Johnson Controls International plc (NYSE:JCI) shares got some momentum behind them Wednesday, on third-quarter figures.
Johnson, based in Cork, Ireland, reported earnings per share ("EPS") from continuing operations, including special items, of $0.16. Excluding special items, adjusted EPS from continuing operations was $0.65, up 20% versus the prior year period
Sales of $6.5 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") were $583 million and EBIT margin was 9.0%. Adjusted EBIT was $809 million and adjusted EBIT margin was 12.5%, up 50 basis points over the prior year.
CEO George Oliver said, "We delivered another strong quarter of organic revenue, order and backlog growth as well as solid free cash flow. These results reflect the continued emphasis on driving underlying fundamentals with a focus on new product development, talent management and enhanced commercial excellence across the organization.”
Excluding M&A and foreign currency, organic sales grew 6% versus the prior year driven by strong growth in project installations. Growth was positive across most regions, led by strength in HVAC, Fire & Security and Industrial Refrigeration in Europe and Latin America.
Orders in the quarter, excluding M&A and adjusted for foreign currency, increased 8% year-over-year. Backlog at the end of the quarter of $1.7 billion increased 11% year-over-year, excluding M&A and adjusted for foreign currency.
Shares gained $1.19, or 2.9%, to $42.46
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