Johnson Controls International plc (NYSE: JCI) today reported fiscal first quarter 2019 GAAP earnings per share (“EPS”) from continuing operations, including special items, of $0.12. Excluding these items, adjusted EPS from continuing operations was $0.26, up 24% versus the prior year period (see attached footnotes for non-GAAP reconciliation).
Sales of $5.5 billion increased 3% compared to the prior year. Excluding the impacts of M&A and foreign currency, sales grew 6% organically.
GAAP earnings before interest and taxes (“EBIT”) was $329 million and EBIT margin was 6.0%. Adjusted EBIT was $400 million and adjusted EBIT margin was 7.3%, up 50 basis points over the prior year. Excluding the impact of M&A and foreign currency, the underlying adjusted EBIT margin increased 60 basis points.
George Oliver, chairman and CEO noted, “Fiscal 2019 is off to a great start, with solid results in the first quarter. The investments we have made in R&D as well as expanding our global salesforce directly impacted our results, with continued strength in organic top-line and order growth. While we continue to monitor the global macro-economic environment, we remain committed to driving execution across the organization, leveraging our large installed base and service offerings, and driving continued synergies and productivity initiatives. The sale of the Power Solutions business is progressing well, and we are on track to close in fiscal Q3.”
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SOURCE: Johnson Controls
