S. currency risks and non-U.S. exchange exposure.

The company is adapting to global climate change, climate change regulation and successfully meet the Company's public sustainability commitments. The company is also benefiting from legislative and regulatory initiatives designed to limit emissions and combat climate change.