Johnson Controls reported fiscal first quarter 2024 GAAP earnings per share ("EPS") from continuing operations of $0.55.
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Excluding special items, adjusted EPS from continuing operations was $0.51.
Sales in the quarter of $6.1 billion were flat compared to the prior year on an as reported basis and declined 1% organically. GAAP net income from continuing operations was $374 million.
Adjusted net income from continuing operations was $350 million.
Building Solutions North America
Sales in the quarter of $2.5 billion increased 5% versus the prior year. Organic sales increased 4% over the prior year led by double-digit growth in Applied HVAC & Controls.
Orders in the quarter, excluding M&A and adjusted for foreign currency, increased 6% year-over-year. Backlog at the end of the quarter of $8.4 billion increased 11% compared to the prior year, excluding M&A and adjusted for foreign currency.
Segment EBITA was $285 million, up 7% versus the prior year. Segment EBITA margin of 11.5% expanded 20 basis points versus the prior year led by higher margin backlog conversion and continued growth in Services.
Building Solutions EMEA/LA (Europe, Middle East, Africa/Latin America)
Sales in the quarter of $1.0 billion increased 6% versus the prior year. Organic sales grew 2% versus the prior year led by strength in Applied HVAC & Controls, Fire & Security, and high-single digit growth in Service.
Orders in the quarter, excluding M&A and adjusted for foreign currency, increased 5% year-over-year. Backlog at the end of the quarter of $2.4 billion increased 10% year-over-year, excluding M&A and adjusted for foreign currency.
Segment EBITA was $80 million, up 7% versus the prior year. Segment EBITA margin of 7.7% was flat versus the prior year as the growth in Service was offset by the conversion of lower margin Install backlog.
Building Solutions Asia Pacific
Sales in the quarter of $507 million declined 22% versus the prior year. Organic sales declined 21% versus the prior year as mid single-digit Service growth was more than offset by accelerating weakness in China.
Orders in the quarter, excluding M&A and adjusted for foreign currency, declined 31% year-over-year. Backlog at the end of the quarter of $1.3 billion decreased 21% year-over-year, excluding M&A and adjusted for foreign currency.
Segment EBITA was $46 million, down 32% versus the prior year. Segment EBITA margin of 9.1% declined 140 basis points versus the prior year primarily related to declines in the Install business in China. ■