FOR IMMEDIATE RELEASE
JOHNSON CONTROLS REPORTS FISCAL Q4 & FULL YEAR RESULTS, DEMONSTRATING CONTINUED STRONG EXECUTION IN A CHALLENGING ENVIRONMENT
▪GAAP EPS of $0.60; Q4 adjusted EPS of $0.76, down 3% versus prior year
▪GAAP EPS of $0.84; Full year adjusted EPS of $2.24, up 14% versus prior year
▪Sequential quarterly improvement in sales, orders and profitability
▪Continued focus on cost mitigation actions in response to global pandemic
▪Q4 and full year cash provided by operating activities of $1.0 billion and $2.5 billion, respectively; Q4 and full year adjusted free cash flow of $1.0 billion and $1.9 billion (115% conversion), respectively
▪Completed approximately $750 million of planned share repurchases in Q4; $2.2 billion for full year
▪Provides fiscal 2021 first quarter adjusted earnings per share guidance range of $0.39 to $0.41
CORK, Ireland, November 3, 2020 -- Johnson Controls International plc (NYSE: JCI) today reported fiscal fourth quarter 2020 GAAP earnings per share (“EPS”) from continuing operations, including special items, of $0.60. Excluding these items, adjusted EPS from continuing operations was $0.76, down 3% versus the prior year period (see attached footnotes for non-GAAP reconciliation).
Sales of nearly $6.0 billion decreased 5% compared to the prior year and declined 6% organically, reflecting the continued impact of the COVID-19 pandemic.
GAAP net income from continuing operations was $441 million, earnings before interest and taxes (“EBIT”) was $583 million and EBIT margin was 9.8%. Adjusted net income from continuing operations was $563 million, adjusted EBIT was $770 million and adjusted EBIT margin was 12.9%, in line with prior year results despite the revenue decline.
“Looking back on what was an extraordinary year, I am incredibly proud of how our teams responded in a time of a global pandemic and the progress that we made as an organization. We remained focused on executing on our priorities to support our customers with the most innovative products and solutions, including our OpenBlue digital platform, contributing to a more sustainable world while maintaining the health and safety of our employees and their families, our customers and partners,” said George Oliver, chairman and CEO. “In the fourth quarter, we performed very well across all of our end markets delivering revenue and EBIT above our prior guidance, with best in class decrementals. This is a result of continued strong execution on our cost-out initiatives, while maintaining strong reinvestment into our growth platforms.”
The following information was filed by Johnson Controls International Plc (JCI) on Tuesday, November 3, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.