Johnson Controls International Plc, an American Irish-domiciled multinational conglomerate headquartered in Cork, Ireland has 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.
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 $563 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.
The company’s financial information regarding adjusted earnings per share is a non-GAAP performance measure. The adjusting items include transaction/integration costs, net market-to-market adjustments, restricting and impairment costs, acquisition related compensation charges and so on. The company excludes these items because they are not considered to be directly related to the underlying operating performance of the company. Management believes that these non-GAAP measures are useful to investors in understanding the ongoing operations and business trends of the company.