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Posted on : Nov 08, 2018

Johnson Controls International plc (NYSE: JCI) today reported fiscal fourth quarter 2018 GAAP earnings per share ("EPS") from continuing operations, including special items, of $0.83.  Excluding these items, adjusted EPS from continuing operations was $0.93, up 7% versus the prior year period (see attached footnotes for non-GAAP reconciliation).

Sales of $8.4 billion increased 3% compared to the prior year.  Excluding the impacts of M&A, foreign currency and lead prices, total sales grew 6% organically.  

GAAP earnings before interest and taxes ("EBIT") was $1.0 billion and EBIT margin was 12.0%. Adjusted EBIT was $1.2 billion and adjusted EBIT margin was 14.0%, up 10 basis points over the prior year.  Excluding the impact of the Scott Safety divestiture, foreign currency and lead prices, the underlying adjusted EBIT margin increased 50 basis points.

The Company announced that the Board of Directors has approved an additional $1 billion share repurchase authorization.  There is currently $900 million remaining on a previous authorization.

"Solid fourth quarter results close out a year of significant progress for Johnson Controls, with positive momentum as we enter fiscal 2019," said George Oliver, chairman and CEO. "Our teams around the globe successfully delivered on our operating goals, with strong organic growth and cash flow performance."

"We are in the final stages of the strategic review of our Power Solutions business.  We have assessed multiple options and have made significant progress toward making a final decision."

"As we look forward to fiscal 2019, we remain focused on driving execution across our portfolio to further enhance our growth trajectory supported by our strong backlog, order momentum and new business wins.  We expect our overall financial performance to continue to improve by intensely focusing on top-line growth, margin expansion and free cash flow conversion," Oliver continued. 

Income and EPS amounts attributable to Johnson Controls ordinary shareholders ($ millions, except per-share amounts)

The financial highlights presented in the tables below are in accordance with GAAP, unless otherwise indicated. All comparisons are to the fiscal fourth quarter and fiscal year of 2017.

Organic sales growth, adjusted segment EBITA, adjusted EBIT, adjusted EPS from continuing operations and adjusted free cash flow are non-GAAP financial measures. For a reconciliation of these non-GAAP measures and detail of the special items, refer to the attached footnotes.  A slide presentation to accompany the results can be found in the Investor Relations section of Johnson Controls' website at

Source: Johnson Controls 

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